Bishkek: The National Bank of Kyrgyzstan has decided to keep the refinancing rate steady at nine percent, as reported by Trend. The bank’s statement highlighted that an assessment of both external and internal inflation factors indicates that the annual inflation rate is expected to align within the medium-term target range of five to seven percent by the end of the year. This evaluation underscores the necessity of maintaining the current refinancing rate of nine percent.

According to Trend News Agency, inflation in Kyrgyzstan has remained stable, staying below the medium-term target of five to seven percent. In October 2024, the annual inflation dipped to 4.6 percent, a significant decrease from 7.3 percent in December 2023. Meanwhile, Kyrgyzstan’s economy is experiencing substantial growth due to increased investment and consumer demand. From January to September 2024, the real GDP growth was recorded at 8.4 percent.

Additionally, the National Bank of Kyrgyzstan had previously reduced the discount rate f
rom 13 to 11 percent in April 2024, followed by a further reduction to nine percent in May.