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Kazakhstan: NBK urgently hikes base rate to support tenge, we do not exclude another hike in March

Name: 24/02/2022. Gazprombank: Kazakhstan: NBK urgently hikes base rate to support tenge, we do not exclude another hike in March
Creator: Cbonds
License: https://creativecommons.org/licenses/by/4.0/

24/02/2022 | Gazprombank

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The National Bank of Kazakhstan (NBK) at an emergency meeting today raised the base rate by 325 bps to 13.5%. This decision was attributable to the need to support the tenge amid elevated external risks. The tone of the press release was neutral, without any signals of further policy tightening at the next meeting on March 9. Nevertheless, in case of further tenge depreciation, we do not exclude another base rate hike.

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