KZT in the spotlight: latest news

The Eurasian Development Bank (EDB) released its Macroeconomic Outlook for 2026-2028 on December 18, highlighting recent economic trends and projecting strong growth for Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.

Kazakhstan's economic growth in 2025-2026 will rely on government-led investment initiatives and a boost in oil production, according to the Eurasian Development Bank (EDB).

The Deputy Minister of Agriculture announced that Kazakhstan achieved a bumper grain harvest in 2025, alongside record production levels of pulses and oilseeds.

Analysts from the Eurasian Development Bank (EDB) project that Kazakhstan's economy will experience stable growth of approximately 5.5% by 2026, positioning Central Asia as one of the fastest-growing regions.

Arman Bayganov stated that Azerbaijan presents a viable option for Kazakhstan to diversify its oil transportation routes. The economic collaboration between these two resource-rich Caspian nations has gained importance as they both aim for diversified growth and more resilient trade relationships.

The Analytical Credit Rating Agency (ACRA) has revised its economic forecast for Kazakhstan, predicting an annual growth rate of between 5.3% and 5.9% for the years 2026 to 2028.

The Government of Kazakhstan, led by Prime Minister Olzhas Bektenov, assessed the current water management situation, forecasting a water deficit of up to 1 billion cubic meters in the southern region. As a result, the Government plans to revise the crop structure to address this challenge.

Concerns about a possible devaluation of Kazakhstan's national currency, the tenge, are increasing, even as the currency has recently shown signs of strengthening.

Uzbekistan is projecting a GDP growth of 6.6 percent by 2026, according to reports from the Ministry of Economy and Finance.

S&P Global Ratings anticipates that a recent tariff increase will enhance Azerenerji's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) through 2027.

Shares of NAC Kazatomprom, the largest uranium producer globally, have experienced a notable increase after the company revised its financial outlook significantly.

Inflation in Azerbaijan is projected to reach 5.7 percent in both 2025 and 2026, according to forecasts from the Netherlands-based ING Group.

ING Group has cautioned that the planned increase in the VAT rate from 12% to 16% in 2026, along with various economic influences, may cause a considerable surge in inflation in Kazakhstan.

ING has released an updated forecast predicting Brent crude oil and Dutch TTF natural gas prices through 2028.

Trading Economics has released a revised forecast for Turkey's trade balance, projecting trends up to the year 2028.

ING Group has updated its GDP growth forecast for Kazakhstan, estimating an expansion of 6.0% to 6.5% for the country's economy in 2025, following a revision by the National Bank of Kazakhstan.

Industrial production in Georgia experienced growth in the third quarter of 2025, although the rate of growth was slower than in the prior period.

This year, Baiterek Holding is set to provide nearly 2 trillion tenge in support for small and medium-sized enterprises (SMEs), according to the President of the organization.

Fitch Ratings predicts that problem loans in Uzbekistan's banking sector will reach a peak of 9-10% of total lending next year.

Kazakhstan's National Bank has increased its inflation forecasts for the years 2025 to 2027, reflecting anticipated economic conditions.

Kazakhstan has allocated an additional 7 billion tenge to enhance grain exports. This year, a total of 31 billion tenge from the Government's reserve has been designated to subsidize transportation costs, enabling increased support for the agricultural sector.

The National Bank has updated its inflation forecast for 2025 and 2026. It anticipates inflation rates of 12.0-13.0% for 2025 and 9.5-12.5% for 2026.

Kazakhstan's National Bank has adjusted its inflation forecasts upward for the years 2025 to 2027, attributing this change to stronger-than-anticipated price growth and increasing economic pressures.

The Monetary Policy Committee of the National Bank of Kazakhstan has opted to maintain the base interest rate at 18% due to ongoing inflation pressures.

The National Bank of Kazakhstan has published the findings of its recent macroeconomic survey, which highlights independent expert evaluations of important forecast trends for the country.