On Oct. 10, Kazakhstan’s National Bank raised its base rate by 1.5 percentage points (p.p.) to 18%, with a range of +/–1 p.p.
The previous level of 16.5% was set in March 2025 and maintained following the bank’s Monetary Policy Committee meetings in April, June, July and August.
The regulator said inflation growth has been recorded across all key indicators. Annual inflation accelerated to 12.9% in September 2025, exceeding the National Bank’s forecast.
However, the National Bank did not rule out further monetary tightening if the current base rate proves insufficient to stabilize inflation.
