FX.co ★ Kyrgyz Central Bank Holds Key Rate at 11.00%

The National Bank of the Kyrgyz Republic has decided to maintain its benchmark interest rate at 11.00% as of its meeting on January 26, 2026. This rate remains at the highest level observed since April 2024. The decision to keep rates steady follows previous tightening measures and is based on the central bank's conclusion that existing monetary conditions are adequately restrictive to steer inflation back to its medium-term target range of 5–7%. As of mid-January, annual inflation was recorded at 9.4%, unchanged since the end of 2025. This stability is attributed to a slight deceleration in food price growth, although prices for non-food goods and services continue to rise. Economic activity remains strong, with real GDP projected to increase by approximately 11.1% in 2025, largely fueled by growth in the construction and services sectors. The central bank has noted persistent external risks, including fluctuations in global food and commodity prices and geopolitical uncertainties, and has indicated a willingness to adjust policy should risks to price stability heighten. The next policy meeting is scheduled for February 23, 2026.