The central bank warned that risks of rising prices remained in certain categories of goods, though core inflation was decelerating.

Europe and Central Asia's economy is forecast to expand 3.9 percent in 2021, stronger than previously forecast, the World Bank said.

Upcoming repair works at some of Kazakhstan's biggest oil fields means that production is expected to decline.

Uzpromstroybank's privatisation is the latest in a series of steps taken by the Central Asian country to attract the foreign investors it once viewed as a threat.