Kazakhstan interest rate cut to 15.75% in October 2026

Kazakhstan's central bank cut its base rate to 15.75% on 23 October, with annual inflation down to 9.3% and the next rate decision set for 4 December.

The facts

The National Bank of Kazakhstan set its base rate at 15.75% a year in a decision published on 23 October 2026, with an interest-rate corridor of plus or minus 1 percentage point.
Annual inflation stood at 9.3 percent in September 2026, and the bank noted it has been falling for the twelfth consecutive month.
Food inflation eased to 8.5 percent from 9.5 percent and non-food to 11.0 percent from 11.4 percent, while services inflation held at 8.9 percent.
Monthly inflation was 0.6 percent in September, the same as in August; seasonally adjusted it came in at 0.7 percent against 0.9 percent.
One-year-ahead inflation expectations fell to 11.8 percent from 12.1 percent in August.
The next rate decision is scheduled for 4 December 2026 at 12:00 Astana time.

What it means for your money

Tenge borrowing is getting cheaper as the base rate comes down. Local mortgage and developer pricing should follow it.
Glopra's data puts the Kazakh city-centre asking price at $1,523.70 per square metre and the asking rent at $10 per square metre a month, so a falling policy rate is working on one of the cheapest entry levels in the region.
With the base rate at 15.75% against 9.3 percent inflation, real tenge borrowing costs stay clearly positive, so leverage only pays here if rental income covers that spread.

What to watch

The next decision falls on 4 December, and inflation expectations at 11.8 percent are the figure the bank reads before cutting again.
Access is a harder gate than price: Glopra's data records Kazakh housing as open to foreign buyers only with a permanent residence permit, and agricultural land not at all.

Sources: National Bank of Kazakhstan https://nationalbank.kz/ru/news/press-relizy/20503

Market data: Kazakhstan · Almaty