According to an update from the National Bank of Kazakhstan, the base interest rate was reduced from 16.75% to 16.50% with effect from 28 August 2023. The rate was previously increased from 16.0% to 16.75% with effect from 6 December 2022. For tax purposes, the rate is important as it is used in determining late payment interest, which is calculated as 1.25 times the base rate, divided by 365 to determine the daily rate.