The Board of the National Bank of Kyrgyzstan decided to keep the discount rate (key rate) at the level of 13 percent. Official representative of the National Bank of the Kyrgyz Republic Aida Karabayeva announced at a press conference.
Economic activity in Kyrgyzstan has picked up, and domestic demand is also recovering. The growth rate of real GDP in January 2023 amounted to 4.8 percent. The largest growth in production was registered in the sectors of industry, services and agriculture. An additional stimulating effect on the increase in domestic consumption is provided by an increase in lending activity and real wages.
The measures taken by the National Bank contribute to maintaining the situation in the money and currency markets at a relatively stable level. The financial and banking system remains stable.
The banking system has sufficient liquidity in the national currency.
«Continuing high uncertainty in the external environment remains a predetermining factor in the development of the economic situation in Kyrgyzstan, including inflation dynamics. Under these conditions, the monetary policy pursued by the National Bank is still aimed at reducing inflation in the republic to the target in the medium term,» said Aida Karabayeva.
Taking into account the conditions for development of the external and internal economic environment, the National Bank of the Kyrgyz Republic decided to keep the discount rate at the level of 13 percent. At the same time, it was noted that the central bank constantly monitors the evolving situation and, if necessary, will use additional tools and 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 size of the discount rate will be held on April 24. Depending on the situation, the bank will hold an unscheduled meeting.
