(Bloomberg) – Kazakhstan’s central bank cut its refinancing rate to a record after inflation eased for a second month, bringing price growth further below the regulator’s target range.

The National Bank of Kazakhstan reduced the benchmark rate by a half-point to 5.5%, effective Aug. 6, the Almaty-based regulator said in an e-mailed statement today. The biggest energy producer in central Asia last decreased borrowing costs in June.

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