Monetary policy
NBK Base Rate
The current base rate, its corridor, decision history, and official National Bank sources.
Rate currently in force
17%
Lowered by 100 bp
Effective since 08.06.2026
Interest-rate corridor
16%–18%
Standing facilities around the base rate
Announcement date
05.06.2026
Effective date: 08.06.2026
Rate path
NBK policy-rate history
Base rate
Refinancing rate Corridor
Before the base rate was introduced in 2015, the chart shows the official NBK refinancing rate.
Announced change
16.75%
The announced rate takes effect on 27.07.2026. Until then, the current rate above remains in force.
Calendar
Upcoming decision dates
These are scheduled announcement dates, not forecasts of future rate levels.
Official record
Decision history
| Effective | Rate type | Rate | Corridor | Change | Sources |
|---|---|---|---|---|---|
| 27.07.2026 Announced 24.07.2026 | Base rate | 16.75% | 15.75%–17.75% | Lowered by 25 bp | |
| 08.06.2026 Announced 05.06.2026 | Base rate | 17% | 16%–18% | Lowered by 100 bp | |
| 27.04.2026 Announced 24.04.2026 | Base rate | 18% | 17%–19% | Unchanged | |
| 10.03.2026 Announced 06.03.2026 | Base rate | 18% | 17%–19% | Unchanged | |
| 26.01.2026 | Base rate | 18% | 17%–19% | Unchanged | |
| 01.12.2025 | Base rate | 18% | 17%–19% | Unchanged | |
| 13.10.2025 | Base rate | 18% | 17%–19% | Raised by 150 bp | |
| 02.09.2025 | Base rate | 16.5% | 15.5%–17.5% | Unchanged | |
| 14.07.2025 | Base rate | 16.5% | 15.5%–17.5% | Unchanged | |
| 09.06.2025 | Base rate | 16.5% | 15.5%–17.5% | Unchanged | |
| 14.04.2025 | Base rate | 16.5% | 15.5%–17.5% | Unchanged | |
| 11.03.2025 | Base rate | 16.5% | 15.5%–17.5% | Raised by 125 bp | |
| 20.01.2025 | Base rate | 15.25% | 14.25%–16.25% | Unchanged | |
| 02.12.2024 | Base rate | 15.25% | 14.25%–16.25% | Raised by 100 bp | |
| 14.10.2024 | Base rate | 14.25% | 13.25%–15.25% | Unchanged | |
| 02.09.2024 | Base rate | 14.25% | 13.25%–15.25% | Unchanged | |
| 15.07.2024 | Base rate | 14.25% | 13.25%–15.25% | Lowered by 25 bp | |
| 03.06.2024 | Base rate | 14.5% | 13.5%–15.5% | Lowered by 25 bp | |
| 15.04.2024 | Base rate | 14.75% | 13.75%–15.75% | Unchanged | |
| 26.02.2024 | Base rate | 14.75% | 13.75%–15.75% | Lowered by 50 bp | |
| 22.01.2024 | Base rate | 15.25% | 14.25%–16.25% | Lowered by 50 bp | |
| 27.11.2023 | Base rate | 15.75% | 14.75%–16.75% | Lowered by 25 bp | |
| 09.10.2023 | Base rate | 16% | 15%–17% | Lowered by 50 bp | |
| 28.08.2023 | Base rate | 16.5% | 15.5%–17.5% | Lowered by 25 bp | |
| 10.07.2023 | Base rate | 16.75% | 15.75%–17.75% | Unchanged | |
| 29.05.2023 | Base rate | 16.75% | 15.75%–17.75% | Unchanged | |
| 10.04.2023 | Base rate | 16.75% | 15.75%–17.75% | Unchanged | |
| 27.02.2023 | Base rate | 16.75% | 15.75%–17.75% | Unchanged | |
