Kazakhstan's National Bank raises its key interest rate to 16%

Today the National Bank of Kazakhstan has decided to support the tenge exchange rate by raising its key rate to 16%.

"Given the economic data and the prospects for growth, the National Bank decided to raise its base rate to 16% to keep inflation in the medium-term target range of 6-8%," the financial regulator said.

Earlier, the key rate was 12%. The next meeting of the National Bank of Kazakhstan will be held on November 6th.