Kazakhstan's base rate unlikely to change before end of 2026, says Timur Suleimenov

The National Bank of Kazakhstan does not expect its base rate to change until the end of 2026. Only extraordinary and unexpected events could affect the regulator's decision. Chairman Timur Suleimenov said this at a briefing.

Suleimenov said the bank does not currently see factors that would significantly affect inflation in the remaining months. He added that a possible acceleration of inflation linked to utility tariff increases at year-end would not automatically lead to a rate change. He repeated that there is currently no basis to either raise or lower the rate. Among external risks, he noted that rising interest rates in the United States and Europe could make the dollar and euro more attractive. However, he said oil and metal prices, foreign investor participation and the central bank's operations currently have a stronger effect on the tenge.

The bank cut its base rate from 16.25% to 15.75% on October 23. The decision followed a slowdown in inflation, which stood at 9.3% in September. The next scheduled base rate decision will be announced on December 4, 2026.