BISHKEK, Kyrgyzstan, August 29. The National Bank of Kyrgyzstan has decided to maintain the base rate at 13 percent, Trend reports.
According to the National Bank, this decision has been made taking into account trends and the situation in both domestic and external markets. It comes into effect on August 29.
It was noted that the decision regarding the base rate will contribute to further slowing down of internal inflationary processes and achieving target indicators within the range of 5-7 percent in the medium term.
As per the National Bank, the GDP growth in Kyrgyzstan is primarily supported by the services sector. During the period from January through July 2023, the country's real GDP growth was 2.9 percent, and excluding Kumtor mining operations – 4.3 percent.
The implemented fiscal policy and increasing bank lending to the consumer sector are contributing to the expansion of both government and private consumption, maintaining domestic demand at a relatively high level, according to the bank.
The next scheduled meeting of the Board of the National Bank on the issue of the base rate will be held on October 30, 2023.
The National Bank of Kyrgyzstan sharply raised the base rate from 10 percent to 14 percent in March 2022 and maintained it at that level until the end of November of the same year. Afterward, it was lowered to 13 percent. Since then, the base rate has been maintained at this level.