NBK Governor Suleimenov: Inflation falls to 10.2% in July, 2.4 trillion tenge withdrawn
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Kazakhstan's inflation slowed to 10.2% in July 2026 from a peak of 12.9% in September 2025, National Bank Governor Timur Suleimenov told a government meeting. The central bank has withdrawn 2.4 trillion tenge from the economy in the first seven months of the year and expects total withdrawals of about 4.1 trillion tenge by year-end. Suleimenov said maintaining the attractiveness of tenge assets and slowing excess demand are needed to further stabilize prices.
Key Facts
- Inflation in Kazakhstan fell to 10.2% in July 2026 from a peak of 12.9% in September 2025, according to National Bank Governor Timur Suleimenov.
- The National Bank withdrew 2.4 trillion tenge from the economy in January–July 2026 and expects total withdrawals of about 4.1 trillion tenge for the full year.
- The government has revised upward withdrawals from the National Fund for 2027–2029 by 5 trillion tenge to finance social, utility, energy and transport infrastructure projects.
- Suleimenov proposed using the digital tenge and linking financing mechanisms with fiscal authorities to ensure transparency of spending and tax returns from projects.
Inflation Dynamics
Inflation has been declining for ten consecutive months but remains high, Suleimenov said at the government meeting. He attributed the slowdown to moderately tight monetary policy, exchange rate strengthening, normalization of consumer lending, and coordinated anti-inflation measures by the government and the National Bank. External and internal pro-inflationary risks persist, and further stabilization requires maintaining the attractiveness of tenge assets and slowing excess demand. Additional measures include mirroring gold purchase operations, which contributed to the 2.4 trillion tenge withdrawn in the first seven months of 2026.
Liquidity Withdrawal and Macroprudential Measures
The National Bank expects total liquidity withdrawal of about 4.1 trillion tenge for 2026, Suleimenov said. A phased increase in minimum reserve requirements will tie up about 4 trillion tenge, reduce costs on monetary policy instruments, and compress the monetary base. Suleimenov did not rule out additional macroprudential regulation measures if risks intensify in certain lending segments.
National Fund Withdrawals and Infrastructure Spending
The government has revised upward National Fund withdrawals for 2027–2029 by 5 trillion tenge, Suleimenov reported. The funds will be directed to financing social, utility, energy and transport infrastructure projects, according to government plans. Suleimenov said priority projects should be identified in advance by sector and region to maximize economic effect and contain price growth. He proposed agreeing in advance with domestic business on expanding production and more actively engaging Kazakh construction companies to create added value and increase regional tax revenues. Suleimenov also called for controlling targeted and efficient use of funds, including using the digital tenge and linking financing mechanisms with fiscal authorities to ensure transparency and tax returns.
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NBK Governor Suleimenov: Inflation falls to 10.2% in July, 2.4 trillion tenge withdrawn
