The Board of the National Bank of Kyrgyzstan decided to keep the discount rate (key rate) at the level of 14 percent. Official website of the bank says.
The National Bank notes that the persistence of global inflation at a high level, together with geopolitical uncertainty, remain significant factors in the development of economic situation in Kyrgyzstan. Under these conditions, the National Bank continues to pursue monetary policy to limit inflationary processes in the economy and mitigate the risks of the external economic environment.
Economic activity in Kyrgyzstan is supported by a steady recovery in domestic demand.
According to the results of seven months of 2022, the growth rate of the economy reached 7.7 percent. In the sectoral context, the largest production growth is observed in industries, services and agriculture. An additional stimulating effect on the increase in domestic consumption is provided by an increase in lending activity and remittances.
«Taking into account the conditions for development of the external and internal economic environment, the National Bank decided to keep the discount rate at the level of 14 percent. The National Bank will adhere to the current direction of monetary policy until pro-inflationary risks are mitigated. In case of any risks, the National Bank of the Kyrgyz Republic does not exclude the possibility of making additional adjustments to the ongoing monetary policy,» the statement says.
The National Bank monitors the evolving situation on an ongoing basis and, if necessary, will take 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 October 31, 2022. But depending on the situation, the National Bank will hold an unscheduled meeting on the issue of the size of the key rate.
