Kazakhstan raises policy rate by 50 basis points

National Bank of Kazakhstan
National Bank of Kazakhstan

The National Bank of Kazakhstan raised the policy rate by 50 basis points to 14% on April 25, the third rate increase this year. The move comes amid spiralling inflation, in a year that began with violent domestic unrest followed by the Russian invasion of Ukraine.

Inflation reached 12% in March, up from 8.7% in February. The NBK’s inflation target range is 4–6%. In its press release, the central bank’s monetary policy committee said that inflation expectations “are not anchored” and warned

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