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Economy

Commonwealth of Independent States

CIS-4 resilience to face tests in the second half of 2026
Armenia Azerbaijan
9 July

CIS-4 resilience to face tests in the second half of 2026

Our latest take on Armenia, Azerbaijan, Kazakhstan, Uzbekistan as tensions in the Middle East subside

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THINK team Commonwealth of Independent States

Dmitry Dolgin
Dmitry Dolgin

Chief Economist, CIS
Egor Fedorov
Egor Fedorov

Senior Credit Analyst
Uzbekistan policy rate on hold, but cuts starting to look possible soon
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Uzbekistan
17 June

Uzbekistan policy rate on hold, but cuts starting to look possible soon

Review of the Uzbekistan central bank policy rate decision

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11 June

ING Monthly: Already playing into extra time

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CIS-4: Domestic resilience leads to softer rates outlook

Kazakhstan makes a surprise rate cut, with next move to depend on the tenge
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Kazakhstan makes a surprise rate cut, with next move to depend on the tenge

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CIS‑4 FX buoyed by inflows while CPI risks hit the rates outlook

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Uzbekistan policy rate on hold, with cuts possible but distant
Quick take
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Kazakhstan holds rates, indicates room for cuts
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Kazakhstan holds rates, indicates room for cuts

CIS-4: new global scenarios further reshape the outlook
Armenia Azerbaijan
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CIS-4: new global scenarios further reshape the outlook

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FX

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KZT: Less support from state FX flows warrants attention
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KZT: Less support from state FX flows warrants attention

FX Talking: Dollar downturn delayed
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FX Talking: Dollar downturn delayed
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FX Talking: Dollar downturn delayed

Credit

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