Regulatory Alerts2026-03-06
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National Bank of Kazakhstan Maintains Base Rate at 18%
The Monetary Policy Committee of the National Bank of Kazakhstan has decided to maintain the base rate at 18 percent with a one percentage point corridor, citing slowing annual inflation and updated macroeconomic assessments. The central bank revised its 2026 inflation forecast downward to 9.5–11.5 percent and projects economic growth of 3.5–4.5 percent, supported by tight monetary conditions, a strengthening tenge, and coordinated anti-inflationary measures with the government. While the possibility of a base rate reduction will be evaluated from the second half of 2026, the committee emphasized that current economic conditions do not yet permit monetary policy easing.
Topics
monetary
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