National Bank of Kazakhstan lowers base rate by 2%

National Bank of Kazakhstan lowers base rate by 2%

Kazakhstan’s central bank cut its key interest rate for the first time since introducing it last year as policy makers look to curtail gains in the tenge and turn their focus to helping the economy at risk of its first contraction since 1998, Bloomberg reports.

The base rate, set as the new benchmark after the central bank abandoned its currency peg in August, was decreased to 15 percent from 17 percent, policy makers in Almaty said in a website statement on Thursday.

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