After the change in the discount rate, there was an adjustment in short-term rates in the interbank market in accordance with the regulator's decisions, which contributed to maintaining moderately tight monetary policy conditions.
Although the transmission of signals from the key rate to market rates occurs with some time lag, previously made decisions regarding the discount rate contributed to an improvement in the saving behavior of the population and were reflected in the increase in deposits in the banking system.
The tactical actions of the National Bank helped strengthen control over short-term rates and enhance the predictability of the financial sector's response to changes in monetary policy.
Since September 2025, the National Bank began publishing the interbank benchmark interest rate of the Kyrgyz Republic — Bishkek Interbank Rate (BIR). This rate reflects the weighted average rate for transactions in the interbank lending market. At the initial stage, the BIR was set at 4.1%, which is associated with a high level of excess liquidity in the banking system and low volatility of rates in the interbank market.
