Kazakhstan policy interest rate
The National Bank of Kazakhstan base rate — the key monetary policy instrument, an indicative target for short-term interbank rates (operationally tracked against TONIA, the KASE one-day auto-repo rate), set by the Monetary Policy Committee (Комитет по денежно-кредитной политике) with an interest-rate corridor of +/- 1 percentage point. Decided eight times a year on a published schedule.
| Current value | 16.75 percent |
|---|---|
| In force from | 2026-07-24 |
| Official source | Национальный Банк Республики Казахстан — пресс-релиз от 24.07.2026 «О снижении базовой ставки до 16,75%»: «Комитет по денежно-кредитной политике Национального Банка Республики Казахстан принял решение установить базовую ставку на уровне 16,75% годовых с коридором +/- 1 п.п.» |
| Last verified | 2026-07-24 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
SECOND cut of the current easing cycle — the brief that launched this file warned not to assume direction, and the direction is DOWN, not up. Peak of the cycle was 18.0% (10 Oct 2025 – 4 Jun 2026); cut to 17.00% on 5 Jun 2026 and to 16.75% on 24 Jul 2026. The Committee cites annual inflation falling for a ninth consecutive month (June 2026: 10.3%, May: 10.4%; food 10.4%, non-food 11.7%, services 9.0%; MoM June +0.8%) and describes the move as a proportional easing of monetary conditions rather than a pre-committed path — the release states explicitly that the NBK sets no predetermined base-rate trajectory and allows both pauses and reversals. Corridor +/- 1.00 pp, so the standing-facility band is 15.75%–17.75%. EFFECTIVE DATE TRAP: NBK base-rate press releases carry no 'вступает в силу' clause and no separate commencement date — the rate is announced at 12:00 Astana time on the decision date and applies from that date; effective_from here is therefore the decision/announcement date, which is the same convention the NBK's own chronology uses. Next scheduled decision: 4 September 2026 at 12:00 Astana time. Do not confuse the base rate with the official refinancing rate references in older statutes, or with TONIA (the market rate the base rate targets). Decision schedule: https://nationalbank.kz/ru/news/grafik-prinyatiya-resheniy-po-bazovoy-stavke
Earlier values
| From | Value | Source |
|---|---|---|
| 2025-03-07 | 16.5 | НБРК — пресс-релиз от 07.03.2025 «О повышении базовой ставки |
| 2025-10-10 | 18 | НБРК — пресс-релиз от 10.10.2025 «О повышении базовой ставки |
| 2026-06-05 | 17 | НБРК — пресс-релиз от 05.06.2026 «О снижении базовой ставки |
Get it programmatically
curl https://asiaref.dev/v1/kz/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/kz/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/kz/policy-rateOther Kazakhstan series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates