National Bank of Kazakhstan Cuts Base Rate to 15.75% as Inflation Eases

The National Bank of Kazakhstan lowered its base rate by 50 basis points to 15.75% on Oct. 23, as annual inflation slowed to 9.3% in September.

The new rate took effect Oct. 27. The previous 16.25% setting had been effective since Sept. 7, following a July reduction to 16.75%. The bank placed the rate corridor 1 percentage point on either side of the base rate.

September’s annual inflation reading compared with 9.8% in August. Household inflation expectations were 11.8% for September, down from 12.1% the month before.

National Bank of Kazakhstan Gov. Timur M Suleimenov said the bank aims to bring inflation to 6.5%–8.5% in 2027 and close to 5% in 2028. “Given the current balance of risks, the likelihood of a change in the base rate before the end of 2026 remains low,” he said.