Kazakhstan’s long path to inflation targeting

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Chimbulak resort in Almaty, Kazakhstan

Kazakhstan declared its independence from the Soviet Union on December 16, 1991, and the Soviet Union was formally dissolved 10 days later. For almost two years after, Kazakhstan and the other newly independent former Soviet republics continued to use the Soviet, then the Russian, ruble in a poorly co-ordinated and increasingly untenable arrangement, under which the newly independent central banks of the 15 former republics issued their own ‘ruble' credits while circulating the ruble banknote