Kazakhstan Hold Rates After Inflation Risks ‘Strengthened’
- Benchmark rate is kept at 13% after cut, in line with survey
- Central bank governor says inflation expectations “moderate”
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Kazakhstan’s central bank kept its key interest rate unchanged after an unexpected cut last month as a surge in prices kept inflation at its fastest since 2008.
The base rate, set as the new benchmark after the central bank abandoned its currency peg a year ago, was kept at 13 percent, policy makers in Almaty said in a statement on Monday. Seven of eight economists surveyed by Bloomberg forecast no change, with one seeing a decrease to 12.5 percent.