The National Bank of Kazakhstan has decided to reduce the base rate from 17% to 16.75%. This marks the second rate cut in 2026.
The previous decision to lower the base rate was made by the regulator on June 5. At that time, the National Bank reduced the rate by one percentage point — from 18% to 17%.
The previous rate cut was driven by a gradual slowdown in inflation. According to May data, annual inflation stood at 10.4%, which is 2.5 percentage points lower than the peak level recorded in September 2025.
Ahead of the July meeting, most experts expected the base rate to remain at 17%. Among the main arguments against further cuts, analysts cited risks related to Kazakhstan’s oil exports.
However, another reduction remained possible if inflation continued to slow and no major external economic shocks occurred.
A lower base rate makes loans more affordable for households and businesses and may contribute to increased consumer demand.