Kazakhstan · Horizon published 23 Oct 2026 · Source published 23 Oct 2026 · Reviewed 24 Oct 2026
National Bank of Kazakhstan sets the base rate at 15.75%
Kazakhstan’s central bank set its base rate at 15.75% with a plus-or-minus one percentage point corridor, citing 9.3% annual inflation in September and persistent price pressure. It indicated that another rate move was unlikely before year-end, subject to data, making the decision relevant to financing and demand assumptions without guaranteeing a future path.
Verified facts
- The National Bank set the base rate at 15.75%, with a standing-facility corridor of plus or minus one percentage point.
- The release reports annual inflation of 9.3% in September, comprising food inflation of 8.5%, non-food inflation of 11.0% and services inflation of 8.9%.
- Monthly inflation was 0.6%, or 0.7% on a seasonally adjusted basis, according to the central-bank statement.
- The Bank said another base-rate change was unlikely before the end of 2026 under its current assessment and identified 4 December as the next scheduled decision date. That wording remains conditional on incoming data and risks.
Horizon view
The decision keeps local-currency financing conditions tight and gives treasury teams a near-term planning anchor, but not certainty. Sector demand, credit pricing and exchange-rate exposure still require bank-specific and borrower-specific evidence.
Commercial implication and next step
Companies should refresh KZT borrowing and deposit quotes, floating-rate exposures, working-capital needs, customer financing, pricing and currency scenarios. Test the economics of local versus foreign-currency financing and include a rate hold or adverse move rather than assume an easing cycle.
What to verify before acting
The base rate is not a commercial loan or deposit quote and the statement is not an irrevocable commitment to hold rates. Bank margins, borrower risk, maturity, collateral, liquidity, regulation and currency materially affect effective financing costs. This is not investment or treasury advice.
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