Press-release 

The National Bank of the Kyrgyz Republic decided  

to keep the policy rate unchanged, at the level of 11 percent  

On April 27, 2015, the Board of the National of the Kyrgyz Republic decided to keep the policy rate unchanged at the level of 11 percent.  

Analysis of economic situation indicates that, on the one hand, there is slowdown in growth of consumer price index; on the other hand, economic development of the country is still affected by external factors.  

Economic situation in the countries – major trade partners has still been affecting slowdown of economic growth in our country through the channels of foreign trade and remittances.  

As of the middle of April, inflation rate in annual terms decreased from 10.5 percent to 7.8 percent at the end of 2014. High indicators of economic growth in January-March 2015 (7.0 percent) were primarily conditioned by growth of output at the enterprises of the Kumtor gold mine. Growth rate of real GDP excluding Kumtor constituted 3.4 percent (in January-March 2014 – 4.4 percent).  

Taking into account risks of slowdown in external and internal demand, as well as dynamics of inflationary tendency, the National Bank of the Kyrgyz Republic will continue monitoring the situation in the economy of the country and consistent with the statutory mandate will take appropriate measures of monetary policy. The monetary policy will be focused on achievement and retention of inflation rates at the level of 5-7 percent in the medium term, which is stipulated by the Main monetary policy guidelines of the National Bank of the Kyrgyz Republic for the medium term, as well as contribution to sustainable economic development.  

The next meeting of the Board of the National Bank of the Kyrgyz Republic which will consider the issue of the policy rate, is scheduled for May 25, 2015.