Economics
Kazakhstan Diverges From Russia With Rate Hike, Warning of Risks
Kazakhstan is central Asia’s largest energy producer.
Source: Bloomberg
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Kazakhstan raised interest rates for the first time since an emergency increase in February, even after Russia began reversing a steep increase delivered following its invasion of Ukraine.
The National Bank hiked the key rate to 14% from 13.5%, according to a statement on Monday. It said policy makers see scope for borrowing costs to rise further, considering Kazakhstan’s fiscal stimulus and other factors including higher commodities prices.