National Bank of Kazakhstan Raises Base Rate to 15.25% Amid Inflation Pressures
On November 29, the National Bank of Kazakhstan (NBK) increased its base rate to 15.25% per annum, with a corridor of +/- 1 percentage point, citing heightened inflation risks and market volatility.
The decision reflects updated forecasts, including rising inflation, which reached 8.5% in October, up from 8.3% in September. Paid services and external pressures, such as higher global food prices and inflation in Russia, contributed to the increase. Inflation expectations for the next year have climbed to 12.5%.
The NBK revised its inflation outlook, projecting rates of 8-9% in 2024, 6.5-8.5% in 2025, and 5.5-7.5% in 2026. The bank aims for inflation to hit its 5% target by late 2027 with a moderately tight monetary policy.
Economic growth forecasts for 2024 were adjusted to 4.0-4.5%, as the NBK continues to balance inflation control with support for the country’s economic stability.
