Kazakh Central Bank cuts key interest rate to 13%

Kazakhstan’s central bank cut its key interest rate from 15% to 13%.

“There’s a high probability that inflation can be expected to reach the upper bound of the 6 percent-8 percent target corridor by end-2016. A possible reduction of the base rate will be determined by the presence of a sustained signal indicating that inflation is converging with the target range,” Bloomberg cited the statement as saying.

The central bank also said it maintained its rate corridor at plus or minus one percentage point. The overnight deposit and lending standing facility rates form a corridor around the new benchmark.

The next decision on the key interest rate will be announced on August 15.