BISHKEK, Kyrgyzstan, January 28. The National Bank of Kyrgyzstan has kept the refinancing rate at nine percent, Trend reports via the bank's statement.
"This decision reflects the current macroeconomic conditions in the country and the National Bank's policy regarding existing external risks. The decision will help maintain price stability in the medium term and ensure macroeconomic stability," the bank's statement said.
According to the statement, the price dynamics in the country remain moderate and stay within the medium-term target inflation range of five-seven percent. In December 2024, the annual inflation rate stood at 6.3 percent, and as of January 17, 2025, it was 6.5 percent.
In 2024, the economy saw a remarkable nine percent growth. The peak of economic activity was seen in the services and construction sectors. The rise in real household incomes, the influx of remittances, and the increase in consumer lending all played a part in bolstering domestic demand.
The bank also mentioned that external economic prospects are characterized by high uncertainty due to ongoing geopolitical factors.
"Global food prices have shown an increasing trend in recent months, and international financial markets remain highly volatile. In some countries that are trade partners of Kyrgyzstan, inflationary pressure remains high," noted the bank.
To note, the National Bank of Kyrgyzstan reduced the refinancing interest rate from 13 to 11 percent in April 2024 and then from 11 to nine percent last May.
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