Price Situation and Inflation
The National Bank emphasizes that during the analysis of the current economic situation both in the country and abroad, it was noted that the external economic environment remains complex and uncertain.The regulator reports: "Future price dynamics depend on the stability of global supply chains and trade flows, which are exposed to risks due to the geopolitical situation and fragmentation of the global economy. These circumstances require a cautious approach to monetary policy to ensure price stability in the Kyrgyz Republic."
Moreover, inflation from the beginning of 2026 as of February 13 amounted to 1.8% (annualized - 9.6%). Overall, the price dynamics are within the expected trajectory, although there is heterogeneity among the main components of the consumer basket.
Economy and GDP
According to the data from the National Bank of the Kyrgyz Republic, the economy of Kyrgyzstan continues to demonstrate good growth rates. In January 2026, real GDP increased by 9%. The increase in economic activity is mainly observed in the services sector and construction. Investments in fixed capital remain at a high level, contributing to the development of infrastructure projects. At the same time, the growth of real incomes of the population and the expansion of consumer lending contribute to an increase in domestic demand. Together, these factors create additional inflationary pressure.The National Bank also notes that the domestic currency market demonstrates stability, and currency interventions are conducted only to smooth out sharp fluctuations in the exchange rate.
At the same time, the banking sector shows its resilience. In 2025, the volume of the banks' deposit base increased by 46.2%, amounting to 865.9 billion soms.
The loan portfolio of commercial banks also increased in 2025 by 48.8%, reaching 507 billion soms.
