National Bank of Kazakhstan to retain refinancing rate at 10.5 % APR

/IRBIS, September 25, 08/ - National Bank of Kazakhstan disseminated the press release on official refinancing rate. Quotation start In compliance with the Law of Republic of Kazakhstan "On National Bank of Republic of Kazakhstan" the Board of National Bank of Republic of Kazakhstan decided to fix official refinancing rate of National Bank of Republic of Kazakhstan at 10.5 % APR, having retained it at the previous level beginning October 1, 2008. Retaining of an official refinancing rate at 10.5 % APR reflects confidence of National Bank in decreasing inflationary pressure and is the signal of market's stabilization for financial market. During the rest of the current year National Bank expects the level of monthly inflation to be lower compared to corresponding indicators of 2007. It will contribute to significant slowdown of annual inflation till the end of 2008 with further decrease in 2009. Last time official refinancing rate was decreased July 1, 2008. Quotation end [2008-09-25]