He noted that rising prices in neighboring countries lead to an increase in the cost of goods imported into the republic.
“The situation in the partner countries of the Kyrgyz Republic remains an important factor. Over the past two years, the inflation rate in these countries has been high, leading to rising prices for imported goods. The secondary effects of these factors continue to exert pressure on inflation,” Kozubekov explained.
According to him, inflationary pressure in the economy persists, and external risks remain relevant. In 2025, the National Bank has already raised the discount rate three times — first from 9% to 11%, and then increased it to 12%.
Kozubekov reported that these measures are aimed at stabilizing prices in the medium term and achieving a target inflation level in the range of 5–7%.
In addition, the National Bank continues to regulate the money supply, applying various monetary instruments, including sterilizing excess liquidity in the banking system.
“We are taking operational measures to control the inflation situation,” the Deputy Chairman added.
Kozubekov also noted that the currency market in Kyrgyzstan remains stable, and the flexibility of the exchange rate is maintained in accordance with market conditions.
