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Kazakhstan's Central Bank Keeps Base Rate at 18.0% as Expected; ING Sees on Hold Until Mid-2026

BY MT Newswires | ECONOMIC | 01/23/26 06:58 AM EST

06:58 AM EST, 01/23/2026 (MT Newswires) -- Kazakhstan's central bank (NBK) Friday said it kept its base rate unchanged at 18.00%, as inflation risks remain elevated.

ING said NBK's was in line with consensus.

The bank predicts inflation in 2026 to trend toward the upper end of the NBK's official forecast range of 9.5%-12.5%. This limits the scope for meaningful rate cuts from current levels.

The bank's base case is that the key rate will remain at 18.00% in mid-2026. However, a temporary rate hike in March or April cannot be ruled out if inflation accelerates toward the 14%-15% yar-over-year range in the coming months.

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