The National Bank of the Kyrgyz Republic (NBKR) left its policy rate at 7.50 percent following a board meeting on Sept. 1.
After embarking on a monetary easing cycle in March 2016, NBKR changed tack in February 2020 – just as the pandemic was beginning to sweep through the world – and raised its rate as food prices were beginning to rise.
While 93 central banks worldwide last year slashed interest rates and injected liquidity to support economic activity during the pandemic, NBKR kept its rate steady.
But with inflationary pressures building, NBKR began tightening its policy in February this year and then continued in April and in July, raising its rate by a total of 250 basis points. In addition, the central bank has began reducing excess liquidity in the banking system to curb inflationary pressures.
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