Kazakh National Bank reduces refinancing rate
Azerbaijan, Baku, August 6 / Trend E. Kosolapova/
Kazakh National Bank reduces refinancing rate by 0.5 percent to 5.5 percent per annum from Aug.6, Novosti-Kazakhstan reported with reference to the Bank.
"Due to slowing of annual inflation, as well as existing conditions of the financial market, the board of the Kazakh National Bank decided to decrease official refinancing rate to 5.5 percent per annum from Aug.6," the bank said.
This refinancing rate is historically minimal.
The Kazakh National Bank has reduced refinancing rate three times since Jan.1. On Feb.14, the refinancing rate was reduced from 7.5 to 7 percent per annum, on April 2 from 7 to 6.5 percent and June 4 from 6.5 to 6 percent.
The inflation rate hit 4.9 percent in Kazakhstan in June 2012 compared to June 2011.