| 16.01.2023 | Base rate | 16.75% | 15.75%–17.75% | Unchanged | |
| 06.12.2022 | Base rate | 16.75% | 15.75%–17.75% | Raised by 75 bp | |
| 27.10.2022 | Base rate | 16% | 15%–17% | Raised by 150 bp | |
| 06.09.2022 | Base rate | 14.5% | 13.5%–15.5% | Unchanged | |
| 26.07.2022 | Base rate | 14.5% | 13.5%–15.5% | Raised by 50 bp | |
| 07.06.2022 | Base rate | 14% | 13%–15% | Unchanged | |
| 26.04.2022 | Base rate | 14% | 13%–15% | Raised by 50 bp | |
| 10.03.2022 | Base rate | 13.5% | 12.5%–14.5% | Unchanged | |
| 24.02.2022 | Base rate | 13.5% | 12.5%–14.5% | Raised by 325 bp | |
| 25.01.2022 | Base rate | 10.25% | 9.25%–11.25% | Raised by 50 bp | |
| 07.12.2021 | Base rate | 9.75% | 8.75%–10.75% | Unchanged | |
| 26.10.2021 | Base rate | 9.75% | 8.75%–10.75% | Raised by 25 bp | |
| 14.09.2021 | Base rate | 9.5% | 8.5%–10.5% | Raised by 25 bp | |
| 27.07.2021 | Base rate | 9.25% | 8.25%–10.25% | Raised by 25 bp | |
| 08.06.2021 | Base rate | 9% | 8%–10% | Unchanged | |
| 27.04.2021 | Base rate | 9% | 8%–10% | Unchanged | |
| 10.03.2021 | Base rate | 9% | 8%–10% | Unchanged | |
| 26.01.2021 | Base rate | 9% | 8%–10% | Unchanged | |
| 15.12.2020 | Base rate | 9% | 8%–10% | Unchanged | |
| 27.10.2020 | Base rate | 9% | 7.5%–10.5% | Unchanged | |
| 08.09.2020 | Base rate | 9% | 7.5%–10.5% | Unchanged | |
| 21.07.2020 | Base rate | 9% | 7.5%–10.5% | Lowered by 50 bp | |
| 09.06.2020 | Base rate | 9.5% | 7.5%–11.5% | Unchanged | |
| 28.04.2020 | Base rate | 9.5% | 7.5%–11.5% | Unchanged | |
| 06.04.2020 | Base rate | 9.5% | 7.5%–11.5% | Lowered by 250 bp | |
| 17.03.2020 | Base rate | 12% | 10.5%–13.5% | Unchanged | |
| 10.03.2020 | Base rate | 12% | 10.5%–13.5% | Raised by 275 bp | |
| 04.02.2020 | Base rate | 9.25% | 8.25%–10.25% | Unchanged | |
| 10.12.2019 | Base rate | 9.25% | 8.25%–10.25% | Unchanged | |
| 29.10.2019 | Base rate | 9.25% | 8.25%–10.25% | Unchanged | |
| 10.09.2019 | Base rate | 9.25% | 8.25%–10.25% | Raised by 25 bp | |
| 16.07.2019 | Base rate | 9% | 8%–10% | Unchanged | |
| 04.06.2019 | Base rate | 9% | 8%–10% | Unchanged | |
| 16.04.2019 | Base rate | 9% | 8%–10% | Lowered by 25 bp | |
| 05.03.2019 | Base rate | 9.25% | 8.25%–10.25% | Unchanged | |
| 15.01.2019 | Base rate | 9.25% | 8.25%–10.25% | Unchanged | |
| 05.12.2018 | Base rate | 9.25% | 8.25%–10.25% | Unchanged | |
| 16.10.2018 | Base rate | 9.25% | 8.25%–10.25% | Raised by 25 bp | |
| 04.09.2018 | Base rate | 9% | 8%–10% | Unchanged | |
| 10.07.2018 | Base rate | 9% | 8%–10% | Unchanged | |
| 05.06.2018 | Base rate | 9% | 8%–10% | Lowered by 25 bp | |
| 17.04.2018 | Base rate | 9.25% | 8.25%–10.25% | Lowered by 25 bp | |
| 06.03.2018 | Base rate | 9.5% | 8.5%–10.5% | Lowered by 25 bp | |
| 16.01.2018 | Base rate | 9.75% | 8.75%–10.75% | Lowered by 50 bp | |
