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Kazakh central bank cuts interest rate

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Kazakh central bank cuts interest rate

TheNational Bank of the Republic ofKazakhstan reduced its main base rate to 13.0% with a band ofplus/minus 1 percentage point, from 15.0%, citing steady inflation, a stable domesticmarket, growth in oil prices and a structural liquidity surplus on the moneymarket.

Thecentral bank said the risk of acceleration of inflation, equaling 4.6% in thefirst half of 2016, is very small in the current market conditions, with theindicator expected to reach the upper limit of the 6% to 8% target band by theend of 2016. The regulator also noted in its July 11 statement that thedecision to reduce the base rate "confirms the confidence that inflationwill remain within the target band over the horizon of 12 months and up untilthe end of 2017."

Thenext decision on the rate will be announced Aug. 5, the central bank said,adding that "possible reduction of the base rate would be determined bythe presence of sustained signal indicating the convergence of inflation to thetarget range."