The central bank of Kyrgyzstan raised its benchmark interest rate for the fifth time in a year as it continues to tighten monetary conditions to curb high inflationary pressures and said it would make additional adjustments to its policy if necessary.
The National Bank of the Kyrgyz Republic raised its discount rate by a further 50 basis points to 8.50 percent and has now raised it 3.50 percentage points since it began the monetary tightening cycle in February 2021.
"This decision was made in order to minimize the negative effect of external shocks on the current dynamics of inflation and inflation expectations in the Kyrgyz Republic," the central bank said.
The National Bank of the Kyrgyz Republic raised its discount rate by a further 50 basis points to 8.50 percent and has now raised it 3.50 percentage points since it began the monetary tightening cycle in February 2021.
"This decision was made in order to minimize the negative effect of external shocks on the current dynamics of inflation and inflation expectations in the Kyrgyz Republic," the central bank said.
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