The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 16.75%, the same as in the previous meeting, stating that possibility of a rate cut in the second half of 2023 will be evaluated. Annual inflation eased to 16.8% in April, mainly due to a faster slowdown in the food component. Inflation forecasts have been revised as 11-14% for this year and 9-11% in 2024. The central bank also raised its current account surplus forecast for 2023 to USD 2.4 billion, from a previous forecast of USD 2.2 billion. At the same time, policymakers revised GDP growth forecasts to 4.2%-5.2% for 2023, from former 3.5%-4.5% estimate. source: National Bank of Kazakhstan

Interest Rate in Kazakhstan averaged 21.14 percent from 1992 until 2023, reaching an all time high of 300.00 percent in March of 1994 and a record low of 5.50 percent in August of 2012. This page provides the latest reported value for - Kazakhstan Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Kazakhstan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

Interest Rate in Kazakhstan is expected to be 16.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Kazakhstan Interest Rate is projected to trend around 11.50 percent in 2024 and 9.50 percent in 2025, according to our econometric models.

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Kazakhstan Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-02-24 06:00 AM 16.75% 16.75% 16.75% 16.75%
2023-04-07 06:00 AM 16.75% 16.75% 16.75% 16.75%
2023-05-26 06:00 AM 16.75% 16.75% 16.75% 16.75%
2023-07-05 09:00 AM 16.75% 16.75%
2023-08-25 09:00 AM
2023-10-06 09:00 AM


Related Last Previous Unit Reference
Interest Rate 16.75 16.75 percent May 2023
Interbank Rate 10.50 10.50 percent Jun 2023
Banks Balance Sheet 45027511160.00 44060373741.00 KZT Thousand Mar 2023
Central Bank Balance Sheet 11154240.00 11418161.00 KZT Million Apr 2023

Kazakhstan Interest Rate
In Kazakhstan, interest rates decisions are taken by The National Bank of Kazakhstan. The National Bank of Kazakhstan official interest rate is the overnight policy rate. Policymakers set the overnight repo rate as the new benchmark on September 2nd, 2015, instead of the refinancing rate, after abandoning the currency peg in August.
Actual Previous Highest Lowest Dates Unit Frequency
16.75 16.75 300.00 5.50 1992 - 2023 percent Daily

News Stream
Kazakhstan Leaves Key Rate Unchanged at 16.75%
The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 16.75%, the same as in the previous meeting, stating that possibility of a rate cut in the second half of 2023 will be evaluated. Annual inflation eased to 16.8% in April, mainly due to a faster slowdown in the food component. Inflation forecasts have been revised as 11-14% for this year and 9-11% in 2024. The central bank also raised its current account surplus forecast for 2023 to USD 2.4 billion, from a previous forecast of USD 2.2 billion. At the same time, policymakers revised GDP growth forecasts to 4.2%-5.2% for 2023, from former 3.5%-4.5% estimate.
2023-05-26
Kazakhstan Leaves Key Rate Unchanged at 16.75%
The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 16.75%, the same as in the previous meeting, saying it is still too early to talk about a stable and permanent downward trend of inflation despite the recent slowdown. In March, the annual inflation rate eased to 18.1% from a record 21.3% in February. However, the risk of possible acceleration of inflation remains due to the increase in the prices of regulated goods and services. At the same time, a significant revision of republican budget expenditures and temporary suspension of the use of the budget principle will create uncertainty and shift the balance of risks to the pro-inflationary side. Furthermore, the government has said it would raise gasoline and diesel price ceilings by 11% and 20% respectively this month aimed at reducing accumulated imbalances in the economy in the medium and long term.
2023-04-07
Kazakhstan Leaves Key Rate Unchanged at 16.75%
The National Bank of Kazakhstan decided to leave its benchmark interest rate unchanged at 16.75%, the same as in the previous meeting. The decision was made taking into consideration the uncertainty of the geopolitical situation and its consequences, as well as the high world food prices and persisting external pro-inflationary factors. The Bank had sharply increased the rate a year ago as the Kazakh tenge sank together with the Russian rouble as a result of the Russian invasion of Ukraine which plunged regional economies into uncertainty. The bank noted that there is no potential to cut the rate in the first half of this year as it sought to stabilise inflation. Although monthly inflation has been slowing for four consecutive months in the country, the annual rate hit 20.7%, a level not seen in the Central Asian nation since the 1990s. Policymakers projects a 3.5%-4.5% increase in the country's GDP and expect consumer prices to rise 9-12% this year.
2023-02-24