On April 28, the Board of the National Bank of Kyrgyzstan decided to keep the discount rate at 9 percent. This decision comes into force on April 29, 2025.
According to the bank, high economic activity persists in Kyrgyzstan amid expanding consumer and investment demand. Real GDP growth for January-March 2025 amounted to 13.1 percent compared to the same period in 2024. The main contribution to economic growth is made by the services sector, construction and industry.
Price dynamics in the country remain within moderate limits. Since the beginning of 2025, consumer prices have increased by 1.96 percent. Annual inflation (April 2025 to April 2024) reached 6.9 percent, which is within the medium-term target of the National Bank of the Kyrgyz Republic of 5-7 percent. A slowdown in the growth rate of prices for non-food products and services is registered.
At the same time, the external economic environment is characterized by increased geopolitical factors and fragmentation of world trade due to the introduction of trade restrictions. Global commodity and financial markets remain highly volatile, creating uncertainty. In some countries — trading partners of Kyrgyzstan, inflation remains at a relatively high level.
The monetary policy of the National Bank is aimed at ensuring price stability within 5-7 percent by the end of 2025.
The situation in the interbank money and foreign exchange markets remains stable. Commercial banks maintain excess liquidity, regulated by the instruments of the National Bank of the Kyrgyz Republic. The banking system continues to lend to the real sector of the economy and increase the resource base.
According to the National Bank of the Kyrgyz Republic, the decision to keep the rate at 9 percent was made taking into account the volatility of prices in world markets, the expected revision of the tariff policy and growing domestic demand. This step is in line with the monetary policy course aimed at price stability and macroeconomic sustainability.
The next scheduled meeting of the National Bank’s Board on the issue of the discount rate will be held on May 26, 2025.
