Kazakhstan raises policy rate by 50 basis points

National Bank of Kazakhstan
National Bank of Kazakhstan
МаратД/Wikimedia

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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