| 28.11.2017 | Base rate | 10.25% | 9.25%–11.25% | Unchanged | |
| 10.10.2017 | Base rate | 10.25% | 9.25%–11.25% | Unchanged | |
| 22.08.2017 | Base rate | 10.25% | 9.25%–11.25% | Lowered by 25 bp | |
| 18.07.2017 | Base rate | 10.5% | 9.5%–11.5% | Unchanged | |
| 06.06.2017 | Base rate | 10.5% | 9.5%–11.5% | Lowered by 50 bp | |
| 11.04.2017 | Base rate | 11% | 10%–12% | Unchanged | |
| 21.02.2017 | Base rate | 11% | 10%–12% | Lowered by 100 bp | |
| 10.01.2017 | Base rate | 12% | 11%–13% | Unchanged | |
| 15.11.2016 | Base rate | 12% | 11%–13% | Lowered by 50 bp | |
| 04.10.2016 | Base rate | 12.5% | 11.5%–13.5% | Lowered by 50 bp | |
| 16.08.2016 | Base rate | 13% | 12%–14% | Unchanged | |
| 12.07.2016 | Base rate | 13% | 12%–14% | Lowered by 200 bp | |
| 07.06.2016 | Base rate | 15% | 14%–16% | Unchanged | |
| 06.05.2016 | Base rate | 15% | 14%–16% | Lowered by 200 bp | |
| 15.03.2016 | Base rate | 17% | 15%–19% | Unchanged | |
| 02.02.2016 | Base rate | 17% | 15%–19% | Raised by 100 bp | |
| 02.10.2015 | Base rate | 16% | 15%–17% | Raised by 400 bp | |
| 02.09.2015 | Base rate | 12% | 7%–17% | No previous comparison | |
| 01.04.2013 №88 от 29.03.2013 | Refinancing rate | 5.5% | — | Unchanged | |
| 06.08.2012 №232 от 27.07.2012 | Refinancing rate | 5.5% | — | Lowered by 50 bp | |
| 04.06.2012 №184 от 25.05.2012 | Refinancing rate | 6% | — | Lowered by 50 bp | |
| 02.04.2012 №112 от 26.03.2012 | Refinancing rate | 6.5% | — | Lowered by 50 bp | |
| 14.02.2012 №24 от 13.02.2012 | Refinancing rate | 7% | — | Lowered by 50 bp | |
| 01.01.2012 №207 от 26.12.2011 | Refinancing rate | 7.5% | — | Unchanged | |
| 01.10.2011 №135 от 30.09.2011 | Refinancing rate | 7.5% | — | Unchanged | |
| 01.07.2011 №66 от 01.07.2011 | Refinancing rate | 7.5% | — | Unchanged | |
| 01.04.2011 №31 от 25.03.2011 | Refinancing rate | 7.5% | — | Unchanged | |
| 09.03.2011 №20 от 09.03.2011 | Refinancing rate | 7.5% | — | Raised by 50 bp | |
| 01.01.2011 №104 от 27.12.2010 | Refinancing rate | 7% | — | Unchanged | |
| 01.10.2010 №79 от 27.09.2010 | Refinancing rate | 7% | — | Unchanged | |
| 01.07.2010 №58 от 25.06.2010 | Refinancing rate | 7% | — | Unchanged | |
| 01.04.2010 №17 от 29.03.2010 | Refinancing rate | 7% | — | Unchanged | |
| 01.01.2010 №119 от 29.12.2009 | Refinancing rate | 7% | — | Unchanged | |
| 04.09.2009 №88 от 04.09.2009 | Refinancing rate | 7% | — | Lowered by 50 bp | |
| 10.08.2009 №72 от 07.08.2009 | Refinancing rate | 7.5% | — | Lowered by 50 bp | |
| 10.07.2009 №62 от 09.07.2009 | Refinancing rate | 8% | — | Lowered by 50 bp | |
| 10.06.2009 №54 от 10.06.2009 | Refinancing rate | 8.5% | — | Lowered by 50 bp | |
| 12.05.2009 №41 от 12.05.2009 | Refinancing rate | 9% | — | Lowered by 50 bp | |
