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National Bank: Tenge devaluation did not impact inflation despite expectations

ASTANA. August 18. KAZINFORM /Kanat Kulshmanov/ Devaluation of the tenge had no significant impact on inflation in spite of expectations, Grigory Marchenko has said at Government's sitting today. In January-July 2009 inflation made 4.1% while in the same period of the last year it was 6-6.6%. By the end of July 12-month inflation rate was 6.9% that is 1.5 times lower than in December 2008 ad threefold lower than in July 2008. "The reached level is the minimum index since 2005, which means we have returned to pre-crisis period", G. Marchenko noted. Slowdown of the annual inflation allowed the National Bank cutting 12-month inflation forecast to 8-8.5% and average annual inflation can be estimated at 7.7%-7.9%.


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