Kazakhstan orders 50bp rate rise

Unlike neighbours, Kazakhstan continues tightening with eight hikes since last July


The National Bank of Kazakhstan’s monetary policy committee imposed a 50 basis point increase in its policy rate on July 25, to 14.5%.

The MPC said that inflation, well above target, was still rising and that inflation expectations were increasing in tandem.

The NBK has raised rates eight times in its past 10 meetings, adding 525bp to the benchmark since last July. On February 24, the central bank ordered an emergency 325bp increase as Russia invaded Ukraine.

In its press statement, the MPC

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