| 01.04.2009 №23 от 20.03.2009 | Refinancing rate | 9.5% | — | Unchanged | |
| 05.02.2009 № 8 от 04.02.2009 | Refinancing rate | 9.5% | — | Lowered by 50 bp | |
| 01.01.2009 №115 от 22.12.2008 | Refinancing rate | 10% | — | Lowered by 50 bp | |
| 01.10.2008 №76 от 22.09.2008 | Refinancing rate | 10.5% | — | Unchanged | |
| 01.07.2008 №53 от 23.06.2008 | Refinancing rate | 10.5% | — | Lowered by 50 bp | |
| 01.04.2008 №20 от 28.03.2008 | Refinancing rate | 11% | — | Unchanged | |
| 01.01.2008 №144 от 24.12.2007 | Refinancing rate | 11% | — | Unchanged | |
| 01.12.2007 №137 от 30.11.2007 | Refinancing rate | 11% | — | Raised by 200 bp | |
| 01.10.2007 №105 от 24.09.2007 | Refinancing rate | 9% | — | Unchanged | |
| 01.07.2007 №69 от 25.07.2007 | Refinancing rate | 9% | — | Unchanged | |
| 01.04.2007 №28 от 30.03.2007 | Refinancing rate | 9% | — | Unchanged | |
| 01.10.2006 №93 от 14.09.2006 | Refinancing rate | 9% | — | Unchanged | |
| 01.07.2006 №55 от 30.06.2006 | Refinancing rate | 9% | — | Raised by 50 bp | |
| 01.04.2006 №15 от 11.03.2006 | Refinancing rate | 8.5% | — | Raised by 50 bp | |
| 01.01.2006 №165 от 29.12.05 | Refinancing rate | 8% | — | Unchanged | |
| 01.10.2005 №117 от 30.09.05 | Refinancing rate | 8% | — | Unchanged | |
| 11.07.2005 №81 от 09.07.05 | Refinancing rate | 8% | — | Raised by 50 bp | |
| 01.05.2005 №51 от 18.04.05 | Refinancing rate | 7.5% | — | Unchanged | |
| 01.02.2005 №9 от 29.01.05 | Refinancing rate | 7.5% | — | Raised by 50 bp | |
| 07.07.2003 №199 от 04.07.03 | Refinancing rate | 7% | — | Lowered by 50 bp | |
| 18.11.2002 №454 от 16.11.02 | Refinancing rate | 7.5% | — | Lowered by 50 bp | |
| 06.03.2002 №84 от 04.03.02 | Refinancing rate | 8% | — | Lowered by 100 bp | |
| 20.11.2001 №459 от 16.11.01 | Refinancing rate | 9% | — | Lowered by 200 bp | |
| 06.09.2001 №344 от 05.09.01 | Refinancing rate | 11% | — | Lowered by 100 bp | |
| 04.06.2001 №189 от 02.06.01 | Refinancing rate | 12% | — | Lowered by 50 bp | |
| 20.02.2001 № 42 от 20.02.01 | Refinancing rate | 12.5% | — | Lowered by 150 bp | |
| 05.06.2000 №261 от 02.06.00 | Refinancing rate | 14% | — | Lowered by 200 bp | |
| 21.03.2000 №105 от 21.03.00 | Refinancing rate | 16% | — | Lowered by 200 bp | |
| 10.11.1999 №341 от 10.11.99 | Refinancing rate | 18% | — | Lowered by 200 bp | |
| 17.08.1999 №253 от 16.08.99 | Refinancing rate | 20% | — | Lowered by 200 bp | |
| 19.07.1999 №196 от 17.07.99 | Refinancing rate | 22% | — | Lowered by 300 bp | |
| 10.11.1998 №235 от 6.11.98 | Refinancing rate | 25% | — | Raised by 450 bp | |
| 05.08.1998 №145 от 3.08.98 | Refinancing rate | 20.5% | — | Raised by 200 bp | |
| 24.10.1997 №379 от 23.10.97 | Refinancing rate | 18.5% | — | Lowered by 250 bp | |
