Central Banking

Kazakh cbank says lower taxes boon for economy

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Kazakhstan's central bank on Mar 6, 2001 welcomed an order by the president to cut key taxes and said this was likely to slash inflation, boost bank loans to the economy and help sustain the Central Asian state's growth.

President Nursultan Nazarbayev last week ordered his government to cut value-added tax to 16 percent from 20 percent and social taxes to 21 percent from 26 percent, effective from July 1, 2001. Few doubt the compliant legislature will approve this.

Nazarbayev said that the budget

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