ASTANA, Kazakhstan, October 10. The National Bank of Kazakhstan may raise its benchmark interest rate again in November 2025 if inflation does not begin to gradually ease, National Bank Governor Timur Suleimenov said at a briefing for the media, Trend reports.
“If needed, if we have to, we will. If inflation does not start slowing down gradually, to maintain moderately tight conditions, we will have to raise the rate. But this will be done in November. In November we have a forecast round, when we sit down and fully update our models. Accordingly, by November we will have a complete picture of what will happen in the economy, including, perhaps, clearer insights on geopolitics, and we will take the appropriate decisions,” Suleimenov said.
Earlier today, the Monetary Policy Committee of the National Bank of Kazakhstan decided to raise the benchmark interest rate from 16.5 percent to 18 percent.
Annual inflation in Kazakhstan accelerated to 12.9 percent in September, up from 12.2 percent in August, exceeding the National Bank’s forecast. Meanwhile, economic growth in Kazakhstan strengthened to 6.5 percent year-on-year in January–August 2025, compared with 3.7 percent in the same period of 2024.
In March 2025, the National Bank had previously increased the base rate from 15.25 percent to 16.5 percent.
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