The National Bank of Kazakhstan kept its policy rate at 9% during its September 2020 meeting, in a widely expected move, after cutting it by 50 bps in July to support the economy. Policymakers said the current policy stance remains appropriate to keep the inflation rate under control and help it to subside in the medium term. The annual inflation rate is estimated to reach 8% in 2020 and slow to 6% in 2021. The bank also has revised its 2020 GDP projections that now point to a steeper contraction of 2-2.3% from an earlier estimate of a 1.8% decline. The economy is projected to return to growth of around 3.5-3.8% in 2021, as the pandemic situation gradually improves, boosted by the recovery of external demand, the implementation of deferred investment projects, the revival of consumer demand and the fiscal stimulus policy. Still, there were cited concerns over the uncertain external environment as well as about fresh Western sanctions against Russia.

Interest Rate in Kazakhstan averaged 22.53 percent from 1992 until 2020, reaching an all time high of 300 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 October of 2020.

Interest Rate in Kazakhstan is expected to be 9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Kazakhstan to stand at 8.50 in 12 months time. In the long-term, the Kazakhstan Interest Rate is projected to trend around 8.50 percent in 2021 and 9.00 percent in 2022, according to our econometric models.

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Kazakhstan Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
9.00 9.00 300.00 5.50 1992 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-04-27 09:00 AM 9.5% 9.5% 9.5%
2020-06-08 09:00 AM 9.5% 9.5% 9.5% 9.5%
2020-07-20 09:00 AM 9.0% 9.5% 9.5% 9.5%
2020-09-07 09:00 AM 9% 9.0% 9% 9.0%
2020-10-26 09:00 AM 9% 9% 9.0%
2020-12-14 09:00 AM


News Stream
Kazakhstan Holds Key Policy Rate at 9%
The National Bank of Kazakhstan kept its policy rate at 9% during its September 2020 meeting, in a widely expected move, after cutting it by 50 bps in July to support the economy. Policymakers said the current policy stance remains appropriate to keep the inflation rate under control and help it to subside in the medium term. The annual inflation rate is estimated to reach 8% in 2020 and slow to 6% in 2021. The bank also has revised its 2020 GDP projections that now point to a steeper contraction of 2-2.3% from an earlier estimate of a 1.8% decline. The economy is projected to return to growth of around 3.5-3.8% in 2021, as the pandemic situation gradually improves, boosted by the recovery of external demand, the implementation of deferred investment projects, the revival of consumer demand and the fiscal stimulus policy. Still, there were cited concerns over the uncertain external environment as well as about fresh Western sanctions against Russia.
2020-09-07
Kazakhstan Central Bank Cuts Key Rate to 9%
The National Bank of Kazakhstan lowered its policy rate by 50 bps to 9.0 percent during its July meeting, while markets had forecast an unchanged rate, as policymakers voiced concerns about a deeper-than-expected economic contraction in the first half of the year due to the coronavirus pandemic. The bank also narrowed its policy rate band to 1.5 percentage points from 2 percentage points.
2020-07-20
Kazakhstan Leaves Rates Steady
The central bank of Kazakhstan left its key interest rate steady at 9.5 percent on June 8th 2020, in line with market expectations. Policymakers said they could consider easing monetary policy when global uncertainty decreases. The central bank now expects the economy to shrink 1.8 percent in 2020, more than 1.3 percent earlier estimated. The inflation is seen at 8 percent-8.5 percent.
2020-06-08
Kazakhstan Holds Interest Rate at 9.5%
The National Bank of Kazakhstan held its benchmark interest rate at 9.5 percent on April 27th, after cutting it by 250bps at the beginning of the month in an emergency move aimed to support the economy amid the coronavirus pandemic. In addition, the central bank slashed its GDP outlook, with latest predictions suggesting the economy could shrink as much as 1.3 percent this year, compared with the government's forecast of a 0.9 percent contraction. Last month, policymakers had raised interest rates by 275bps to prevent a run on the local currency after oil prices slumped following the collapse of the OPEC+ deal in early March.
2020-04-27

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.