The National Bank of Kazakhstan left its benchmark interest rate unchanged at 18% on January 23, 2026, in line with market expectations, citing persistently high inflation and strong domestic demand. Headline inflation reached 12.3% at the end of 2025, in line with the central bank's forecasts, largely driven by food prices, while monthly inflation rose 0.9% in December and core inflation remained elevated. Inflation expectations increased, with households projecting 14.7% over the next year and market participants anticipating 10.8% for 2026. While a stronger tenge and tighter financial conditions have supported disinflation, upside risks linger, including the effects of fuel price liberalization, tariff reforms, tax changes, and the planned quasi-fiscal stimulus. The central bank indicated the policy rate is likely to stay at its current level through the first half of 2026. The next rate decision is due on March 6, 2026. source: National Bank of Kazakhstan

The benchmark interest rate in Kazakhstan was last recorded at 18 percent. Interest Rate in Kazakhstan averaged 20.51 percent from 1992 until 2026, reaching an all time high of 300.00 percent in March of 1994 and a record low of 5.50 percent in August of 2012. This page provides the latest reported value for - Kazakhstan Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Kazakhstan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

The benchmark interest rate in Kazakhstan was last recorded at 18 percent. Interest Rate in Kazakhstan is expected to be 19.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Kazakhstan Interest Rate is projected to trend around 12.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-10-10 07:00 AM Interest Rate Decision 18% 16.5% 17.5% 17.5%
2025-11-28 07:00 AM Interest Rate Decision 18% 18% 18% 19%
2026-01-23 07:00 AM Interest Rate Decision 18% 18% 18% 18.0%
2026-03-06 07:00 AM Interest Rate Decision 18%
2026-04-24 07:00 AM Interest Rate Decision
2026-06-05 07:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 68344255900.00 67806272360.00 KZT Thousand Nov 2025
Central Bank Balance Sheet 17308884.00 14926467.00 KZT Million Dec 2025
Interest Rate 18.00 18.00 percent Jan 2026


Kazakhstan Interest Rate
In Kazakhstan, interest rates decisions are taken by The National Bank of Kazakhstan. The National Bank of Kazakhstan official interest rate is the overnight policy rate. Policymakers set the overnight repo rate as the new benchmark on September 2nd, 2015, instead of the refinancing rate, after abandoning the currency peg in August.
Actual Previous Highest Lowest Dates Unit Frequency
18.00 18.00 300.00 5.50 1992 - 2026 percent Daily

News Stream
Kazakhstan Maintains Base Rate at 18% in January
The National Bank of Kazakhstan left its benchmark interest rate unchanged at 18% on January 23, 2026, in line with market expectations, citing persistently high inflation and strong domestic demand. Headline inflation reached 12.3% at the end of 2025, in line with the central bank's forecasts, largely driven by food prices, while monthly inflation rose 0.9% in December and core inflation remained elevated. Inflation expectations increased, with households projecting 14.7% over the next year and market participants anticipating 10.8% for 2026. While a stronger tenge and tighter financial conditions have supported disinflation, upside risks linger, including the effects of fuel price liberalization, tariff reforms, tax changes, and the planned quasi-fiscal stimulus. The central bank indicated the policy rate is likely to stay at its current level through the first half of 2026. The next rate decision is due on March 6, 2026.
2026-01-23
Kazakhstan Holds Key Rate at 18% in November
The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 18% on November 28, 2025, after a record 150-basis-point hike in October aimed at containing persistent inflation. The central bank indicated that rate cuts are unlikely before mid-2026, while further tightening could be considered if price pressures fail to ease. Annual inflation eased slightly in October but remained well above the 5% target, supported by fiscal stimulus, rising regulated prices, and supply constraints. Elevated inflation expectations prompted the government to complement monetary policy with price freezes on fuel and utilities and a 2026–2028 program aimed at curbing inflation, reducing import dependence, and supporting growth. GDP growth is now projected at 3.5–4.5% in 2026. Meanwhile, the tenge has strengthened nearly 5% against the dollar since the last rate decision, aided by oil fund currency sales. The central bank’s next policy meeting is scheduled for January 23, 2026.
2025-11-28
Kazakhstan Hikes Key Rate to 18% in October
The National Bank of Kazakhstan raised its benchmark interest rate to 18% on October 10, 2025, as inflation pressures intensified amid robust demand and loose monetary conditions. Inflation has increased across all key metrics, with annual inflation accelerating to 12.9% in September from 12.2% in August, exceeding forecasts as food and service prices surged on higher production and import costs. Non-food inflation also rose to 10.8%, reflecting continued fuel price liberalization, while inflation expectations climbed to 12%, signaling lingering uncertainty. Strong domestic demand, fiscal expansion, and rapid credit growth further strained supply capacity, with additional pro-inflationary risks from tax and tariff reforms. With GDP growth accelerating to 6.5% in January–August, driven by construction, trade, and industry, the central bank opted for a decisive tightening step to stabilize expectations and preserve tenge assets. The next rate decision is due November 28.
2025-10-10