Kyrgyzstan Interest Rate

The National Bank of the Kyrgyz Republic kept its benchmark interest rate unchanged at 11.00% at its January 26, 2026 meeting, holding borrowing costs steady at their highest level since April 2024. The pause follows earlier tightening and reflects the central bank’s assessment that current monetary conditions remain sufficiently restrictive to guide inflation back toward its 5–7% medium-term target. Annual inflation stood at 9.4% in mid-January, unchanged from end-2025, with food price growth easing slightly while non-food goods and services continued to rise. Economic activity remains robust, with real GDP expected to grow by about 11.1% in 2025, driven by construction and services. The central bank highlighted ongoing external risks, including volatile global food and commodity prices and geopolitical uncertainty, and signaled it may adjust policy if price stability risks intensify. The next policy meeting is scheduled for February 23, 2026.

The National Bank of the Kyrgyz Republic raised its key rate by 100 basis points to 11.00% at its November 24, 2025 meeting, marking its second consecutive hike and the highest borrowing cost since April 2024. The decision aims to curb persistent inflation driven by rising global food prices, higher fuel and electricity costs, and robust domestic demand. Inflation reached 7.3% year-to-date and 8.9% annually, with non-food prices rising due to elevated import costs while food inflation remained moderate. Economic activity stayed strong, with real GDP growing 10% in January–October, supported by services, construction, and industry, alongside rising wages, remittances, consumer lending, and investment. The central bank noted that external risks, including volatile energy prices, global food inflation, and pressures from partner countries, justify the tighter stance. The next policy meeting is scheduled for January 26, 2026.

The National Bank of the Kyrgyz Republic increased its benchmark interest rate by 75 basis points to 10.00% at its meeting on October 27, 2025, marking the highest borrowing cost since April 2024. The decision aims to curb inflationary pressures while maintaining macroeconomic stability amid global uncertainties. Inflation stood at 6.2% year-to-date and 8.4% annually, driven by higher energy prices, strong domestic demand, and rising service costs. Economic activity remained robust, with real GDP up 10% in the first nine months, supported by construction growth, rising incomes, remittances, and investment. The central bank noted that financial markets remain stable, with current conditions balancing savings and credit, though external risks persist due to geopolitical tensions and volatile global prices. Policymakers reaffirmed their commitment to a balanced monetary stance aimed at keeping inflation within the 5–7% target range. The next policy meeting is set for November 24, 2025.