The National Bank of Kazakhstan forecasts disinflation in 2027 despite a minimum wage hike to 110,000 tenge and a 6.5 trillion tenge allocation from the National Fund for the “Narodnaya Stroika” program.
National Bank Deputy Governor Akylzhan Baimagambetov said the regulator expects inflation to decline further next year. The 2027 inflation forecast is set at 6.5–8.5% and already factors in the minimum wage increase from 85,000 to 110,000 tenge, as well as the National Fund spending for the “Narodnaya Stroika” initiative.
The 2026 inflation forecast was kept at 9–11%. Baimagambetov added that the National Bank can revise its macroeconomic forecasts four times a year, so the 2027 projection may be updated.