The National Bank of Kazakhstan has announced a cut in its base rate from 16.75% to 16.25%. The decision was made by the Monetary Policy Committee on September 4, 2026, according to infohub.kz.
This is the third consecutive cut: in June, the rate was reduced from 18% to 17%, and in July from 17% to 16.75%. The new level will remain in effect at least until the next Committee meeting, scheduled for October 23, 2026.
Earlier, Kazakh financier Sultan Yelemesov predicted that on September 4 the base rate could be cut by more than 50 basis points, i.e., below 16.25%.
The Association of Financiers of Kazakhstan (AFK) noted that the market expected a cut to 16.5%: according to the AFK's September survey, 89% of experts favored such a move, while the rest assumed the rate would stay at 16.75%.
"The slowdown in annual inflation to 9.8% has strengthened the case for easing monetary policy, but lingering pro-inflationary risks may warrant a cautious approach to further decisions," the AFK emphasized.
Analysts at Kursiv Research also concluded that the Committee's meeting should result in a rate cut of 0.25 to 0.50 percentage points.
Recall that in August 2026, annual inflation in Kazakhstan slowed to 9.8% after 10.2% in July. The last time the figure fell below 10% was in February 2025, when it stood at 9.4%, but in March inflation jumped to 10%.