IMF paper makes case for new policy rate in Kazakhstan
Working paper praises central bank for ‘containing’ inflation
The National Bank of Kazakhstan should be equipped with a new policy rate to help it gain more control over short-term interest rates in the economy, according to a working paper published by the International Monetary Fund (IMF) last week.
In Monetary Policy in Hybrid Regimes: The Case of Kazakhstan, Natan Epstein and Rafael Portillo find the Kazakh authorities "have been successful" in containing inflation while operating with a managed exchange rate regime.
They note that core inflation has
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