The National Bank upvalues interest rate of refinancing up to 9% APR from July 1

/INTERFAX-KAZAKHSTAN, Almaty, June 30, 06/ - From July 1 the National bank of Kazakhstan upvalues interest rate of refinancing from 8.5% to 9% APR. This decision has been taken in the sitting of Board of the National bank taken place on Friday evening, the National bank informed to Interfax- Kazakhstan agency. "In view of inflation rate dynamics and in pursuance of the law "On the National bank of the Republic of Kazakhstan", Board of the National bank resolves: to fix official interest rate of refinancing of the National bank at the rate of 9% APR from July 1, 2006", - corresponding enactment notes, the text of which is at Interfax-Kazakhstan agency's disposal. At that, research and statistics department was entrusted with conveying information to subdivisions of the National bank and the second tier banks within 7 days, starting from adoption of present enactment. Deputy chairman of the National bank, Gulnara Aymanbetova was entrusted with control over performance of present enactment. As it has been informed, interest rate of refinancing was upvalued by the National bank from 8% to 8.5% APR on April 1 this year. For strengthening of regulatory actions of interest rate of refinancing the National bank introduced periodical (quarterly) reconsideration into practice in 2005. Inflation made 0.8% in May in the republic, since the beginning of the year it has made 4.5%. Meanwhile, inflation rate by results of 5 months of current year reached 9% per annum. As it has been informed, annual average inflation rate made 7.6% in the republic in 2005. Owing to forecasting of the Ministry of Economy and budget planning, the rate of annual average inflation is expected in the corridor of 5.7-7.6% in 2006. [2006-07-03]