Government • 15 January, 2019

Kazakh cenbank holds rate, may hike in March

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Kazakhstan’s central bank may tighten its monetary policy in a March 4 review if the oil market remains volatile, the regulator said on Monday as it kept its policy rate unchanged at 9.25 percent, reports Reuters.

The move was in line with market expectations as seven of eight analysts polled by Reuters last week had predicted no rate change in the oil-exporting Central Asian nation.

The central bank said in a statement that inflation in Russia, which has exceeded the Russian central bank’s target, was also a concern because Kazakhstan imported large volumes of goods from its northern neighbour.

The Kazakh tenge hit a three-year low of 382 per dollar last month and traded at around 379 per dollar on Monday.

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