The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 18% on November 28, 2025, after a record 150-basis-point hike in October aimed at containing persistent inflation. The central bank indicated that rate cuts are unlikely before mid-2026, while further tightening could be considered if price pressures fail to ease. Annual inflation eased slightly in October but remained well above the 5% target, supported by fiscal stimulus, rising regulated prices, and supply constraints. Elevated inflation expectations prompted the government to complement monetary policy with price freezes on fuel and utilities and a 2026–2028 program aimed at curbing inflation, reducing import dependence, and supporting growth. GDP growth is now projected at 3.5–4.5% in 2026. Meanwhile, the tenge has strengthened nearly 5% against the dollar since the last rate decision, aided by oil fund currency sales. The central bank’s next policy meeting is scheduled for January 23, 2026.