During the meeting on January 26, 2026, a decision was made to maintain the discount rate (key rate) at 11%, which will take effect on January 27, 2026:
As of the end of 2025, the economy of the Kyrgyz Republic is demonstrating high growth rates — real GDP increased by 11.1%. The main drivers of growth are the construction sector and services. Investment activity in the country continues to remain at a high level, supported by increased investments in fixed assets and expanded budget financing.
Support for consumer demand is provided by the growth of real incomes of the population, net inflow of remittances, and active consumer lending.
As of January 16, 2026, inflation in the country stood at 9.4% year-on-year, which corresponds to the level of December 2025. Current price trends align with the expectations of the National Bank, with a slight slowdown in the growth of the food component of inflation. Prices for non-food goods and services remain high, influenced by external factors. Annual revisions of tariff policies and increased domestic demand also impact inflation.
The priority of the National Bank's monetary policy remains the return of inflation to the target level of 5-7% in the medium term, which necessitates the maintenance of tight monetary conditions. Tactical policy measures are aimed at limiting inflationary factors, and sterilization operations are conducted to regulate the money supply in the economy in the context of high liquidity in the banking sector. In such conditions, the interbank benchmark interest rate BIR is formed close to the lower boundary of the National Bank's interest corridor. The domestic currency market demonstrates stability.
However, inflation continues to be influenced by external factors. Global food and commodity markets exhibit high volatility, and unstable geopolitical conditions maintain inflationary pressure in several countries, including Kyrgyzstan's main trading partners, which in turn affects import prices.
Domestic inflation processes are largely driven by non-monetary factors, such as planned adjustments to regulated tariffs and growing domestic demand. These factors require the maintenance of current monetary conditions until sustainable prerequisites for slowing inflation are established, which explains the retention of the discount rate at 11%.
The National Bank adopts a balanced approach to monetary policy and continues to analyze both internal and external factors affecting inflation. In the event of risks to price stability, the bank does not rule out the possibility of adjusting its monetary policy, as stated in the National Bank's announcement.
Support for consumer demand is provided by the growth of real incomes of the population, net inflow of remittances, and active consumer lending.
As of January 16, 2026, inflation in the country stood at 9.4% year-on-year, which corresponds to the level of December 2025. Current price trends align with the expectations of the National Bank, with a slight slowdown in the growth of the food component of inflation. Prices for non-food goods and services remain high, influenced by external factors. Annual revisions of tariff policies and increased domestic demand also impact inflation.
The priority of the National Bank's monetary policy remains the return of inflation to the target level of 5-7% in the medium term, which necessitates the maintenance of tight monetary conditions. Tactical policy measures are aimed at limiting inflationary factors, and sterilization operations are conducted to regulate the money supply in the economy in the context of high liquidity in the banking sector. In such conditions, the interbank benchmark interest rate BIR is formed close to the lower boundary of the National Bank's interest corridor. The domestic currency market demonstrates stability.
However, inflation continues to be influenced by external factors. Global food and commodity markets exhibit high volatility, and unstable geopolitical conditions maintain inflationary pressure in several countries, including Kyrgyzstan's main trading partners, which in turn affects import prices.
Domestic inflation processes are largely driven by non-monetary factors, such as planned adjustments to regulated tariffs and growing domestic demand. These factors require the maintenance of current monetary conditions until sustainable prerequisites for slowing inflation are established, which explains the retention of the discount rate at 11%.
The National Bank adopts a balanced approach to monetary policy and continues to analyze both internal and external factors affecting inflation. In the event of risks to price stability, the bank does not rule out the possibility of adjusting its monetary policy, as stated in the National Bank's announcement.
The next meeting of the National Bank's Board regarding the discount rate is scheduled for February 23, 2026.
