Starting from early 2026, the National Bank of Kazakhstan is strengthening its liquidity management tools and expanding its program for issuing short-term notes. The decision is aimed at improving the effectiveness of monetary policy transmission and making the money market more predictable and manageable, DKNews.kz reports.
Today, there is only one outstanding issue of short-term notes with a maturity of one month and a capped volume of up to 500 billion tenge. But from 2026, things will change.
What exactly is changing
First, one-month notes will be issued on a regular monthly basis. At the same time, their maximum placement volume will double and reach up to 1 trillion tenge.
Second, the regulator will introduce a new instrument: three-month notes. Their total placement volume may amount to up to 500 billion tenge.
In practice, banks, financial institutions, and large investors will gain more options to place temporarily free funds into reliable instruments with different maturities and yields.
Why it matters
Expanding the lineup of short-term notes helps the National Bank respond faster and more precisely to conditions in the money market.
These instruments make it possible to:
- manage excess liquidity more effectively
- strengthen the transmission of monetary policy to the real economy
- stabilize interest rates on the market
- reduce fluctuations in banking sector liquidity
In essence, this is part of a broader strategy to enhance the efficiency of the monetary system and maintain financial stability.
What it means for the economy
For banks, this means more flexibility in managing liquidity. For the state and businesses, it brings greater predictability. For savers and borrowers, it indirectly influences interest rates by changing the cost of money on the market.
A smoother money market helps reduce sharp swings in rates and supports a more stable financial environment.
Where to find the schedule
The detailed schedule of short-term notes auctions is available on the official website of the National Bank.
Auction schedule: nationalbank.kz → “Short-term notes placement” section.
