Kazakhstan’s base rate may increase up to 20%

02.12.2025

Kazakhstan has kept the base rate unchanged, but it may have to be raised in the coming months, according to a forecast by ING bank. Experts expect a resumption of the monetary policy tightening cycle in Kazakhstan as early as the first quarter of 2026.

According to analysts, after a larger-than-expected 150 basis points increase in October, inflation in Kazakhstan...