Kazakh cenbank aims to keep key rate 4 pct points above inflation

Kazakhstan's Central Bank said on Monday it would aim to keep its key policy rate 4 percentage points above inflation, Reuters reported.

Earlier on Monday the bank cut its key rate to 10.50 percent from 11.00 percent, citing a recovery in the national currency, the tenge, and lower inflation.

The bank also said that the undervalued real tenge rate was supporting Kazakhstan's producers.