BISHKEK, Kyrgyzstan, November 26. The Board of the National Bank of Kyrgyzstan has chosen to keep its key interest rate steady at 9 percent, as stated in a recent announcement from the bank, TurkicWorld reports.
"An analysis of trends in both external and internal economic factors indicates that the annual inflation rate is expected to remain within the target range of 5 to 7 percent in the medium term. The decision to maintain the key interest rate at 9.00 percent aligns with the current macroeconomic conditions of the country and reflects the National Bank's stance on existing external risks," the bank's statement reads.
It is also noted that the annual inflation rate in Kyrgyzstan stood at 5.2 percent in November 2024, a decrease from 7.3 percent at the start of the year.
The country continues to experience high economic activity, driven by the dynamic growth of the construction and services sectors. By the end of ten months into 2024, Kyrgyzstan's real GDP had increased by 9.6 percent. The country's economy is seeing growth in domestic consumption, supported by rising household incomes.
To note, the National Bank of Kyrgyzstan earlier lowered the benchmark interest rate from 13 percent to 11 percent in April 2024.
