On November 24, the Board of the National Bank of the Kyrgyz Republic decided to raise the discount rate from 10% to 11%. This was reported by the Deputy Chairman of the NBKR, Azat Kozubekov.
In his speech, he emphasized that this decision was made against the backdrop of rising inflation.
“In the first half of the year, the inflation rate was within our target range of 5-7%. However, since June of this year, we have observed its increase, driven by external factors. Conditions in international markets have led to an increase in inflationary processes in our country,” Kozubekov explained.
He also noted that Kyrgyzstan, as a small open economy, is heavily dependent on imports, and any external risks and price instability in international markets affect domestic prices, including consumer goods.
According to him, global food markets are currently showing rising prices for essential goods.
“In neighboring countries, which are our main trading partners, inflation is also on the rise. For example, in October 2025, inflation was 7.7% in Russia, 12.6% in Kazakhstan, and 7.8% in Uzbekistan,” he added.
Kozubekov also noted that since the beginning of the year, prices for food products in the structure of inflation have increased by 7.6%.
“It is worth noting that there was an unusual rise in vegetable prices during the summer, but currently, prices for this group of goods are relatively stable,” he concluded.
