The National Bank of the Kyrgyz Republic has rolled out new tools to develop and improve the country’s interbank money market, including a new market rate, the Bishkek Interbank Rate (BIR), as an interbank benchmark interest rate. BIR is described as a market-based indicator of the cost of money in the short-term segment of the interbank market and is intended to serve as a reference for pricing a wide range of financial instruments in the Kyrgyz Republic. It will be calculated daily by the National Bank and published on its official website. The National Bank has also developed a model to visualise the term structure of interest rates, presented as a yield curve of government securities and the National Bank’s own securities in the national currency, showing the relationship between a security’s price and its maturity. The National Bank indicated it will continue work to further develop and improve the interbank money market.
National Bank of the Kyrgyz Republic 2025-09-18
National Bank of the Kyrgyz Republic introduces the Bishkek Interbank Rate benchmark and a yield curve tool for the interbank money market
The National Bank of the Kyrgyz Republic has introduced the Bishkek Interbank Rate (BIR) as a new benchmark interest rate for the interbank money market. BIR will be calculated daily and serve as a reference for pricing various financial instruments. Additionally, the bank has developed a model to visualize the term structure of interest rates, including a yield curve for government and its own securities.