The National Bank of the Kyrgyz Republic held its key rate at 12%, effective October 27, 2026, citing persistent external inflation pressures despite easing price growth. The rate had risen to 10% in October 2025 and 11% in November, followed by a 100-basis-point increase in February 2026. The central bank maintained tight monetary conditions and actively managed money supply, with short-term money-market rates trading within its interest-rate corridor near the policy rate. Annual inflation eased to 10.8% as of October 16 but remained above the medium-term target of 5–7%, while real gross domestic product grew 10.8% in the first nine months of 2026, supported by construction investment and rising household consumption. The domestic foreign exchange market remained stable. Geopolitical tensions, including the Middle East conflict, continued to drive volatility in global energy and food prices and constrain international goods shipments. The central bank said it would continue assessing domestic and external inflation factors and could adjust monetary policy if risks to price stability emerged.
National Bank of the Kyrgyz Republic Holds Key Rate at 12%
The National Bank of the Kyrgyz Republic held its key rate at 12%, effective October 27, 2026, citing persistent external inflation pressures. Annual inflation eased to 10.8% as of October 16 but remained above the medium-term target of 5–7%, with monetary conditions remaining tight.