Kazakhstan: loan rates to fall with 9-12 month lag, says Timur Suleimenov

Chairman of the National Bank of Kazakhstan Timur Suleimenov said changes to the base rate affect loan rates with a lag of 9-12 months. He said banks will not rush to rewrite existing loan agreements. At a National Bank briefing, journalists asked why banks continue to keep high loan rates despite the base rate being cut over the past four months.

Suleimenov said monetary policy affects the economy with a certain lag, and that a rate cut by the regulator does not mean commercial banks will immediately revise their contracts. Specific rates are already fixed in agreements with clients. As those contracts mature, they will be revised, he said, but rates will not necessarily equal the base rate, depending on each borrower's credit history, collateral and business plan.

Suleimenov said loan rates in the economy have already fallen by 1 percentage point since the start of the year, and the National Bank expects further declines. The base rate was lowered from 16.25% to 15.75%. The Monetary Policy Committee took the decision on 23 October 2026.