National Bank maintains base rate at 18%

Annual inflation in March 2026 slowed to 11.0% (11.7% in February): food inflation stood at 11.7% (12.7%), non-food at 11.3% (11.6%), and services at 10.0% (10.8%), the financial regulator says.

Economic growth based on preliminary data in January-March 2026 amounted to 3.0% in annual terms. Despite the weaker dynamics of the oil sector, economic growth as a whole remains resilient due to high activity in a number of sectors. The strongest growth rates are observed in construction, transport, manufacturing, and trade.

“Pro-inflationary risks are primarily associated with the strengthening of external inflationary pressure amid the conflict in the Middle East. Additional risks stem from the resumption of utility and fuel tariff increases above inflation after the completion of the moratorium, as well as secondary effects from the increase in regulated prices, including through higher input costs for businesses,” reads the statement.

The National Bank will continue to monitor the economy's adaptation to tax changes and the external economic environment.

The next planned decision of the Monetary Policy Committee of the National Bank of the Republic of Kazakhstan on the base rate will be announced on June 5, 2026, at 12:00 Astana time.

Earlier, it was reported that as of March 1, 2026, deposits in Kazakhstani banks totaled 47.2 trillion tenge, down 0.1% (or 33.4 billion tenge) from the previous month.