KAZAKHSTAN: S&P: sovereign credit rating of the Republic of Kazakhstan remains at BBB-, outlook stable

11 April 2022 — Marina MAGNAVAL
On April 1, 2022, S&P announced preservation of the sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz reports with reference to the National Bank of Kazakhstan.

The agency expects Kazakhstan's strong fiscal position and significant external reserves to offset the effects of the economic downturn in Russia over the next two years. Analysts also noted that Kazakhstan's external assets are currently significant, while gross external financing needs are relatively small.

It is noted that inflation in February reached 8.7%, which is higher than the level of 4-6% set by the National Bank. S&P predicts GDP growth in 2022 at 2% and emphasizes that the National Bank reacted quickly and raised the base rate to 13.5% to maintain price stability in the face of uncertainty.

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