Kazakhstan, fight against inflation: Central bank raises discount rate to 14 percent

The decision, which denies the forecasts of maintaining the index at 13,5 per cent, "reflects the National Bank's commitment to an anti-inflationary policy in the face of growing pressures due to geopolitical risks"

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The Central Bank of Kazakhstan raised the discount rate by 50 basis points to 14 percent. The decision, that refutes the forecasts of a maintenance of the index at 13,5 per cent, "reflects the National Bank's commitment to an anti-inflationary policy in the face of growing pressures due to geopolitical risks, global price increases, and price movements in Trade partner countries of Kazakhstan ”, reads the note. In March, the country's inflation rate rose to 12 percent year-on-year, from 8,7 percent in February. An increase linked to the devaluation of the tenge, the national currency that lost value together with the Russian ruble, following the outbreak of the war in Ukraine.

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