The National Bank of Kazakhstan as of January 1 set its official refinancing rates at 7% for the year, thus holding it at the previous level, the bank said in a press release on Saturday.
"In 2010, a stepping up of the inflation process occurred on the backdrop of a broadening of overall demand in the economy, vigorous business activity, an increase in the investment activity of enterprises in the real sector, a stable growth in cash incomes, as well as a decrease in unemployment rates," the National Bank said.
The bank believes these factors will continue to have an influence on the process of inflation in 2011, with the first quarter of the year holding the inflation rate at 7.6-7.8%, maintaining the annual average inflation rate at 7.3% for 2011.
ASTANA, January 1 (RIA Novosti)
