The National Bank of Kazakhstan lowered its base rate by 50 bps to 16.25% at its September 2026 meeting, surprising markets that had widely expected policymakers to cut borrowing costs by 25 bps. The decision followed July’s 25 bps cut, as annual inflation eased for an eleventh consecutive month to 9.8% in August, marking the lowest reading since February 2025, with softer increases in both food and non-food inflation. The decision brought the interest rate to its lowest level since February 2025.