From October 22 to 29, regulators and fintech market participants in Kazakhstan, Uzbekistan, and Kyrgyzstan recorded 15 events. The National Bank of Kazakhstan cut its base rate to 15.75%, the National Bank of Kyrgyzstan held its policy rate (the equivalent of Kazakhstan’s base rate) at 12.00%, and Uzbekistan issued a license to another crypto exchange.
Event of the week
What happened. On October 23, 2026, the Monetary Policy Committee of the National Bank of Kazakhstan cut the base rate by 50 basis points to 15.75% annually with a +/- 1 pp corridor, according to an NBK press release. NBK Chairman Timur Suleimenov stated: “The Monetary Policy Committee of the National Bank decided to cut the base rate by 50 basis points to 15.75%. The decision was made taking into account current inflation dynamics, the factors shaping it, and an assessment of the balance of risks. Disinflationary processes are strengthening. Annual inflation has been slowing down throughout the year and reached 9.3% in September.” He added that inflation remains above the target level, and the balance of risks is still shifted to the pro-inflationary side, so the NBK will continue to maintain a balanced approach and moderate tightness in monetary conditions. The regulator named its main task as the sustainable reduction of inflation into the 6.5–8.5% corridor in 2027 and its stabilization around the 5% target during 2028.
By country
🇰🇿 Kazakhstan
Out of six events this week in Kazakhstan, three relate to the rate and inflation, two to AIFC events, and one to the launch of an anti-fraud website.
- On October 23, the NBK Monetary Policy Committee cut the base rate by 50 basis points to 15.75% — details in the “Event of the week” section above, according to an NBK press release.
- In the same press release, the NBK detailed the inflation picture: food inflation fell to 8.5% from 9.5% amid cheaper fruits and vegetables, non-food inflation fell to 11.0% from 11.4% due to slower price growth for fuel and lubricants, and services inflation remained at 8.9%, the regulator reported. Monthly inflation in September was 0.6%, one-year inflation expectations fell to 11.8% from 12.1% in August, and the NBK called the external backdrop pro-inflationary: the FAO food price index rose to 136.0 points in September.
- Following the rate decision, the NBK held a meeting with economists, financial analysts, and macroeconomic forecasting specialists, where Monetary Policy Committee members presented external and internal macroeconomic conditions and balance of payments forecasts, the regulator reported. The NBK specified that the next scheduled base rate decision will be announced according to the approved schedule, without naming a specific date.
- On October 28, 2026, in Tbilisi, the AIFC, the National Bank of Georgia, GFTN, and ITS, supported by the Kazakh Embassy in Georgia, held the AIFC Connect: Tbilisi 2026 business event on the sidelines of the Tbilisi Finance Summit 2026, the AIFC reported. Participants — representatives of regulators, banks, exchanges, and technology companies from Kazakhstan and Georgia — discussed the development of both countries’ capital markets and mechanisms for financial market convergence.
- On October 27, the National Payment Corporation of the National Bank of Kazakhstan (NPCK) launched the National Anti-Fraud Center information website antifraud.kz, the NPCK reported; Finteqstan previously wrote that the center processed 180,000 incidents in two years. The site compiles information on fraudulent schemes and features an AI agent named “Froddy.” NPCK Chairwoman Zhanar Samayeva noted: “Scammers constantly change their deception schemes, and it can be difficult for people to recognize their tricks in time.”
- On October 23, the AIFC held the AIFC Community: New Financial Products in Action event jointly with ITS, the AIFC reported. Participants discussed digital asset development, real-world asset tokenization, and the introduction of new financial instruments in a regulated environment.
🇰🇬 Kyrgyzstan
Out of six events this week in Kyrgyzstan, two concern exchange operation licenses, and one each relates to the rate and inflation, a roundtable, regional cooperation, and a student seminar.
- On October 28, for World Savings Day, the National Bank of the Kyrgyz Republic held a seminar titled “The Role and Functions of the National Bank” for sophomores at the K.I. Skryabin Kyrgyz National Agrarian University, the regulator reported. Participants learned about the NBKR’s monetary policy, cash circulation, and payment systems, received an introduction to financial literacy basics, and visited the National Bank’s numismatic museum after the event.
