Topic
Inflation and the tenge
A point inflation target of 5% is out of reach given the current structure of the economy, so the National Bank keeps its rate high — which slows lending but does nothing about non-monetary inflation. A target corridor is needed instead: 8–10% in 2026, 6–8% in 2027 and 4–6% from 2028.
Speech in the Senate, May 2026