Macroeconomic Forecast Kazakhstan

Consumer price inflation continues to moderate in 2010, with the index rising only 7.0% y-o-y in May down from 7.1% in April and 7.4% back in February. We hold to our view that inflation will remain in single digits throughout the rest of 2010, with the index expected to complete the year at 6.5%. Despite some currency weakness our core view remains for currency stability and a potential appreciation towards end-2010, which would be supportive of moderating inflationary pressures.

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