In August 2015, the National Bank of Kazakhstan (NBK) adopted the inflation targeting monetary policy regime. Previously, the monetary authority used the fixed exchange rate policy with the national currency, the tenge, pegged to a multicurrency basket with weights 10%, 20% and 70% for the Russian ruble, euro, and the U.S. dollar, respectively. After the introduction of the inflation targeting policy, the NBK allowed the national currency to float freely, having retained the right to resort to currency interventions if the financial system faces threats of destabilization.
Daniyar Nurbayev is a research fellow at the Eurasian Research Institute. Daniyar completed his bachelor’s degree in Finance in the Kazakh-British Technical University in 2013. In addition, he holds Masters degree in Finance from the Kazakh-British Technical University (2015).