The central bank of Kazakhstan left its key policy rate unchanged at 9% on January 25th 2021, as widely expected. The bank has kept the rate steady since a 50 basis points cut in July, when Kazakhstan entered its second national lockdown amid a novel coronavirus flare-up. The Committee said that the move aimed to bring inflation back within the 4-6% target range "in the medium term" amid elevated inflationary pressure and persistent global uncertainty due to the COVID-19 pandemic. The annual inflation accelerated to 7.5% in December, the highest since October 2017, from 7.3% a month earlier. At the same time, policymakers noted that the economy of Kazakhstan contracted by 2.6% in 2020, which was in line with the forecasts of the National Bank. source: National Bank of Kazakhstan

Interest Rate in Kazakhstan averaged 22.27 percent from 1992 until 2021, reaching an all time high of 300 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 March of 2021.

Interest Rate in Kazakhstan is expected to be 9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Kazakhstan to stand at 9.00 in 12 months time. In the long-term, the Kazakhstan Interest Rate is projected to trend around 9.00 percent in 2022, according to our econometric models.

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Kazakhstan Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
9.00 9.00 300.00 5.50 1992 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-09-07 09:00 AM 9% 9.0% 9% 9.0%
2020-10-26 09:00 AM 9% 9% 9% 9.0%
2020-12-14 09:00 AM 9% 9% 9%
2021-01-25 09:00 AM 9% 9% 9% 9%
2021-03-09 09:00 AM 9% 9%
2021-04-26 09:00 AM
2021-06-07 09:00 AM
2021-07-26 09:00 AM


News Stream
Kazakhstan Holds Key Policy Rate at 9%
The central bank of Kazakhstan left its key policy rate unchanged at 9% on January 25th 2021, as widely expected. The bank has kept the rate steady since a 50 basis points cut in July, when Kazakhstan entered its second national lockdown amid a novel coronavirus flare-up. The Committee said that the move aimed to bring inflation back within the 4-6% target range "in the medium term" amid elevated inflationary pressure and persistent global uncertainty due to the COVID-19 pandemic. The annual inflation accelerated to 7.5% in December, the highest since October 2017, from 7.3% a month earlier. At the same time, policymakers noted that the economy of Kazakhstan contracted by 2.6% in 2020, which was in line with the forecasts of the National Bank.
2021-01-25
Kazakhstan Keeps Key Rate at 9%
The central bank of Kazakhstan left its key policy rate unchanged at 9 percent on December 14th of 2020 but raised the rate at which it accepts excess liquidity from banks by 50bps to 8.0 percent. The Committee said the move is necessitated by the fundamental instability on the oil market, high and weakly-anchored inflation expectations against the backdrop of persistent uncertainty related to the pandemic. In November, annual inflation rose to 7.3 percent, the highest in 3 years and policymakers expect it to increase to 7.5% in December. A gradual slowdown to the upper limit of the target range of 4-6% is only expected by the end of 2021.
2020-12-14
Kazakhstan Leaves Monetary Policy Unchanged
The National Bank of Kazakhstan kept its policy rate at 9 percent during its October 2020 meeting, as widely expected. Policymakers noted that the inflation rate stabilized for the second consecutive month and it is expected to accelerate in the medium term mainly due to a delayed demand. The Committee said that the coronavirus pandemic continues to have a negative impact on the domestic economy, but some sectors have improved due to the simplification of quarantine measures and government support. Policymakers added that the current policy stance remains appropriate to keep the inflation rate under control.
2020-10-26
Kazakhstan Holds Key Policy Rate at 9%
The National Bank of Kazakhstan kept its policy rate at 9% during its September 2020 meeting, in a widely expected move, after cutting it by 50 bps in July to support the economy. Policymakers said the current policy stance remains appropriate to keep the inflation rate under control and help it to subside in the medium term. The annual inflation rate is estimated to reach 8% in 2020 and slow to 6% in 2021. The bank also has revised its 2020 GDP projections that now point to a steeper contraction of 2-2.3% from an earlier estimate of a 1.8% decline. The economy is projected to return to growth of around 3.5-3.8% in 2021, as the pandemic situation gradually improves, boosted by the recovery of external demand, the implementation of deferred investment projects, the revival of consumer demand and the fiscal stimulus policy. Still, there were cited concerns over the uncertain external environment as well as about fresh Western sanctions against Russia.
2020-09-07

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.