National Bank of Kyrgyzstan lowers policy rate to 13%

BISHKEK. Nov 29 (Interfax) - The National Bank of Kyrgyzstan's management board has decided to lower the key policy rate to 13% from 14% per annum, the regulator said in a statement, posted on its website.

The rate had been 14% since March, when it was hiked from 10%.

The rate cut reflects the development of the economic situation in Kyrgyzstan and abroad. Annual inflation in Kyrgyzstan was 14.5% as of November 18, down from 15.4% in October. However, the global environment remains uncertain. World prices for foodstuffs, energy and other commodities remain high, despite falling.

GDP grew 7% in real terms in October.

The next scheduled decision on the policy rate will be made on January 30, 2023.