Kazakhstan recorded slower annual inflation in September as its central bank cut the benchmark for borrowing costs by half a percentage point to 15.75%, a change to the rate guiding the country’s monetary policy.
The National Bank announced the cut Oct. 23, and it took effect Oct. 27. It replaced the 16.25% setting in place since Sept. 7. The rate corridor extends 1 percentage point above and below the base rate. A July reduction had brought the rate to 16.75%.
September’s annual inflation rate was 9.3%, compared with 9.8% in August. One-year household inflation expectations also eased, to 11.8% from 12.1%.
National Bank of Kazakhstan Governor Timur M Suleimenov said the bank’s target for inflation is 6.5% to 8.5% in 2027 and near 5% in 2028. He said the likelihood of another base-rate change before the end of 2026 remained low, given the current balance of risks.
