National Bank of Kazakhstan Raises Policy Rate to 10.25%
Posted on 01/27/2022
On January 24, 2022, the National Bank of Kazakhstan, the country’s central bank, raised its main interest rate to 10.25% from 9.75%. The central bank was citing persistent inflationary pressure in the Kazakhstan’s economy. Tighter monetary policy and other measures are being used to curb consumer price growth.
The central bank of the oil-rich country said increased government spending was exacerbating inflationary pressures and negatively impacted the local tenge currency’s stability.
In October 2021, the National Bank of Kazakhstan raised the policy rate by 25 basis points. In July 2021, the central bank agreed to a 25 basis point rate hike.
