Analyzing the process of the evolvement of Kazakhstan's monetary policy since its independence in 1991,this paper divides the process into three stages and focuses on the country's monetary policy and its implementation before and after the COVID-19 Pandemic.Since 2020,the intensification of the external settings owing to the impact of the pandemic,political changes,and the outbreak of the Russia-Ukraine conflict has caused severe impact on the country's economy and resulted in rising domestic prices and failure of its current inflation targeting objectives.Learning from past experiences,the Central Bank of Kazakhstan has decided to continue inflation targeting in the foreseeable future,improve and perfect the existing monetary policy framework,optimize the imperfect areas and attach importance to policy transmission,the construction of an interest rate corridor and a floating exchange rate regime,and relevant economic policies.
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