Refinancing rate reaches historical minimum of 7%

Sep 4. Interfax. ALMATY 

Refinancing rate reaches historical minimum of 7%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.