“Too early to speak of full stabilization”: National Bank head on inflation in Kazakhstan

According to the head of the National Bank, the slowdown in inflation was supported by a set of monetary and economic policy measures.

“Annual inflation has been declining for the ninth consecutive month and stood at 10.3 percent in June of this year,” Suleimenov said.

He noted that moderately tight monetary conditions played a key role, along with money supply management through higher minimum reserve requirements and the mirroring of gold purchase operations, the implementation of the government’s anti-inflation measures, and macroprudential measures to regulate consumer lending.

The head of the National Bank recalled that on June 5, the regulator lowered the base rate from 18 to 17 percent.

At the same time, according to him, it is still premature to speak of full price stabilization.

“Inflation remains in double digits, so it is too early to speak of full stabilization,” Suleimenov emphasized.

Monthly inflation in June stood at 0.8 percent.

According to the head of the National Bank, further inflation reduction will require the controlled implementation of programs to raise utility tariffs and fuel prices, restrained fiscal policy without increasing the deficit or transfers from the National Fund, as well as effective quasi-fiscal stimulus aimed at increasing the supply of domestically produced goods.

Among external risks, Suleimenov named ongoing geopolitical tensions and rising global food prices.

Earlier, National Bank Chairman Timur Suleimenov said inflation in Kazakhstan was gradually slowing. According to him, by the end of 2026, the regulator expects price growth to be in the range of 9–12 percent. However, bringing the figure below 10 percent will require maintaining tight monetary policy and joint work by the government and the National Bank to contain inflation.