Kyrgyzstan Interest Rate

The National Bank of Kyrgyz Republic kept its benchmark interest at 9% during its October 2024 meeting, as inflationary pressures continued to moderate amid sustained economic recovery. The annual inflation rate in October eased further to 4.6% from 4.9% in September, with slower price growth for non-food goods and a slight increase in service prices. Despite declining domestic inflation, external risks persist from geopolitical issues and rising global food prices, leading the central bank to expect annual inflation to remain within the 5-7% target while considering possible monetary policy adjustments. Meanwhile, the GDP is expected to rise by 8.4% from January to September in real terms, driven by increased investment and consumer demand. The board is continuously evaluating internal and external economic conditions and may adjust its monetary policy in response to any identified risks. The committee also kept its overnight credit and deposit rates at 11% and 4%, respectively.