Today, at a briefing, representatives of the National Bank of Kyrgyzstan announced their decision to maintain the discount rate at 11 percent.
According to the National Bank, the country's economy is demonstrating high growth rates, confirmed by a real GDP growth of 11.1 percent for the year 2025.
The main factors contributing to economic development are the construction sector and services. Investment activity in the republic remains at a high level, supported by an increase in budget financing, as stated in the NBG's announcement.
Consumer demand is growing due to an increase in real incomes of the population, a net inflow of remittances, and active consumer lending.
The National Bank
As of January 16, 2026, inflation in Kyrgyzstan stands at 9.4 percent year-on-year, which corresponds to the level of 2025. Price trends are within the expectations of the National Bank, with a slowdown in the growth of food prices observed.
It is reported that "in the non-food goods and services sector, prices remain high, which is related to the impact of external factors and a revision of tariff policy, as well as increased domestic demand."
Reference 24.kg
The discount rate is the main tool of the central bank's monetary policy, affecting the cost of short-term loans for commercial banks. This, in turn, affects the overall cost of loans for businesses and the population.
The main priority of monetary policy remains to return inflation to the target range of 5-7 percent in the medium term, which necessitates the maintenance of tight monetary conditions, as emphasized by representatives of the NBG.
Tactical measures are aimed at limiting the influence of monetary factors on inflation. In conditions of high liquidity in the banking sector, the National Bank actively conducts sterilization operations to regulate the money supply in the economy. The interbank benchmark interest rate BIR is formed close to the lower limit of the National Bank's interest corridor.
The domestic currency market demonstrates stability.
The National Bank
Inflation is subject to external factors, such as high volatility in global food and commodity markets. Geopolitical instability also maintains an inflationary backdrop in several countries, including Kyrgyzstan's main trading partners, which in turn affects imported prices.
Domestic inflation processes are largely related to non-monetary factors, such as planned adjustments of regulated tariffs and high domestic demand.
These factors require maintaining current monetary conditions until sustainable prerequisites for slowing down inflation are established.
The National Bank
The National Bank adheres to a balanced approach to monetary policy and continues to analyze external and internal factors affecting inflation. In the event of risks to price stability, the bank does not rule out the possibility of adjustments in its monetary policy.
The next meeting of the NBG Board regarding the discount rate is scheduled for February 23.
