Cracking the Code of Kazakh Economy Gives Central Bank Edge
- Research department head says capital mobility key to new view
- Central bank adopted more data-driven approach during crisis
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Kazakhstan’s central bank had a blind spot.
The range of predictions by its in-house forecasters was too wide and inconsistent to be of much use in guiding monetary policy. The key to divining the future of Kazakhstan was to realize that capital movement in and out of the $220 billion economy is free in name only.