Wednesday, March 9, 2011

Kazakhstan Central Bank Raises Rate 50bps to 7.50%

The National Bank of Kazakhstan increased its key refinancing rate by 50 basis points to 7.50% from 7.00% previously, on the back of rising inflation. Kazakhstan reported a higher inflation rate last month, of 8.8%, which was the fastest since April 2009, and above the official inflation target of 8 percent. Kazakhstan recently returned its currency, the Tenge, to a "managed" free float, abolishing the tenge's trading corridor at the end of February.


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