Kazakhstan continues monetary tightening

Kazakhstan KZT20,000 banknote (front)

Citing swelling inflation, the monetary policy committee of Kazakhstan’s central bank raised the base rate by 25 basis points (October 25), to 9.75%. 

This is the National Bank of Kazakhstan’s third consecutive increase this year, following 25bp rises in July and September.  

The NBK said inflation reached 8.9% year on year in September, well above its target band for 2021 and 2022 of 4–6%. 

It said higher external commodity and transportation costs, and domestic prices like food and housing

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