Monetary policy
NBK Base Rate
The current base rate, its corridor, decision history, and official National Bank sources.
Rate currently in force
16.75%
Lowered by 25 bp
Effective since 27.07.2026
Interest-rate corridor
15.75%–17.75%
Standing facilities around the base rate
Announcement date
24.07.2026
Effective date: 27.07.2026
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 |
|---|---|---|---|---|---|
| 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 |
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.