Kazakhstan’s National Bank raised its key policy rate by 75 basis points to 15.25%, citing "elevated external pressure on the tenge and the need to anchor inflation expectations." The decision follows a week of net capital outflows estimated at $480 million.
The trigger was a stress event at a mid-sized regional bank in Aktobe, which led to a brief deposit-withdrawal panic before being contained by an emergency liquidity facility.
Markets reacted positively to the rate decision, with the tenge recovering roughly 1.8% against the dollar by close of trade.