The National Bank of Kazakhstan’s Monetary Policy Committee cut the base rate by 50 basis points to 15.75 percent, with a corridor of plus or minus 1 percentage point, the fourth consecutive reduction after cuts in June, July and September took the rate down from 17 percent. The bank said annual inflation fell for a twelfth straight month, to 9.3 percent in September, and that falling inflation and inflation expectations created room to cut while preserving the moderately tight conditions needed to reach its 5 percent target in 2028. It also flagged that price pressure remains elevated and risks are pro-inflationary, said a further change by the end of 2026 is unlikely, and set the next scheduled decision for December 4.
Kazakhstan cuts base rate to 15.75 percent
The National Bank of Kazakhstan cut its base rate by 50 basis points to 15.75 percent on October 23, its fourth consecutive reduction, after annual inflation fell for a twelfth straight month to 9.3 percent in September.
Why it matters: The cut continues a steady easing cycle from 18 percent a year ago while the bank keeps policy moderately tight, and its guidance that another move this year is unlikely sets the tenge and local bond pricing until the December 4 decision.
Data as of National Bank of Kazakhstan website, read October 23, 2026, which displays the base rate at 15.75 percent under the headline 'Base rate reduced to 15.75%'; decision details from the TASS report of October 23, 2026, read in full in Russian. Developing item.
Sources
- Base rate reduced to 15.75% - National Bank of Kazakhstan - 2026-10-23
- National Bank of Kazakhstan lowers base rate (in Russian) - TASS - 2026-10-23