The National Bank of Kazakhstan decided to leave its benchmark interest rate unchanged at 14.00% on June 6th of 2022, following a 50 bps rate hike at its previous meeting. Still, policymakers said that the current level of interest rates already reflected the current balance of inflation risks in the short and medium-term. Bankers expect the inflation will gradually slow down by 2024; as a result of it the policy normalization will happen in 2023. By the end of 2022 inflation is projected at 13-15% and 7.5 -9.5% in 2023. Additionally, the central bank noted that Kazakhstan's economy grew at 4.4% in the January-April period of 2022, but overall year growth will be lower between 2.8-3.8%. Policymakers forecast an acceleration of economic growth in 2023, projecting a 3.5%-4.5% increase in the country's GDP. source: National Bank of Kazakhstan

Interest Rate in Kazakhstan averaged 21.48 percent from 1992 until 2022, 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 July of 2022.

Interest Rate in Kazakhstan is expected to be 14.00 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 9.25 percent in 2023 and 7.50 percent in 2024, according to our econometric models.

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Kazakhstan Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-09 09:00 AM 13.5% 13.5% 15%
2022-04-25 09:00 AM 14% 13.5% 13.5% 13.5%
2022-06-06 09:00 AM 14% 14% 14.5%
2022-07-25 09:00 AM
2022-09-05 09:00 AM
2022-10-24 09:00 AM


Related Last Previous Unit Reference
Interest Rate 14.00 14.00 percent Jun 2022
Interbank Rate 10.50 10.50 percent Jul 2022
Banks Balance Sheet 37770118765.00 38199805232.00 KZT Thousand Mar 2022
Central Bank Balance Sheet 10813203.00 11525168.00 KZT Million Apr 2022

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
14.00 14.00 300.00 5.50 1992 - 2022 percent Daily

News Stream
Kazakhstan Leaves Key Rate Unchanged
The National Bank of Kazakhstan decided to leave its benchmark interest rate unchanged at 14.00% on June 6th of 2022, following a 50 bps rate hike at its previous meeting. Still, policymakers said that the current level of interest rates already reflected the current balance of inflation risks in the short and medium-term. Bankers expect the inflation will gradually slow down by 2024; as a result of it the policy normalization will happen in 2023. By the end of 2022 inflation is projected at 13-15% and 7.5 -9.5% in 2023. Additionally, the central bank noted that Kazakhstan's economy grew at 4.4% in the January-April period of 2022, but overall year growth will be lower between 2.8-3.8%. Policymakers forecast an acceleration of economic growth in 2023, projecting a 3.5%-4.5% increase in the country's GDP.
2022-06-06
Kazakhstan Unexpectedly Hikes Rates
The National Bank of Kazakhstan raised its benchmark interest rate by 50 basis points to 14% on April 25th of 2022, defying analysts consensus forecasting no move in lending costs, arguing it remained committed to tackle inflation, which jumped to a six-year high of 12% in March. The central bank noted that inflation expectations increased to 11.4%, while expansionary fiscal policy will further contribute to inflationary pressures. First-quarter economic growth stood at 4.4% from a year earlier, as the recovery gained momentum after January’s protests, and demand for credit jumped 25.3%. Looking ahead, the MP committee sees inflationary pressures stemming from stronger domestic and external demand, fiscal policy, supply chain issues and rising food and raw material prices, and it will take further action based on incoming statistical data and the results of the May-June 2022 forecast round.
2022-04-25
Kazakhstan Leaves Key Rate Unchanged after Emergency Decision
The National Bank of Kazakhstan decided to leave its benchmark interest rate unchanged at 13.50% on March 9th of 2022, following an emergency 325 bps rate hike at its previous meeting, even as the conflict in Ukraine and domestic unrest earlier this year sent the Kazakh tenge sliding 15% against the greenback. Still, policymakers said that the current level of interest rates already reflected the existing geopolitical and inflationary risks, but made clear that rate hikes remained in the near-term book of plays in the event of further deterioration in the external and domestic macroeconomic environment. The central bank now sees the country’s economy following a slower growth trajectory than previously thought due to the geopolitical crisis, although higher commodity prices and a potential increase in public spending, coupled with improving pandemic situation, should augur well for the economy.
2022-03-09