Timur Suleimenov said commercial banks do not rewrite loan agreements immediately after a base rate cut, as rates are already locked into existing client contracts.
National Bank of Kazakhstan Governor Timur Suleimenov explained at a briefing that monetary policy affects the economy with a certain lag. A cut in the base rate does not mean banks will instantly start rewriting loan agreements: specific rates are already fixed in contracts with clients and will be reviewed as those contracts expire.
According to Suleimenov, this transmission period takes 9–12 months, and sometimes longer for certain products. Since the start of 2026, lending rates across the economy have decreased by 1 percentage point. The National Bank expects rates to fall further as contracts mature; while new rates will track the base rate, they will remain tailored to each client’s credit history, collateral, and other conditions.