We expect decline of rates in tenge and recommend buying bonds of the Ministry of Finance with a maturity of 3-5 years

Due to the improvement of the external economic situation and stabilization of the situation in the money market, in recent months there has been a steady downward trend in rates in tenge. We believe that as a result of the slowdown in inflation and inflationary expectations in the second half of this year, decline in rates will continue. We expect a decrease in the base rate of the National Bank to 9% by the end of this year and recommend buying tenge bonds of the Ministry of Finance with a maturity of 3-5 years.