On January 26, 2026, the Board of the National Bank of the Kyrgyz Republic decided to keep the key policy rate at 11.00%. This decision will take effect on January 27, 2026. Deputy Chairman of the National Bank Azat Kozubekov announced this at a briefing held in Bishkek.
According to him, the country's economy continues to demonstrate high growth rates. By the end of 2025, real GDP increased by 11.1%. The main factors contributing to this growth are the construction sector and services. Investment activity remains at a high level, which is associated with an increase in capital investments, mainly due to increased budget financing. Consumer demand is supported by the growth of real incomes, the influx of remittances, and active consumer lending.
As of January 16, 2026, the inflation rate in the country was 9.4% year-on-year, similar to the level in December 2025. Price trends align with the expectations of the National Bank and show a slight slowdown in the growth of food prices. At the same time, there is an increase in prices in the non-food segment and in the services sector, driven by external factors. Regular revisions of tariff policies and high domestic demand also affect inflation.
The main task of monetary policy remains to return inflation to the target level of 5-7% in the medium term. In this regard, monetary conditions remain relatively tight. Tactical measures are aimed at limiting the influence of monetary factors on inflation: the National Bank actively conducts sterilization operations, regulating the money supply in the economy amidst a high level of liquidity in the banking sector. Under current conditions, the interbank benchmark interest rate BIR is set close to the lower boundary of the National Bank's interest corridor. The domestic foreign exchange market demonstrates stability.
However, inflation continues to be influenced by external factors. Global food and commodity markets remain volatile, and the instability of the geopolitical situation contributes to inflation growth in various countries, including Kyrgyzstan's main trading partners, which in turn reflects on import prices. Domestic inflation processes are largely determined by non-monetary factors, such as planned changes in regulated tariffs and high domestic demand. These circumstances require maintaining the current monetary policy conditions until sustainable prerequisites for slowing inflation emerge. Therefore, the National Bank's policy rate remains at 11.00%.
Kozubekov emphasized that the National Bank adheres to a balanced approach in conducting monetary policy and continues to analyze both internal and external factors affecting inflation. In the event of risks to price stability, changes to the monetary policy may be made.
The next meeting of the National Bank's Board, dedicated to the issue of the policy rate, is scheduled for February 23, 2026.
