Content and data provided by various third parties and Fidelity - Terms of Use
Print.Print
Small font size A Larger text size A Largest text size A

ING Says Kazakhstan's Central Bank Keeps Rates on Hold as Disinflation Is Offset by Rising External Risks; Sees Cuts Later in 2026

BY MT Newswires | ECONOMIC | 03/06/26 07:22 AM EST

07:22 AM EST, 03/06/2026 (MT Newswires) -- Kazakhstan's central bank (NBRK) held the base rate steady at 18.00% on Friday, signaling patience despite slowing inflation, said ING.

Domestic utility tariffs, fiscal and external risks call for an extended period of tight policy, wrote the bank in a note. High real rates may insulate portfolio flows as global risk aversion rises.

ING expects year-end inflation to ease to around 10% year over year. Provided the external environment stabilizes and tariff/fiscal risks remain manageable, the NBRK has room for roughly 200bps of cuts in H2 2026, likely bringing the policy rate to around 16.00% by the year-end, stated the bank.

On currency, the bank continues to see limited long-term sensitivity of USD/KZT to oil prices. A 17% rise in Brent and higher OPEC quotas have delivered only a 0.8% appreciation in USD/KZT so far, ING added.

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

More Fixed Income News

All Fixed Income News

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.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

© 1998 – 2014 FMR LLC.

All rights reserved.
fir_news_article