Kazakh govt, National Bank to draft plan to cut inflation to 9%-11%

ASTANA. Feb 11 (Interfax) - Kazakhstan's government and National Bank will draft a comprehensive plan to reduce inflation to 9%-11%, the government's press service said.

Prime Minister Olzhas Bektenov held a meeting on Wednesday regarding the implementation of presidential instructions given at an expanded government meeting that took place a day before.

Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said at the meeting that reducing inflation is considered a key condition for improving citizens' welfare.

"A plan to reduce inflation to 9%-11% will be prepared jointly with the National Bank," the press office said.

Additionally, a program to increase personal income for 2026-2029 should be approved by May 1, and government support for businesses will also continue using the single window approach on the EGov Business platform.

On Tuesday, Kazakh President Kassym-Jomart Tokayev asked the government and the National Bank to take measures to reduce inflation in the next three years.

"The government and the National Bank must jointly develop a step-by-step action plan. All relevant agencies and the expert community must be involved in this critically important work. I reiterate: we urgently need to reverse the unfavorable trend and take concrete measures to reduce inflation within three years. We must ensure the high-quality execution of this joint program," Tokayev said at an extended government meeting on Tuesday.

He said attempts to merely "talk away" the problem through discussions or the creation of superfluous "roadmaps" would be "regarded as an evasion of responsibility."

Kazakhstan had 12.3% inflation in 2025, up from 8.6% in 2024, the National Bank has said. Annual inflation was 12.2% in January 2026.