The Board of the National Bank of the Kyrgyz Republic kept the discount (key) rate unchanged at 12.00 percent, effective 28 April 2026, concluding that a continued restrictive stance is required as surging global food and energy prices amid heightened Middle-East tensions and still-elevated inflation in key trading partners remain the main drivers of domestic price pressures. Following cumulative tightening of 275 bp between July 2025 and February 2026, the central bank aims to steer inflation back to its 5–7 percent medium-term target; consumer price inflation reached 11.3 percent year-on-year (3.9 percent year-to-date) on 17 April, with services prices up 17.2 percent. Economic activity stays strong—real GDP expanded by 10.1 percent in January-March, propelled by services, industry and construction, underpinned by rising wages and remittances. The som’s exchange rate remains broadly stable, helping contain inflation expectations despite volatile external conditions. The NBKR pledged to monitor internal and external risks closely and stands ready to adjust policy if necessary, with the next rate decision set for 25 May 2026.
National Bank of the Kyrgz Republic 2026-04-27
NBKR keeps key rate unchanged at 12.00%
The Board of the National Bank of the Kyrgyz Republic left the discount rate unchanged at 12.00 percent, effective 28 April 2026, citing persistent global food and energy price pressures and elevated external inflation. With consumer prices up 11.3 percent year-on-year against a 5–7 percent target and Q1 GDP growth at 10.1 percent, the bank will keep a restrictive stance and review policy again on 25 May 2026.