BISHKEK, Kyrgyzstan, August 27. The Board of the National Bank of Kyrgyzstan has decided to keep the refinancing rate at 9 percent, Trend reports.
The bank noted that the annual inflation rate in the country has decreased to 3.6 percent as of August 2024. The rate of growth in consumer prices for food has significantly slowed down.
Economic activity in Kyrgyzstan remains high. From January to July 2024, the country’s economy grew by 8.7 percent in real terms.
However, the external economic environment is mixed. While economic activity is gradually recovering in the region and globally, there remains a high level of uncertainty due to global geopolitical tensions and volatility in global food and raw material prices. According to the bank, this has led to increased inflationary pressures in some countries, including some of Kyrgyzstan's trading partners.
The National Bank of Kyrgyzstan had previously reduced the refinancing rate from 13 percent to 11 percent in April 2024, and then further reduced it to 9 percent in May.