The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 18% on March 6, 2026, citing still-elevated inflation despite ongoing disinflation. Annual inflation eased to 11.7% in February from 12.2% in January, with price growth slowing across food (12.7%), non-food goods (11.6%), and services (10.8%). The central bank noted that tight monetary conditions, a stronger tenge, slower unsecured consumer lending, and government anti-inflation measures have supported the decline in inflation, though monthly inflation accelerated to 1.1% in February. Looking ahead, inflation in 2026 is projected at 9.5–11.5%, before slowing to 5.5–7.5% by 2027 and approaching the 5% target in 2028. GDP growth is expected at 3.5–4.5% this year. The central bank said there is currently no room for monetary easing but may consider rate cuts in the second half of 2026 if inflation slows sustainably. The next policy decision is scheduled for April 24, 2026.
