BISHKEK, Kyrgyzstan, October 29. The National Bank of Kyrgyzstan has kept the refinancing rate at nine percent, TurkicWorld reports via the bank's statement.
"The evaluation of external and internal inflation determinants suggests that the annual inflation rate is anticipated to fall within the medium-term goal range of five to seven percent by year-end. Given the evaluation of inflationary variables in the near and medium term, it appears essential to sustain the refinancing rate at nine percent," the statement said.
According to the statement, inflation in Kyrgyzstan is keeping its nose clean, staying below the medium-term target of five to seven percent. In October 2024, the annual inflation rate took a dip to 4.6 percent, sliding down from a hefty 7.3 percent in December 2023.
At the same time, the economy of Kyrgyzstan continues to grow at a high rate due to an expansion of investment and consumer demand from economic entities. From January through September 2024, the real GDP growth was 8.4 percent.
To note, the National Bank of Kyrgyzstan reduced the discount rate from 13 to 11 percent in April 2024, and then from 11 to nine percent in May.
