Kazakh National Bank reduces refinancing rate

The National Bank of Kazakhstan has reduced the refinancing rate from 7% to 6.5%, coming into force on April 2, 2012, according to the inflation level, News Kazakhstan reports.

The refinancing rate dropped from 7.5% to 7% on February 14, 2012. Inflation in 2011 varied from 6% to 8%, and averaged at 7.4%.

President of the Kazakh National Bank Grigory Marchenko noted that inflation was at 4.7% on March 1, the lowest rate since 1999, when the average was 7.3%.