National Bank of Kazakhstan lowers base rate to 15.75 percent
What happened
The Monetary Policy Committee of the National Bank of Kazakhstan lowered the base rate to 15.75 percent per annum on October 23, 2026. The central bank reported that annual inflation in Kazakhstan reached 9.3 percent in September, marking 12 consecutive months of decline. Meanwhile, Kazakhstan's gross domestic product grew by 4.2 percent year on year in January-September 2026, driven by non-resource sectors.
From english.news.cn
Why it matters
The rate cut is a key monetary policy action by the National Bank of Kazakhstan, which aims to bring inflation back to its 5 percent target by 2028. The move follows a period of strong growth in the non-resource sectors, including a 25 percent increase in investment outside of budget funds.
Central bank data from Kazakhstan informs national economic targets.
From english.news.cn
Who's involved
- National Bank of KazakhstanCentral bank that lowered the base rate
- KazakhstanSovereign state whose economic targets are informed by the central bank
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Halyk Bank of KazakhstanSpeculative
Halyk Bank of Kazakhstan might see changes in the cost of funding and Net Interest Margin due to the rate cut.
- ShellSpeculative
Shell might benefit from reduced borrowing costs, which could improve investment viability.
- Kazakhstan Stock ExchangeSpeculative
Kazakhstan Stock Exchange might experience stimulated capital markets, potentially boosting equity valuations.
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The entities involved
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Kazakhstan
sovereign state in Eastern Europe and Central Asia
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National Bank of Kazakhstan
central bank of Kazakhstan
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