The National Bank of Kazakhstan has decided to lower its base rate from 16.75% to 16.25%. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The inflation forecast for 2026 remains unchanged: the indicator is expected to be in the range of 9–11%. The GDP growth forecast for 2026 under the baseline scenario also remains unchanged, estimated at 4.5–5.5%.
The National Bank noted that positive trends in current inflation and inflationary expectations allowed for a rate cut within the framework of the adopted decision. At the same time, given the intensification of inflationary factors and risks that prompted a revision of forecasts for 2027, the possibility of further rate cuts is limited.
"Future decisions will be based on incoming inflation data and their consistency with the projected trajectory, as well as on trends in domestic demand, inflationary expectations, administered prices, and the scale and impact of fiscal and quasi-fiscal stimulus measures," the National Bank said.
It is worth noting that in June, the National Bank lowered the base rate from 18% to 17%. And in July, it was decided to reduce it to 16.75%.