Kazakhstan’s central bank maintained its benchmark interest rate at 16.75% as anticipated, stating it would contemplate a rate reduction at the subsequent meeting in August. Annual inflation declined to 14.6% in June from 15.9% in May after hovering over 20% in late 2022. Additionally, policymakers revised the medium-term inflation target to 5.0% from the previous range of 4-5% for 2023-24 and 3-4% starting in 2025.