Kazakhstan’s National Bank cuts base rate to 15.75%

The regulator attributed the decision to a slowdown in annual inflation and easing inflation expectations. In September, inflation stood at 9.3%, marking its 12th consecutive monthly decline.

Food inflation slowed to 8.5%, while non-food inflation fell to 11%. Services inflation remained unchanged at 8.9%. Meanwhile, public inflation expectations for the next 12 months decreased from 12.1% in August to 11.8% in September.

However, the balance of risks remains tilted toward higher inflation. The National Bank cited strong domestic demand, changes in fuel and lubricant prices and regulated tariffs, as well as elevated global energy and food prices among the main inflationary factors.

The regulator warned that annual inflation could rise slightly toward the end of the year due to the low-base effect from the previous year.

The National Bank said future decisions on the base rate would depend on inflation trends, inflation expectations and changes in the balance of risks. Its target is to bring inflation down to 5% by 2028.

The next scheduled decision on the base rate will be announced on December 4.

Earlier, it was reported Türkiye's Central Bank lowered the policy rate to 36% after 5 consecutive holds.