The board of the National Bank of Kyrgyzstan kept discount rate at 11 percent. It was announced today, January 27, at a briefing.
The National Bank noted that «the economy maintains high growth rates—at year-end 2025, the country’s real GDP has grown by 11.1 percent.»
«The main drivers of economic growth are the construction and services sectors. Investment activity in the country remains elevated amid an increase in fixed capital investment, largely driven by expanded budget financing,» the National Bank said in a statement.
Consumer demand is supported by rising real incomes, net remittances, and active consumer lending.
National Bank
«Inflation in the Kyrgyz Republic as of January 16, 2026 was 9.4 percent year-on-year (9.4 percent at year-end 2025). Price trends are in line with the National Bank’s expectations, demonstrating a slight slowdown in the growth rate of the food component of inflation,» the financial regulator noted.
According to its data, «in the non-food goods and services sector, prices remain elevated amid the impact of secondary effects from external factors. The annual tariff policy review and increased domestic demand also continue to contribute to inflation.»
Note of 24.kg news agency
The key interest rate is a key instrument of the country’s central bank’s monetary policy, determining the cost of short-term borrowing for commercial banks. It influences the overall cost of credit in the economy and lending conditions for businesses and households.
«The main priority of the National Bank’s monetary policy remains ensuring inflation returns to its target of 5-7 percent in the medium term, and therefore current monetary conditions remain relatively tight,» the bank stated.
At the same time, tactical policy measures are aimed at limiting the monetary factor of inflation. In the context of persistently high liquidity in the banking sector, the National Bank of the Kyrgyz Republic is actively conducting sterilization operations, thereby regulating the volume of money in the economy. Under these conditions, the interbank benchmark interest rate (BIR) is formed near the lower limit of the National Bank’s interest rate collar, the regulator stated.
The domestic foreign exchange market remains stable.
National Bank
«Inflation remains vulnerable to external factors. Global food and raw materials markets remain highly volatile, while geopolitical instability leads to persistent inflation in many countries, including Kyrgyzstan’s main trading partners, which, in turn, is reflected in imported prices,» the National Bank noted.
According to the regulator, «in the domestic economy, inflationary processes are largely driven by non-monetary factors, including the planned adjustment of regulated tariffs, and increased domestic demand.»
These factors necessitate maintaining current monetary conditions until sustainable conditions for a slowdown in inflation are established.
National Bank
«The National Bank maintains a balanced approach to monetary policy and continues to assess emerging external and internal inflation factors. Should any risks to price stability arise, it does not rule out the possibility of adjusting its monetary policy,» the financial regulator emphasized.
The next meeting of the Board of the National Bank of the Kyrgyz Republic to discuss the key interest rate will be held on February 23.
