BAKU, Azerbaijan, August 25. Kazakhstan's annual inflation has continued to decline for the tenth consecutive month, falling to 10.2% in July from a peak of 12.9% recorded in September 2025, Chairman of the National Bank of Kazakhstan Timur Suleymenov said at a Government meeting, the NKB press service reports.
"The decline has continued for ten consecutive months. The main factors are moderately tight monetary policy, the strengthening of the exchange rate, the normalization of consumer lending, and a coordinated set of anti-inflationary measures by the Government and the National Bank", he said.
Despite the downward trend, inflation remains high, while external and domestic inflationary risks persist, the chairman noted. He added that to maintain the disinflationary trend, the National Bank is pursuing a moderately tight monetary policy aimed at maintaining the attractiveness of tenge-denominated assets and containing excessive demand.
As part of additional monetary measures, 2.4 trillion tenge (about $5.2 billion) was withdrawn from the financial system during the first seven months of 2026. Total liquidity withdrawal is expected to reach around 4.1 trillion tenge ($9 billion) by the end of the year.
The National Bank is also gradually increasing minimum reserve requirements, which are expected to absorb around 4 trillion tenge ($8.7 billion), while reducing the cost of monetary policy instruments and constraining the monetary base.
At the same time, macro- and microprudential measures are helping normalize household lending and redirect credit growth toward businesses.
Suleymenov said the National Bank would continue monitoring lending trends and consider additional macroprudential measures if risks increase in individual lending segments.
The measures are being implemented under the Government, National Bank and financial regulator's joint 2026-2028 program for macroeconomic stabilization and improving public welfare, as well as a comprehensive package of measures to control and reduce inflation.
