Regulatory Alerts2026-01-23
Added · Updated
National Bank of Kazakhstan Maintains Base Rate at 18.0%
The Monetary Policy Committee of the National Bank of Kazakhstan has decided to maintain its base rate at 18.0% with a one-percentage-point corridor, projecting the rate will remain unchanged through the first half of 2026. This decision reflects 2025 inflation of 12.3% driven by food prices and administrative tariffs, alongside sustained domestic demand outpacing supply capacity and elevated inflation expectations. The central bank will closely monitor pro-inflationary risks from upcoming tax reforms, utility tariff adjustments, and quasi-fiscal stimulus while continuing to support disinflation through moderately tight monetary conditions and tenge appreciation.
More like this from NBK
NBK published 3 documents in the last 30 days. We email you each new one the day it's published.