The rise in prices in neighboring countries leads to an increase in the cost of imported goods, which, according to Kozubekov, is one of the key factors. He noted that this situation is causing an increase in prices for goods entering Kyrgyzstan, and the secondary effects of these circumstances continue to exert inflationary pressure.
Kozubekov also pointed out the persistence of inflationary pressure in the economy and the presence of external risks. To cope with this situation, the National Bank raised the policy rate three times in 2025 — first from 9% to 11%, and then to 12%.
These measures are aimed at stabilizing price dynamics in the medium term and achieving a target inflation rate in the range of 5–7%.
The National Bank is also actively regulating the money supply using monetary instruments, including sterilizing excess liquidity in the banking system.
“We are making operational decisions to control the inflationary background,” added the Deputy Chairman.
Kozubekov noted that the currency market in Kyrgyzstan is demonstrating stability, and the flexibility of the exchange rate is maintained in accordance with market conditions.
