Key facts
- Kazakhstan's central bank cut its base rate by 100 basis points.
- The new base rate in Kazakhstan is 17%.
- The NBK downgraded its end-2026 inflation forecast.
- The bank aims to achieve single-digit inflation.
- GDP growth forecast for 2026 was upgraded to 4.5-5.5%.
The National Bank of Kazakhstan (NBK) announced a significant reduction in its base rate, cutting it by 100 basis points to 17%. This decision, while not entirely unexpected, was larger in scale than many had anticipated. The NBK also revised its economic forecasts, downgrading its inflation projection for the end of 2026, with the stated aim of bringing inflation into single digits. Despite concerns about prevailing inflationary tendencies and an expectation of a weaker tenge in the near term, the bank upgraded its GDP growth forecast for 2026 to a range of 4.5% to 5.5%.