Kazakhstan’s central bank has hiked interest rates to their highest level in six years in a bid to curb rocketing inflation, caused in part by an influx of Russians fleeing mobilization. The news highlighted the strong economic headwinds that are buffeting Kazakhstan because of Russia’s war in Ukraine. The downturn is challenging President Kassym-Jomart Tokayev’s promises to revamp the oligarchical economy as he heads for a presidential election next month. On October 26 the National Bank of Kazakhstan increased the base rate…
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