Kazakh National Bank to reduce refinancing rate

Business Materials 1 June 2012 15:29 (UTC +04:00)

Azerbaijan, Baku, June 1 / Trend E. Kosolapova/

Kazakh National Bank will reduce refinancing rate by 0.5 percent to 6 percent per annum from June 4, Novosti-Kazakhstan reported referring to the Bank.

"Due to slowing the annual inflation, as well as existing conditions of the financial market, the board of the Kazakh National Bank decided to decrease the official refinancing rate to 6 percent per annum from June 4," the bank said.

This refinancing rate is historically minimal.

The official refinancing rate has remained at the level of 6.5 percent since April 2. From February 14 to April it hit 7 percent, and earlier was 7.5 percent.

Inflation in Kazakhstan hit 2.4 percent in May 2012 compared to December 2011 and 5 percent compared to May 2011.