Kazakhstan cuts its base rate to 15.75%

Kazakhstan’s National Bank set its base rate at 15.75% on 23 October, with a corridor of plus or minus one percentage point. The decision is a reduction of 50 basis points from the previous level.

Annual inflation stood at 9.3% in September. The regulator said easing inflation and expectations created room for a cut, while underlying price pressure remained elevated. The decision does not mean inflation risks have disappeared.

The bank continues to watch fiscal stimulus, fuel prices, regulated tariffs and international energy and food costs. Further decisions depend on sustained disinflation rather than a pre-announced sequence of reductions.

The next scheduled decision is due at noon Astana time on 4 December 2026. The policy rate should be distinguished from individual bank contracts: lending and deposit terms do not automatically change at the moment of the announcement.

Primary source: https://nationalbank.kz/ru/news/press-relizy/20503.

Cover: an AI-assisted Shanraq illustration, not a documentary photograph of the meeting.