According to an update from the National Bank of Kazakhstan, the base interest rate was reduced from 16.00% to 15.75% with effect from 27 November 2023. The rate was previously reduced from 16.50% to 16.00% with effect from 9 October 2023. 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.