National Bank of Kazakhstan’s Policy Interest Rate Kept at 13.5%
March 9, 2022
Officials at the National Bank of Kazakhstan, a country which like Ukraine had been once part of the Soviet empire, had in emergency session raised their policy interest rate by 325 basis points on February 24, the day Russia invaded Ukraine. Consequently, at today’s scheduled policy review, officials did not move the interest further. Earlier rate increases between July 2021 and January had totaled 125 basis points, and the rate level is its highest since mid-2016 and above February’s 8.7% on-year rate of CPI inflation. Officials left the dollar open to a possible additional interest rate hike down the road, especially if the country’s currency weakens.
Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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