NATIONAL BANK OF KAZAKHSTAN TO LOWER REFINANCING RATE DOWN TO 16%

/IRBIS, March 28, 00/ - REUTERS informs, with the reference to the representative of the bank, that from March 21 the National Bank of Kazakhstan reduced refinancing rate down to 16% from 18%, which has been effective since November 10, 1999. The source said stabilization of the situation on financial markets has allowed to reduce refinancing rate down to 16% from 18%. He added that this move has been made to stimulate financing of the real sector by commercial banks and to "forestall speculative anticipations on the market". It is said the National Bank has also reduced REPO rate down to 19% from 23%, "overnight" rate down to 21% from 27%.