The National Bank of Kyrgyzstan reduced its refinancing rate from 13% to 11%, effective from April 30. This decision follows observed trends in the nation's inflation rates and economic indicators.
As of April 2024, the annual inflation rate in Kyrgyzstan decreased to 5.2%, down from 7.3% in December 2023. This rate is within the National Bank's medium-term target range for inflation, which is set at 5-7%.
Kyrgyzstan recorded a real GDP growth of 8.8% from January through March 2024, reflecting a period of increased economic activity. This growth occurred in the context of ongoing challenges in the global economic environment.
The report from the National Bank also noted the stability of Kyrgyzstan's banking sector, despite the external economic challenges. The influence of external factors on the national economy has been diminishing.
The National Bank of Kyrgyzstan indicated its willingness to make further adjustments to its monetary policy if needed to address additional risks. The Board is scheduled to review the discount rate again on May 27, 2024.
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