On January 26, 2026, the Board of the National Bank of Kyrgyzstan decided to maintain the interest rate at 11.00%. This decision will take effect on January 27, 2026. This was announced by the Deputy Chairman of the National Bank, Azat Kozubekov, at a press conference in Bishkek.
The economy of Kyrgyzstan is demonstrating steady growth: by the end of 2025, real GDP increased by 11.1%. The leading sectors contributing to this growth were construction and services. Investment activity in the country remains at a high level due to increased investments in fixed capital and expanded budget financing. The growth of real incomes of the population, the influx of remittances, and active consumer lending also contribute to increased consumer demand.
As of January 16, 2026, the inflation rate in Kyrgyzstan was 9.4% year-on-year, which matches the figure for December 2025. Prices for food products are showing a slowdown in growth, which aligns with the expectations of the National Bank. However, there is an increase in prices in the non-food goods and services sector, partly driven by external factors. Annual tariff adjustments and rising domestic demand also impact inflation.
The main task of the monetary policy of the National Bank remains the return of inflation to the target level of 5-7% in the medium term. In this regard, current monetary conditions remain relatively tight. Tactical measures are aimed at limiting the monetary factors of inflation, and the National Bank is actively conducting sterilization operations to regulate the money supply in the economy against a backdrop of high liquidity in the banking sector. The interbank benchmark interest rate BIR is forming close to the lower boundary of the National Bank's interest corridor, while the domestic currency market demonstrates stability.
Nevertheless, inflation continues to be influenced by external factors. Global food and commodity markets remain highly volatile, and geopolitical instability maintains inflationary pressure in Kyrgyzstan's trading partner countries, which is reflected in import prices. Domestic inflationary processes are largely determined by non-monetary factors, such as adjustments to regulated tariffs and high domestic demand. These circumstances require maintaining the current monetary policy conditions until sustainable prerequisites for slowing inflation emerge. Therefore, the interest rate of the National Bank remained at 11.00%.
Azat Kozubekov emphasized that the National Bank adheres to a thoughtful approach to monetary policy and continues to monitor internal and external factors affecting inflation. In the event of risks to price stability, the National Bank does not rule out the possibility of adjustments in its monetary policy.
The next meeting of the Board of the National Bank to discuss the interest rate will take place on February 23, 2026.
