The National Bank of the Kyrgyz Republic, which has now cut its rate by 250 basis points this year, repeated it recent statement that it will continue to take appropriate measures to achieve its medium-term inflation rate of 5 to 7 percent.
In June inflation in the Kyrgyz Republic fell to 4.5 percent from 6.0 percent in May.
Earlier this month the International Monetary Fund said Kyrgyzstan's economy had "remained resilient in spite of the economic slowdown in Russia and the region."
The National Bank of the Kyrgyz Republic issued the following statement:
"On July 27, 2015, the Board of the National Bank of the Kyrgyz Republic decided to lower the monetary policy rate by 150 basis points, to 8.00 percent.
Seasonal factor conditioned slowdown of inflation, which come to 5.0 percent in annual term as of the middle of July (as of July 17, 2015) against 11.6 percent as of the beginning of the year.
High economic growth in January-June of 2015 (7.3 percent) was mainly driven by expansion of production at the “Kumtor” gold-mining company. Without “Kumtor”, the real GDP growth was 4.4 percent.
In view of forecasted dynamics of inflationary developments, the National Bank of the Kyrgyz Republic continues to monitor the situation in the national economy and will take appropriate measures of monetary policy consistent with statutory mandate. The monetary policy will be aimed at achieving and maintaining the inflation rate at the level of 5-7 percent in the medium term, which is determined by the Main directions of monetary policy guidelines of the National Bank of the Kyrgyz Republic for the medium term.
The next meeting of the Board of the National Bank of the Kyrgyz Republic on the monetary policy rate is scheduled for August 24, 2015. "
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