Respondents in the National Bank of Kazakhstan’s macroeconomic survey expect the base rate to remain in double digits at least until 2028, with a median forecast of 16% for 2026.
For 2027, experts raised their forecast from 12.8% to 13%, while for 2028 they lowered it from 10.6% to 10.5%. At the same time, analysts downgraded their inflation outlook: from 7.8% to 8.5% for 2027 and from 6.8% to 7% for 2028, leaving the 2026 projection unchanged at 10%. The National Bank stressed that the survey findings reflect the opinions of independent experts and do not constitute its own forecast.