At the board meeting, it was noted that the economy of the Kyrgyz Republic is demonstrating significant growth rates. In 2025, real GDP increased by 11.1%. The main factors driving this growth are construction and services, which contribute to increased investment activity against the backdrop of rising budget financing.
Support for consumer demand is achieved through the growth of real incomes, an increase in remittances, and active lending. As of January 16, 2026, inflation stood at 9.4% compared to the previous year, which corresponds to the level of December 2025. The National Bank notes that current price trends are in line with expectations, with some slowdown in the growth of food prices. At the same time, prices for non-food goods and services remain high due to external factors, as well as a revision of tariff policy and rising domestic demand.
The priority of monetary policy remains the return of inflation to the target range of 5-7% in the medium term, which necessitates relatively tight monetary conditions. The National Bank conducts sterilization operations to regulate the money supply in the economy, maintaining the interbank benchmark interest rate BIR near the lower bound of the interest rate corridor. Stability is also observed in the domestic foreign exchange market.
However, inflation continues to be influenced by external factors, with high volatility in global food and commodity markets. Geopolitical instability also affects inflationary processes in Kyrgyzstan's partner countries, which is reflected in import prices. Domestic inflationary processes are mainly driven by non-monetary factors, including planned tariff changes and high domestic demand, which requires maintaining current monetary conditions until inflation stabilizes.
The National Bank adopts a balanced approach to monetary policy and continues to assess external and internal inflationary factors. In the event of threats to price stability, the bank does not rule out the possibility of changes in monetary policy, as stated in the official announcement.
The priority of monetary policy remains the return of inflation to the target range of 5-7% in the medium term, which necessitates relatively tight monetary conditions. The National Bank conducts sterilization operations to regulate the money supply in the economy, maintaining the interbank benchmark interest rate BIR near the lower bound of the interest rate corridor. Stability is also observed in the domestic foreign exchange market.
However, inflation continues to be influenced by external factors, with high volatility in global food and commodity markets. Geopolitical instability also affects inflationary processes in Kyrgyzstan's partner countries, which is reflected in import prices. Domestic inflationary processes are mainly driven by non-monetary factors, including planned tariff changes and high domestic demand, which requires maintaining current monetary conditions until inflation stabilizes.
The National Bank adopts a balanced approach to monetary policy and continues to assess external and internal inflationary factors. In the event of threats to price stability, the bank does not rule out the possibility of changes in monetary policy, as stated in the official announcement.
The next meeting of the National Bank's Board, where the level of the discount rate will be discussed, is scheduled for February 23, 2026.
