Press release 

The National Bank of the Kyrgyz Republic  

decided to keep the policy rate at 10 percent 

On November 30, 2015, theBoardoftheNationalBankof the Kyrgyz Republic decided to keep the monetary policy rate at 10.00 percent. 

PositiveeconomicgrowthratesareremainingintheKyrgyzRepublic. Economic growthin January-October of 2015, which made 4.8 percent, was mainly driven by the expansion of production at the “Kumtor” gold-mining company. Without “Kumtor”, the real GDP growth was 4.0percent.At the same time, consumption remains as a principal component of GDP (about 115percent to GDP). 

Economicslowdownincountries – main trade partnersof Kyrgyzstan determines weakening of external demand and decrease in capital inflow into the Kyrgyz Republic in terms of remittances. As of 9monthsof2015 the foreign trade turnover decreasedby 18.2 percent(inf.o.b prices) as compared to similar indicator of 2014. Netinflow of remittances in U.S.dollar terms has decreased by 28.2 percent for January-September of 2015 as compared to similar period of the previous year.  

InNovember, inflationrate decreased, the annual growth rate fell from 4.9 percentinOctoberto 3.6 percentinNovember (as of November 20). This was primarily driven by growth rate of food prices and reduction in domestic prices for fuel and lubricants.  

The National Bank of the Kyrgyz Republic will continue to monitor the situation at the domestic foreign exchange market and continue forexinterventions to smoothenlarge exchange rate fluctuations. 

Further inflation dynamics will be determined by the situation in the foreign exchange market, dynamics of foreign trade relations within the EEU and the level of evenness of the state budgetspendings.  

The National Bank of the Kyrgyz Republic will continue to monitor the situation in the national economy and will take appropriate measuresof monetary policy consistent with statutory mandate. 

Themonetarypolicywill beaimedatachievingandmaintaining the inflation rateatthelevelof 5-7 percent in the medium term, which is determined by theMain monetary policy guidelines of the National Bank of the Kyrgyz Republic for the medium term. 

ThenextmeetingoftheBoardoftheNational Bank of the Kyrgyz Republic on the monetary policy rate scheduled for December 28, 2015.