BAKU, Azerbaijan, August 25. Kazakhstan's
annual inflation has continued to decline for the tenth consecutive
month, falling to 10.2% in July from a peak of 12.9% recorded in
September 2025, Chairman of the National Bank of Kazakhstan Timur
Suleymenov said at a Government meeting, the NKB press service
reports.
"The decline has continued for ten consecutive months. The main
factors are moderately tight monetary policy, the strengthening of
the exchange rate, the normalization of consumer lending, and a
coordinated set of anti-inflationary measures by the Government and
the National Bank", he said.
Despite the downward trend, inflation remains high, while
external and domestic inflationary risks persist, the chairman
noted. He added that to maintain the disinflationary trend, the
National Bank is pursuing a moderately tight monetary policy aimed
at maintaining the attractiveness of tenge-denominated assets and
containing excessive demand.
As part of additional monetary measures, 2.4 trillion tenge
(about $5.2 billion) was withdrawn from the financial system during
the first seven months of 2026. Total liquidity withdrawal is
expected to reach around 4.1 trillion tenge ($9 billion) by the end
of the year.
The National Bank is also gradually increasing minimum reserve
requirements, which are expected to absorb around 4 trillion tenge
($8.7 billion), while reducing the cost of monetary policy
instruments and constraining the monetary base.
At the same time, macro- and microprudential measures are
helping normalize household lending and redirect credit growth
toward businesses.
Suleymenov said the National Bank would continue monitoring
lending trends and consider additional macroprudential measures if
risks increase in individual lending segments.
The measures are being implemented under the Government,
National Bank and financial regulator's joint 2026-2028 program for
macroeconomic stabilization and improving public welfare, as well
as a comprehensive package of measures to control and reduce
inflation.
