National Bank of Kazakhstan sets base rate for first time

The National Bank of Kazakhstan

The National Bank of Kazakhstan set a new benchmark interest rate for the first time on September 2, after a collapse in the value of the tenge forced the central bank to abandon its currency peg.

Following the first meeting of its new monetary policy committee, the central bank set the base rate at 12%, with the aim of hitting an inflation target band of 6–8%.

Inflation in Kazakhstan was 3.8% in August, but the central bank expects it to rise above the medium-term target in the next few months

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