Kazakhstan Holds Base Rate at 18% in April

2026-04-24 08:10 By Joshua Ferrer 1 min. read

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.



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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.
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