Kazakhstan's National Bank cuts base rate to 15.75%

The National Bank of Kazakhstan has lowered its base rate from 16.25% to 15.75%, according to Egemen Qazaqstan. The central bank cited a slowdown in annual inflation and a strengthening of the tenge as reasons for the decision. At the end of September, annual inflation in Kazakhstan stood at 9.3%, and it has been declining for 12 consecutive months.

The base rate is one of the key indicators affecting the value of money in the country. Typically, when the rate rises, loans become more expensive and deposit returns may increase; when it falls, the trend may reverse. However, banks are not required to cut lending costs immediately. If the rate on existing loans is fixed in the contract, changes to the base rate do not automatically affect payment terms. Banks may reduce returns on new deposits or on deposits whose rates are reviewed, so savers are advised to compare offers.

This year the rate has been cut four times: to 17% on 5 June, 16.75% on 24 July, 16.25% on 4 September and 15.75% on 23 October. The total reduction since the cuts began is 2.25 percentage points. The National Bank's next base rate decision will be announced on 4 December 2026.