Kazakhstan raises rates as inflation climbs

Kazakhstan tenge banknote close-up detail Getty 469609052

The Kazakhstan central bank’s monetary policy committee agreed a 25 basis point rate hike on July 26, as inflation continued to climb above the target band.

The move brings the policy rate to 9.25%, with an interest rate corridor of 8.25% to 10.25%. It is the first change in the policy rate since last July, when the National Bank of Kazakhstan lowered it from 9.5% to 9%.

The central bank said year-on-year inflation reached 7.9% in June, up from 7.2% in May, with rising food prices being the

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