The National Bank of Kazakhstan lowered its base rate by 25bps to 16.75% at its July 2026 meeting, surprising markets that had widely expected policymakers to leave borrowing costs unchanged. The decision followed June's surprise 100bps cut, as annual inflation eased for a ninth consecutive month to 10.3% in June. Policymakers said disinflation continued to be supported by tight monetary policy, a stronger tenge, moderating consumer demand, and government anti-inflation measures, although recent monthly inflation data suggested the slowdown in price pressures may be losing momentum. The central bank also highlighted resilient economic activity, with GDP expanding 4.1% in the first half of 2026, supported by strong growth in construction, manufacturing, transportation, and investment. Despite the rate cut, policymakers reiterated that inflation risks remain tilted to the upside and emphasized that future policy decisions will remain data-dependent. source: National Bank of Kazakhstan

The benchmark interest rate in Kazakhstan was last recorded at 16.75 percent. Interest Rate in Kazakhstan averaged 20.44 percent from 1992 until 2026, reaching an all time high of 300.00 percent in March of 1994 and a record low of 5.50 percent in August of 2012. This page provides the latest reported value for - Kazakhstan Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Kazakhstan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2026.

The benchmark interest rate in Kazakhstan was last recorded at 16.75 percent. Interest Rate in Kazakhstan is expected to be 16.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Kazakhstan Interest Rate is projected to trend around 15.00 percent in 2027 and 14.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-24 07:00 AM Interest Rate Decision 18% 18% 18% 18.0%
2026-06-05 07:00 AM Interest Rate Decision 17% 18% 18% 18.0%
2026-07-24 07:00 AM Interest Rate Decision 16.75% 17% 17% 17%
2026-09-04 07:00 AM Interest Rate Decision 16.75% 16.75%
2026-10-23 07:00 AM Interest Rate Decision
2026-12-04 07:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 72994438000.00 71352210000.00 KZT Thousand May 2026
Central Bank Balance Sheet 17561408.00 16510532.00 KZT Million Jun 2026
Interest Rate 16.75 17.00 percent Jul 2026


Kazakhstan Interest Rate
In Kazakhstan, interest rates decisions are taken by The National Bank of Kazakhstan. The National Bank of Kazakhstan official interest rate is the overnight policy rate. Policymakers set the overnight repo rate as the new benchmark on September 2nd, 2015, instead of the refinancing rate, after abandoning the currency peg in August.
Actual Previous Highest Lowest Dates Unit Frequency
16.75 17.00 300.00 5.50 1992 - 2026 percent Daily

News Stream
Central Bank of Kazakhstan Cuts Rates Again
The National Bank of Kazakhstan lowered its base rate by 25bps to 16.75% at its July 2026 meeting, surprising markets that had widely expected policymakers to leave borrowing costs unchanged. The decision followed June's surprise 100bps cut, as annual inflation eased for a ninth consecutive month to 10.3% in June. Policymakers said disinflation continued to be supported by tight monetary policy, a stronger tenge, moderating consumer demand, and government anti-inflation measures, although recent monthly inflation data suggested the slowdown in price pressures may be losing momentum. The central bank also highlighted resilient economic activity, with GDP expanding 4.1% in the first half of 2026, supported by strong growth in construction, manufacturing, transportation, and investment. Despite the rate cut, policymakers reiterated that inflation risks remain tilted to the upside and emphasized that future policy decisions will remain data-dependent.
2026-07-24
Central Bank of Kazakhstan Lowers Interest Rate
The Central Bank of Kazakhstan lowered its key policy rate by 100bps to 17% at its June 2026 meeting, marking the first reduction in borrowing costs since mid-2024 and surprising markets, which had broadly expected rates to remain unchanged. Policymakers noted that inflation continued to ease, slowing to 10.4% in May. The central bank revised its 2026 inflation forecast downward to 9–11% from 9.5–11.5%, due to a faster-than-expected deceleration in price growth, the limited pass-through of the VAT increase to consumer prices, and the appreciation of the tenge. Inflation is now projected to slow further to 5.5–7.5% in 2027 and converge to the central bank's 5% target in 2028. Meanwhile, the GDP growth forecast for 2026 was upgraded to 4.5–5.5%. Despite the rate cut, policymakers emphasized that monetary conditions must remain moderately restrictive to ensure inflation falls into single digits this year and returns to the medium-term target
2026-06-05
Kazakhstan Holds Base Rate at 18% in April
The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 18% on April 24, 2026, maintaining a tight policy stance as inflation remained elevated despite continued disinflation. Annual inflation slowed to 11% in March from 11.7% in February, while monthly inflation moderated to 0.6% from 1.1%, supported by restrictive monetary conditions, a stronger tenge, slower consumer lending, and government anti-inflation measures. Still, the central bank noted inflation pressures remain above its 5% target, while inflation expectations stayed high at 14.6%. The prolonged Middle East conflict also raised concerns over higher global prices for energy, food, and fertilizers. The economy grew 3% in the first quarter, supported by strong activity in construction, transport, manufacturing, and trade. While policymakers signaled openness to considering rate cuts in future decisions if current trends hold, they stressed that more evidence of sustainable disinflation is needed.
2026-04-24