Increase of the discount rate to 14% in 2022 proved to be highly effective, - NBKR

Елена Краснова Banknotes
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The Deputy Chairman of the National Bank, Azat Kozubekov, emphasized during a press conference held on November 25 that in 2022, amid an external economic and geopolitical crisis, the interest rate was raised to 14%, and this level was maintained for almost the entire year.

Kozubekov noted that this decision turned out to be quite successful, as it allowed Kyrgyzstan to maintain one of the most stable som exchange rates in the region, as well as to support a sufficient volume of international reserves.

At the end of 2022 and the beginning of 2023, the rate was lowered to 13%, and then gradually brought down to 9% in 2024. However, in light of the resurgence of inflationary trends, the National Bank once again raised the rate to 11%.
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