Refinancing rate reaches historical minimum of 7%
Sep 4. Interfax. ALMATY
The National Bank of Kazakhstan is bringing the refinancing rate down to 7% starting from September 4.
“The National Bank lowered the official refinancing rate on the decline in the annual inflation rate to 6.2% and the overall reduction of rates on the local interbank market. In particular, the KazPrime indicator slid to 6.47% as of August 31, 2009 dropping from the historical maximum of 15.04% in March 2009,” the National Bank said in a Friday statement.
The new official refinancing rate reached the historical minimum, reads the statement. The refinancing rate hit the same level in the period from July 7, 2003 to February 1, 2005.
From August 10, 2009 to present the refinancing rate had been 7.5%.
Since 2005 the National Bank has been reviewing the refinancing rate on a quarterly basis. A new refinancing rate may be introduced beginning from any date as specified by the National Bank.