The National Bank of Kazakhstan's rate-setting board voted on Friday to hike its benchmark official refinancing rate by two percentage points to 11%.
The central bank said that the massive hike was "taking into account increasing inflation and significant increase in interbank money market rates."
Year-on-year inflation hit 15.3% in October and interbank rates have surged because of Kazakh banks' subprime liabilities.
The hike took effect on Saturday, 1 December.
To read the statement (Russia