It is important to note that at the beginning of this year, the regulator decided not to change the discount rate, keeping it at the same level. As of mid-January 2026, the annual inflation rate was 9.4 percent.
According to EDB analysts, maintaining the current rate is necessary to bring inflation back to target values in the range of 5-7 percent.
Overall, the economies of the Eurasian region showed stable growth in 2025, supported by investments and high consumer activity.
Capital investments became the main growth factors in Kazakhstan, Uzbekistan, and Tajikistan, while in Russia and Kyrgyzstan, regulators are focused on controlling inflation through monetary policy.
