Kazakhstan’s central bank, under new PM Bektenov, lowered interest rates by 50 bps to 14.75%, marking the fifth consecutive rate cut and the longest easing cycle since the Tenge became free-floating in 2015. Despite keeping inflation forecasts steady, the bank noted limited scope for further easing due to current inflation levels (9.5% last reported) and fiscal policy uncertainties, suggesting the policy rate may remain at its current level.