NBK to drain 4 trillion tenge via reserve requirement hike in September
This digest was compiled by AI from multiple sources — links to the originals are below.
The National Bank of Kazakhstan announced it will drain approximately 4 trillion tenge of liquidity from the banking system through a third-stage increase in minimum reserve requirements (MRT) in September 2026. The measure follows earlier hikes that raised MRT volumes from 800 billion to 2.8 trillion tenge and reduced excess liquidity from 7.7 trillion to nearly 6 trillion tenge.
Liquidity Absorption Plan
The National Bank of Kazakhstan will raise minimum reserve requirements (MRT) for banks in September 2026, targeting the withdrawal of 4 trillion tenge in liquidity. The third-stage hike follows earlier increases: from September 2025, MRT on tenge liabilities stood at 3.5% and on foreign currency at 10%; from April 2026, tenge rates rose to 3.5-5% and foreign currency to 10-15%, depending on liability category. The central bank stated that the new phase will bring MRT volumes to 4 trillion tenge, aligning Kazakhstan's reserve norms with those of EAEU, Central Asian, and Caucasus countries.
Cash and Counterfeit Trends
Cash in circulation rose 10.9% in 2025 to 5.2 trillion tenge, while counterfeit banknotes surged 46.3% year-on-year, totaling 807,000 tenge in detected forgeries. Banknotes of 5,000 tenge accounted for 91.7% of all counterfeits. Separately, the National Bank imposed fines of 493.7 million tenge on banks for foreign exchange violations in 2025.
What's Next
The third-stage MRT increase is set to take effect in September 2026. It remains unclear whether the measure will sufficiently curb inflation and excess liquidity, as cash circulation continues to grow.
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NBK to drain 4 trillion tenge via reserve requirement hike in September