| 01.07.1997 №245 от 30.06.97 | Refinancing rate | 21% | — | Lowered by 300 bp | |
| 01.06.1997 №201 от 23.05.97 | Refinancing rate | 24% | — | Lowered by 600 bp | |
| 01.05.1997 №131 от 24.04.97 | Refinancing rate | 30% | — | Lowered by 500 bp | |
| 26.10.1996 №254 от 24.10.96 | Refinancing rate | 35% | — | Raised by 300 bp | |
| 25.09.1996 №224 от 25.09.96 | Refinancing rate | 32% | — | Raised by 200 bp | |
| 09.09.1996 №211 от 9.09.96 | Refinancing rate | 30% | — | Lowered by 200 bp | |
| 08.07.1996 №151 от 4.07.96 | Refinancing rate | 32% | — | Lowered by 400 bp | |
| 01.06.1996 №23 от 31.05.96 | Refinancing rate | 36% | — | Lowered by 400 bp | |
| 08.04.1996 №91 от 8.04.96 | Refinancing rate | 40% | — | Lowered by 400 bp | |
| 27.03.1996 №62 от 25.03.96 | Refinancing rate | 44% | — | Lowered by 400 bp | |
| 11.03.1996 №57 от 11.03.96 | Refinancing rate | 48% | — | Lowered by 200 bp | |
| 23.02.1996 №37 от 22.02.96 | Refinancing rate | 50% | — | Lowered by 900 bp | |
| 03.01.1996 № - | Refinancing rate | 59% | — | Raised by 650 bp | |
| 20.11.1995 №217 от 20.11.95 | Refinancing rate | 52.5% | — | Raised by 750 bp | |
| 01.09.1995 №128 от 31.08.95 | Refinancing rate | 45% | — | Lowered by 1000 bp | |
| 01.07.1995 №48 от 03.07.95 | Refinancing rate | 55% | — | Lowered by 17500 bp | |
| 05.12.1994 №24 от 2.12.94 | Refinancing rate | 230% | — | Lowered by 2000 bp | |
| 05.11.1994 №20 от 7.11.94 | Refinancing rate | 250% | — | Lowered by 2000 bp | |
| 20.09.1994 №18 от 19.09.94 | Refinancing rate | 270% | — | Lowered by 1000 bp | |
| 01.09.1994 №16 от 2.09.94 | Refinancing rate | 280% | — | Lowered by 2000 bp | |
| 01.03.1994 №-, от 9.03.94 | Refinancing rate | 300% | — | Raised by 3000 bp | |
| 10.01.1994 №01 от 10.01.94 | Refinancing rate | 270% | — | Raised by 3000 bp | |
| 08.12.1993 №25 от 29.12.93 | Refinancing rate | 240% | — | Raised by 7000 bp | |
| 22.09.1993 №23 от 22.09.93 | Refinancing rate | 170% | — | Raised by 3000 bp | |
| 23.07.1993 №20 от 23.07.93 | Refinancing rate | 140% | — | Raised by 3000 bp | |
| 01.07.1993 №17 от 06.07.93 | Refinancing rate | 110% | — | Raised by 4500 bp | |
| 01.07.1992 №23 от 11.06.92 | Refinancing rate | 65% | — | Raised by 4000 bp | |
| 01.02.1992 №3 от 14.02.92 | Refinancing rate | 25% | — | No previous comparison |
How the base rate affects investors
Deposits and loans
Changes in the base rate influence funding costs and can gradually affect deposit and lending rates.
Bonds
Higher market rates generally pressure existing fixed-rate bond prices, while new issues may offer higher yields.
Companies and shares
Financing costs and the return investors demand can affect company valuations, including dividend-paying shares.
This material is informational and is not an individual investment recommendation.