Kazakhstan's loan boom cools as auto lending and deposits surge in 2025
Kazakhstan's banking sector saw steady growth in 2025, though at a slower pace than the previous year. Loans to individuals climbed by 19.8%, reaching 24.8 trillion tenge by early 2026. Interest rates also shifted, reflecting broader economic trends in the region.
Loan growth varied across categories. Auto lending led the way with a 42.4% jump, hitting 4 trillion tenge. Mortgages expanded by 14.6%, totaling 6.9 trillion tenge. Consumer loans rose by 21%, reaching 16.7 trillion tenge—a noticeable slowdown from the 33.5% surge in 2024.
Retail deposits also increased, growing by 15.8% to 26.2 trillion tenge. The weighted average interest rate on tenge loans stood at 18.3% by December 2025, higher than in previous years.
Over the past five years, Kazakhstan's loan rates had fallen from 14–16% to 11–13%, helped by National Bank rate cuts during the post-COVID recovery. Neighbouring countries saw different trends: Uzbekistan's rates dropped sharply from 20–24% to 14–16%, while Kyrgyzstan's fluctuated between 15–22% with little net change. Tajikistan's rates remained high at 18–25%, and Turkmenistan's data was unreliable but similarly elevated.
The 2025 figures show a cooling in loan growth compared to 2024. Despite this, total lending to individuals reached nearly 25 trillion tenge, with auto loans and deposits seeing the strongest gains. Interest rates, while lower than in past years, stayed above regional averages in some categories.
