Kazakhstan continues monetary tightening

National Bank orders third 25bp increase in a row, in line with Russia

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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