Kazakhstan keeps 2026 inflation forecast unchanged, raises outlook for 2027

The National Bank of Kazakhstan (NBK) kept its 2026 inflation forecast unchanged at 9-11%, but raised its outlook for 2027 to 6.5-8.5% from 5.5-7.5% previously. The NBK said the slowdown is supported by “moderate tight monetary conditions” and a strong tenge, while additional restrictive pressure will come from the final stage of increasing minimum reserve requirements in September 2026. For 2027, the bank cited higher external inflation, revised assumptions for regulated prices, and an increase in the fiscal impulse. It expects inflation to stabilize near Kazakhstan’s 5% target by 2028 as external pressures normalize.