Kazakh cbank mulls reserve requirement hike-governor

PRAGUE, March 29 Tue Mar 29, 2011 5:44am EDT

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PRAGUE, March 29 (Reuters) - Kazakhstan's central bank is considering raising banking sector reserve requirements following its half-point interest rate hike earlier this month, central bank Governor Grigory Marchenko said on Tuesday.

"During the crisis we were cutting interest rates, but in February we increased when we saw that inflation was creeping back," Marchenko told an economic conference in Prague.

"We are also now contemplating increasing minimum reserve requirements."

Marchenko added that the central bank had bought around $6 billion in foreign currency since the start of the year to prevent the Kazakh tenge KZT= from appreciating too fast. (Reporting by Jan Lopatka; writing by Michael Winfrey)

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