Kazakhstan orders unscheduled 325bp hike
Central banks acts under new governor as Russian invasion of Ukraine drives currency down
In an unscheduled monetary policy decision, Kazakhstan’s central bank raised interest rates by 325 basis points on February 24, bringing the benchmark rate to 13.5%.
Russia’s invasion of Ukraine led to a sharp fall for Kazakhstan’s currency against the dollar. The tenge had been depreciating earlier in the week but fell 6% against the dollar on February 24.
This was the first policy decision taken under the new National Bank of Kazakhstan governor Galymzhan Pirmatov. He was appointed earlier
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