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Kazakhstan's Central Bank Keeps Policy Rate at 18.0%, as Expected

BY MT Newswires | ECONOMIC | 11/28/25 07:16 AM EST

07:16 AM EST, 11/28/2025 (MT Newswires) -- Kazakhstan's central bank (NBK) Friday said its Monetary Policy Committee decided to maintain the base rate at 18.0%.

Friday's decision was in line with market expectations, noted ING.

Following October's larger-than-expected 150bps hike, inflation in Kazakhstan has eased slightly to 12.6% year-on-year as of October, pointed out ING.

Households' inflation expectations increased moderately by 0.4 percentage point but remained contained, while the Kazakhstani tenge (KZT) has appreciated by 5.5% against the US dollar (USD), and global food price pressures have moderated. These factors justify a pause in the tightening cycle, stated ING.

NBK Friday signaled no cuts until mid-2026, after the impact of the upcoming sales tax hike settles. While ING supports the central bank's cautious stance and the recent increase in its inflation forecasts, it expects the tightening cycle to resume in Q1 2026.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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