Kyrgyzstan Central Bank Keeps Interest Rates Unchanged

Forex - The Central Bank of Kyrgyzstan (NBKR) did not change the policy interest rate in its fourth consecutive meeting. According to the statement from NBKR, the benchmark interest rate remains at 9.00%. The bank had reduced the interest rate by 200 basis points in its April and May meetings, but kept the rate unchanged in the most recent meetings.

The NBKR Monetary Policy Committee stated that the decision to maintain the policy interest rate at "9.00 level meets the current macroeconomic conditions of the country and reflects the Bank's policy regarding external risks." The committee noted, "The decision taken anticipates the allocation of funds to maintain price stability in the country and create conditions for macroeconomic stability."

The statement continued, "The Central Bank will continue to assess the current external and internal economic conditions and will rely on a balanced approach to monetary policy. In the event of any risk that affects price stability, the Central Bank does not rule out the possibility of making adjustments to the existing monetary policy." In Kyrgyzstan, inflation was last reported at 4.8% in October.