The Tenge Is Stable. The Base Rate Is 16.25%. The Cost of Borrowing Is Still Killing the Private Sector.
The NBK cut rates four times in 2026 from 18% to 16.25%. The SME lending rate is 20%. The weighted average business lending rate was 22.3% in November 2025. GSBrief tracks the gap between the policy rate and the commercial rate and asks who the architecture serves.
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