Barclays anticipates that Kazakhstan’s central bank will make gradual 25 bps cuts in interest rates, although there could be risks of faster easing due to recent criticism of the banking sector’s excess profits and changes in central bank leadership. Inflationary risks in Kazakhstan remain, influenced by domestic demand and global factors. The country’s annual inflation rate eased to a 16-month low of 13.1% in August, down from 14.0% in the prior month.