BISHKEK, Kyrgyzstan, April 30. The board of the National Bank of Kyrgyzstan has decided to lower its refinancing rate from 13 to 11 percent, effective from April 30, 2024, TurkicWorld reports.
The bank notes a weakening trend in inflationary processes in the country. In April 2024, the annual inflation rate stood at 5.2 percent, down from 7.3 percent in December 2023, nearing the lower bound of the medium-term target range of monetary policy of 5-7 percent.
At the same time, Kyrgyzstan is witnessing a period of high economic activity, with real GDP growth reaching 8.8 percent for the period January through March 2024.
Despite ongoing uncertainty in the external economic environment, there is a diminishing impact of external factors on the country. The stability of the banking sector in Kyrgyzstan was also emphasized.
In response to potential additional risks, the National Bank remains open to adjusting its monetary policy. The next scheduled meeting of the National Bank's Board regarding the discount rate is set for May 27, 2024.
