BISHKEK, Kyrgyzstan, July 30. The Board of the National Bank of Kyrgyzstan has decided to keep its refinancing rate unchanged at 9 percent, Trend reports.
The bank noted that Kyrgyzstan's inflation has remained moderate since May of this year. The annual inflation rate in July 2024 stood at 4.2 percent.
"An assessment of external and internal inflationary factors suggests that the annual inflation rate will be within the medium-term target range of 5-7 percent by the end of the current year," the bank stated.
Robust consumer and investment activity has driven the country's economic growth to 8.1 percent for the first half of 2024. Additionally, the banking sector remains stable and highly liquid, with a 9 percent increase in lending to the economy during the same period.
The bank said that due to volatile prices in global markets, a planned review of tariff policy, and the goal of reducing inflation expectations, it is necessary to keep the National Bank's refinancing rate at 9 percent.
The National Bank of Kyrgyzstan previously reduced the key refinancing rate from 13 percent to 11 percent in April 2024, and then from 11 percent to 9 percent in May.