According to an update from the National Bank of Kazakhstan, the base interest rate was reduced from 14.50% to 14.25% with effect from 15 July 2024. The rate was previously reduced from 14.75% to 14.50% with effect from 3 June 2024. 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.