Will Kazakhstan reduce inflation to single digits by the end of 2026?

On February 10, 2026, President Kassym-Jomart Tokayev instructed the government and the National Bank of Kazakhstan to intensify efforts to combat inflation. During an extended government meeting in Astana, Tokayev directly asked National Bank Chairman Timur Suleimenov when the country would achieve a single-digit inflation rate. The president emphasized that inflation undermines improvements in living standards and poses risks to macroeconomic stability and the investment climate. The directive calls for coordinated action between the government, the National Bank, and the Agency for Regulation and Development of Financial Market. However, inflation dynamics depend on external factors such as exchange rates, global commodity prices, fiscal spending, and domestic demand pressures. The uncertainty lies in whether policy tightening and coordination will be sufficient to bring inflation below 10% within the year—or whether structural and external pressures will delay stabilization.