16:04, 26 июля 2022, Bishkek - 24.kg news agency , Tatyana KUDRYAVTSEVA
The Board of the National Bank decided to keep the discount rate (key rate) at the level of 14 percent. Website of the central bank says.
Key indicators of the economic development of Kyrgyzstan show a positive trend. According to the results of the first half of 2022, the GDP growth rate amounted to 6.3 percent. All sectors of the economy showed active growth. The highest growth rates were registered in the sectors of industry, services and construction. Steady recovery in domestic demand made a significant contribution to the growth of economic activity.
«The current monetary policy of the National Bank comes from the need to contain inflationary processes in the economy and minimize the negative impact of the global trend of rising prices in the world commodity markets. One of the most important results of the ongoing monetary policy is the increase in the attractiveness of financial assets in soms, including term som deposits,» the National Bank emphasized.
The volume of newly accepted som term deposits of the banking system for the period from February to May 2022 increased by 30.4 percent (an increase of about 5 billion soms).
At the end of May 2022, the deposit base in the national currency increased by more than 22 percent compared to May 2021.
Lending activity is supported by the expansion of lending to the real sector of the economy in the national currency. The volume of newly issued loans in soms in February-May 2022 grew by 16.2 percent (an increase of about 6.8 billion soms). Indicators of dollarization of the banking system are gradually declining. As of the end of May 2022, dollarization of deposits amounted to 42.2 percent, dollarization of loans — 25.9 percent.
Taking into account the conditions for development of the external and internal economic environment, the National Bank decided to keep the size of the discount rate. The bank believes that maintaining the current course of monetary policy is necessary to reduce possible risks and the impact of the consequences of external conditions on the economy of Kyrgyzstan.
The National Bank monitors the evolving situation on an ongoing basis and, if necessary, takes appropriate measures to achieve the goal of ensuring price stability in the medium term.
The next scheduled meeting of the Board of the National Bank on the issue of the discount rate will be held on August 29, 2022. Depending on the situation, the National Bank of the Kyrgyz Republic will hold a special meeting on the issue of the size of the key rate.