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Monetary policy

Inflation and Inflationary Expectations
Inflation targeting
Base Rate
Exchange Rate Policy
Monetary Policy Guidelines
Monetary Policy Decision-Making Process
Statement of the NBRK Governor
Press-releases on the Monetary Policy
Monetary Policy Instruments
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Base Rate

The base rate is a key monetary policy instrument of the National Bank that helps to regulate nominal interbank interest rates in the money market. By setting the level of the base rate, the National Bank determines a target value of the targeted interbank short-term money market rate in order to achieve the goal of ensuring price stability in the medium term.

TONIA Rate –weighted average interest rate on overnight repo opening transactions made on the Kazakhstan Stock Exchange in the automatic repo sector – represents a target interbank short-term interest rate of the money market.

The change in the base rate affects the inflation rate via interest rates in the money market and the exchange rate. For example, the increase in the base rate leads to the growth in interest rates of the money market, followed by the increase in the cost of funds in the financial market; this, in turn, affects the decision-making about consumption and saving by the population and enterprises. The reduced consumption and increased savings put a downward pressure on the inflation. Apart from that, an increase in the base rate promotes appreciation of the domestic currency, which, in turn, has a downward pressure on the inflation.

Along with that, the change in the base rate affects the medium-term inflation whereas its impact in the short-term is limited.

The National Bank makes decision regarding the base rate in accordance with the pre-determined schedule or as necessary.


(xls 29,00 KB)

Decision on the Base rate (Effective from)

Rates, %

Сorridor, %

02.09.2015 12.0 7.0 - 17.0
02.10.2015 16.0 15.0 - 17.0
02.02.2016 17.0 15.0 - 19.0
15.03.2016 17.0 15.0 - 19.0
06.05.2016 15.0 14.0 - 16.0
07.06.2016 15.0 14.0 - 16.0
12.07.2016 13.0 12.0 - 14.0
16.08.2016 13.0 12.0 - 14.0
04.10.2016 12.5 11.5 - 13.5
15.11.2016 12.0 11.0 - 13.0
10.01.2017 12.0 11.0 - 13.0
21.02.2017 11.0 10.0 - 12.0
11.04.2017 11.0 10.0 - 12.0
06.06.2017 10.5 9.5 - 11.5
18.07.2017 10.5 9.5 - 11.5
22.08.2017 10.25 9.25 - 11.25
10.10.2017 10.25 9.25 - 11.25
28.11.2017 10.25 9.25 - 11.25
16.01.2018 9.75 8.75 - 10.75
06.03.2018 9.5 8.5 - 10.5
17.04.2018 9.25 8.25 - 10.25
05.06.2018 9.00 8.00 - 10.00
10.07.2018 9.00 8.00 - 10.00
04.09.2018 9.00 8.00 - 10.00
16.10.2018 9.25 8.25 - 10.25
05.12.2018 9.25 8.25 - 10.25
15.01.2019 9.25 8.25 - 10.25
05.03.2019 9.25 8.25 - 10.25
16.04.2019 9.00 8.00 - 10.00
04.06.2019 9.00 8.00 - 10.00
16.07.2019 9.00 8.00 - 10.00
10.09.2019 9.25 8.25 - 10.25
28.10.2019*    
09.12.2019*    

* date of announcement of the decision on the base rate

According to the Resolution of the Board of the NBK №30 on February 24, 2017 “On the official refinancing rate” starting from April 1, 2017

the value of the official refinancing rate will be equal to the value of the base rate, which is established on the relevant date


Press-releases on a base rate

Next: 28.10.2019
Press release №28 (.pdf 09/09/2019,  312,76 KB)
  The base rate raised to 9.25%
Press release № 22 (.pdf 15/07/2019,  296,38 KB)
  The base rate remains unchanged at 9.00%
Press release №19 (.pdf 04/06/2019,  311,49 KB)
  The base rate remains unchanged at 9.00%
Press release № 11 (.pdf 16/04/2019,  307,50 KB)
  The base rate reduced to 9.00%
Press release № 7 (.pdf 05/03/2019,  312,91 KB)
  The base rate remains unchanged at 9.25%
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