October 28, 2019 / 9:29 AM / 23 days ago

UPDATE 1-Kazakhstan central bank keeps policy rate at 9.25%

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ALMATY, Oct 28 (Reuters) - Kazakhstan’s central bank kept its policy rate at 9.25% on Monday, saying inflation was on track to rise to 5.7-5.8% by the end of this year but would still be within its target range.

The central bank targets inflation of 4-6%.

Its decision not to change the rate was in line with market expectations. It will next review the rate on Dec. 9, it said in a statement.

The bank raised its policy rate by 25 basis points last month, citing inflationary pressure from rising domestic demand following extra spending, and volatile prices of oil, Kazakhstan’s main export.

In September, annual inflation in the Central Asian country slowed to 5.3% from 5.5% in August. (Reporting by Mariya Gordeyeva Writing by Olzhas Auyezov; Editing by Jon Boyle and Susan Fenton)

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