Inflation slows to 9.3 percent as Kazakhstan absorbs liquidity
Yerulan Zhamaubayev, First Deputy Governor of the National Bank of Kazakhstan, told the Kurultai in Astana on October 14, 2026 that inflation slowed for a twelfth month to 9.3 percent. GDP grew 4.2 percent in the first nine months.
Liquidity withdrawal supports lower inflation
Addressing the 2027–2029 budget bill, Zhamaubayev cited monetary policy, a stronger tenge and government measures behind disinflation.
Food inflation was 8.5 percent, non-food inflation 11 percent and services inflation 8.9 percent.
The base rate fell to 16.25 percent on September 4. September's third reserve-requirement increase brought liquidity absorption to KZT 4.3 trillion.
Foreign-currency sales offsetting gold purchases withdrew KZT 3.2 trillion in nine months; another KZT 900 billion is planned by year-end.
Banks' countercyclical capital buffer exceeded KZT 550 billion on September 1. International Monetary Fund forecasts put global growth at 3.1 percent in 2026 and 3.4 percent in 2027, with inflation at 4.7 and 4.1 percent respectively.
Digital payments meet crypto reserves
July's interbank mobile payment system with unified QR codes processed about 45 million transactions worth over KZT 875 billion.
Digital tenge issuance exceeded KZT 350 billion.
The National Anti-Fraud Center identified over 215,000 illicit transactions exceeding KZT 126 billion.
A digital-assets law and joint crypto-industry plan are in place.
The Kazakhstan Stock Exchange hosts a digital financial-assets platform; four crypto providers hold licenses.
The National Bank established a $700 million National Crypto Reserve, with nearly $200 million already invested.
Credit incentives favor business
Retail lending earnings face 25 percent corporate tax, versus 20 percent for business lending.
Retail loans grew 11.6 percent annually, versus 14.2 percent for business loans.
With price risks persisting, Zhamaubayev stressed joint stabilization efforts by the Government, National Bank and Agency for Regulation and Development of the Financial Market.
Source: Republican budget for 2027–2029
IN: