Kazakhstan to Maintain Borrowing Costs as Grain Stokes Prices

Kazakhstan, central Asia’s biggest energy producer, doesn’t plan to cut borrowing costs this fall, the central bank said.

“We don’t see any reason to further cut interest rates too aggressively,” central bank Chairman Grigori Marchenko told reporters today in Almaty. Grain prices are a “concern” as they may stoke inflation, he said.

Policy makers trimmed the benchmark refinancing rate by half a percentage point to 5.5 percent last month.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net

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