Kazakh central bank expects to hit inflation target if oil averages $50 or $60
Plans to limit market volatility with new monetary instruments
The National Bank of Kazakhstan believes inflation will remain within its target of 6% to 8% this year and next regardless of whether the Brent crude price averages $50 or $60 per barrel.
It crunched the numbers on the two different scenarios, finding the lower prices would lead to a lower real GDP growth rate – 1.5% compared with 2% – but would have a relatively small impact on other elements of the economy.
Annual CPI inflation has hovered around 7.5% the past five months, after rising
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