Monetary policy
NBK Base Rate
The current base rate, its corridor, decision history, and official National Bank sources.
Rate currently in force
16.25%
Lowered by 50 bp
Effective since 07.09.2026
Interest-rate corridor
15.25%–17.25%
Standing facilities around the base rate
Announcement date
04.09.2026
Effective date: 07.09.2026
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.
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 |
|---|---|---|---|---|---|
| 07.09.2026 Announced 04.09.2026 https://nationalbank.kz/file/download/134816 | Base rate | 16.25% | 15.25%–17.25% | Lowered by 50 bp |
Source link pending review
|
| 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 |
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.