Kazakhstan:
Monetary policy to remain restrictive: Despite the cut, policymakers stressed that monetary policy will need to stay moderately restrictive, and Governor Suleimenov commented that there will not be ‘drastic’ rate cuts to ensure inflation reaches single-digits in the near term and continues to move toward the Central Bank’s target. In line with this, the vast majority of our panelists see only 100 basis points of further cuts by end-year.