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Kazakhstan central bank leaves policy rate unchanged

The National Bank of the Republic of Kazakhstan decided to maintain its base rate at 10.25% with a corridor of plus or minus 1%.

The central bank said continuing risks because of supply factors and increased volatility in the foreign exchange market limit the potential for further reduction of the base rate until the end of the year.

Annual inflation was running at 7.1% and monthly inflation was 0.3% in September, while core inflation remained unchanged in August, the central bank said. It expects inflation to remain within the target range of 6% to 8% in 2017 and between 5% and 7% in 2018.

The bank said inflationary pressures should remain moderate until the end of the year and inflationary expectations are stable.