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Kazakhstan’s National Bank has cut its base rate from 16.25% to 15.75%, Digital Business reports (t.me). Annual inflation slowed to 9.3% in September from 9.8% in August. Inflation remains high, however. Further monetary easing will depend on price trends, demand and inflation expectations.
How much the base rate was cut
The decision was made by the Monetary Policy Committee of the National Bank of Kazakhstan. The rate fell by 0.5 percentage points, from 16.25% to 15.75%.
What is happening to food prices
According to the Bureau of National Statistics, food price inflation slowed to 8.5%.
Inflation forecasts for 2026 and 2027
Experts have revised their inflation forecasts downwards:
- For 2026, from 10% to 9.5%.
- For 2027, from 8.5% to 8.3%.
What further rate cuts depend on
Slowing inflation could give the central bank room to cut the rate without sharply weakening its efforts to curb price rises.
Inflation remains high, so further monetary easing will depend on price trends, demand and inflation expectations.
When the National Bank will announce its next decision
The next scheduled base rate decision will be announced on December 4, 2026, at 12:00 noon Astana time.
Put simply: the base rate has fallen, but further cuts are not a foregone conclusion. If you follow rate changes, mark December 4 in your calendar—the date of the next scheduled decision.
