28.11.202507:43:47UTC+00Kazakhstan Holds Key Rate at Record

The National Bank of Kazakhstan held its key interest rate steady at a record 18% on November 28, 2025, continuing its strict monetary policy to combat ongoing inflationary pressures. The central bank has signaled that rate reductions are unlikely before mid-2026, and has not ruled out further tightening if inflationary pressures remain unrelenting. Although annual inflation saw a slight decline in October, it remains significantly above the target of 5%, driven by factors such as fiscal stimulus, increased regulated prices, and supply chain bottlenecks. To address these elevated inflation expectations, the government has introduced measures to support monetary policy, including temporary price freezes on essentials like fuel and utilities, alongside a strategic program for 2026–2028 aimed at controlling inflation, reducing reliance on imports, and promoting economic growth. The GDP growth forecast for 2026 now stands at 3.5–4.5%. Concurrently, the tenge has appreciated by nearly 5% against the dollar since the previous rate decision, bolstered by the sale of currency from the oil fund. The central bank's upcoming policy meeting is slated for January 23, 2026.