Kazakhstan's Central Bank Accused of Prioritizing Growth Over Inflation Control

Kazakhstan's National Bank Faces Scrutiny Over Alleged 'Shadow Mandate' Nur-Sultan, Kazakhstan – The National Bank of Kazakhstan (NBK) is under increasing scrutiny over its handling of inflation, with allegations of an informal mandate prioritizing economic growth over price stability. A recent interview with economic expert Vladislav Turkyn on the "What about money?" YouTube channel has fueled the debate. Turkyn argues that pressure from various sources, including high-level officials, prevented the NBK from raising interest rates despite rising inflation. "The word 'bent' might be harsh, but that's what happened in fact," Turkyn stated. This, he claims, indicates a 'shadow mandate' beyond the official objective of inflation control. The NBK's actions send a clear signal to the market: economic growth is being prioritized, even at the cost of higher inflation. The NBK has not yet publicly responded to these accusations. However, the debate highlights the complex challenges faced by central banks in balancing economic growth and inflation control. The issue demands further investigation and transparency from the NBK to maintain public trust and market stability.