- From October 27 to November 10, 2026, inclusive, the NBKR suspended the licenses of two exchange bureaus in Osh — Mir-El Capital LLC (license No. 6395 dated November 4, 2022) and Forex Plus LLC (license No. 6363 dated September 21, 2022), both located at 11/3 A. Navoi Street, the regulator reported. The grounds were violations of legislation and NBKR regulations.
- On October 26, the NBKR board held the policy rate (the equivalent of Kazakhstan’s base rate) at 12.00%; the decision took effect on October 27, 2026, the regulator reported. Finteqstan previously wrote that the NBKR left the policy rate at 12%. The regulator noted that annual inflation in October 2026 was 10.8%, down from 12.2% in September, and 8.5% cumulatively since the start of the year.
- On October 26, the NBKR’s Batken office fined a Kyrgyz citizen 17,500 soms for conducting cash foreign exchange operations without a regulator license, the NBKR reported.
- On October 23, the NBKR held an “Open Dialogue on Banking Sector Development” roundtable with deputies from the Jogorku Kenesh committee on finance, budget, entrepreneurship, and competition development, as well as representatives from the banking and microfinance sectors, the regulator reported. Participants discussed the current state of the banking system and its development prospects.
- On October 22–23, Dushanbe hosted the IV regional meeting of central bank representatives from Central Asia and Azerbaijan on payment system development, attended by an NBKR delegation led by board member Sanzhar Abdygaziev, the regulator reported. Central bank representatives discussed national payment infrastructure development, instant payment system implementation, unified QR standards, cross-border integration prospects, and cybersecurity in the payment sector.
🇺🇿 Uzbekistan
In Uzbekistan, out of three events this week, one concerns a new license, one a visit by a foreign regulator, and one the development of the Tashkent International Financial Center.
- On October 26, the National Agency of Perspective Projects of Uzbekistan (NAPP) issued a crypto exchange license to MONETEX LLC in accordance with the regulations on licensing service providers in the crypto asset circulation sphere, NAPP reported. The information was added to the electronic license registry on the agency’s website.
- On October 22–23 in Tashkent, representatives of the Central Bank of Azerbaijan visited NAPP to exchange experience in capital market regulation and supervision, the agency reported. Central Bank of Azerbaijan analyst Sevinj Aliverdiyeva noted: “This visit was a good opportunity for us to learn about Uzbekistan’s experience in capital market supervision and regulation.”
- On October 22, as part of the Foreign Investors Council under the President of Uzbekistan, an interdepartmental working group on the development of the Tashkent International Financial Center (TIFC) held a meeting, attended by the management of the Toshkent Republican Stock Exchange, the exchange reported. According to the exchange, BlackRock, Sullivan & Cromwell, TheCityUK, the Bank of England, the European Bank for Reconstruction and Development, and Hong Kong financial sector representatives are participating in the project’s development.
Trend of the week
Out of 15 events this week, four relate to rates and inflation: the National Bank of Kazakhstan cut its base rate by 50 basis points to 15.75%, published a press release analyzing inflation, and held a meeting with experts following the decision, while the National Bank of Kyrgyzstan held its policy rate at 12.00%. Another event was the NBKR’s seminar for students for World Savings Day. Four more events relate to regulation: AIFC Connect in Tbilisi and AIFC Community in Almaty, the NBKR’s roundtable with Jogorku Kenesh deputies, and the Central Bank of Azerbaijan delegation’s visit to Uzbekistan’s NAPP. Three events concern licenses: Uzbekistan issued a license to crypto exchange MONETEX, and Kyrgyzstan suspended the licenses of two exchange bureaus in Osh and fined a citizen for unlicensed exchange operations. The remaining three cover market infrastructure: the launch of the Anti-Fraud Center website in Kazakhstan, the regional central bank meeting on payment systems in Dushanbe, and the discussion of the Tashkent International Financial Center at the Toshkent exchange.