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Tuesday 26 May 2015

Kyrgyzstan’s Central Bank Cuts Main Interest Rate to 9.5%


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BISHKEK (Reuters) – The National Bank of Kyrgyzstan said on Tuesday it was lowering its main interest rate to 9.5% from 11.0%, following a decrease in consumer prices in the Central Asian nation.

The central bank noted of uncertainties among its main trading partners hobbling domestic growth.

“The economic situation in [Kyrgyzstan’s] main trading partners continues to be uncertain, affecting the growth tempo in our country through external trade and cash remittances”, it said. Kyrgyzstan’s main economic partners are Russia and Kazakhstan, where many Kyrgyz citizens work.

The central bank’s monetary policy aims to achieve and maintain inflation of between 5 and 7% in the medium term. Annual inflation in the former Soviet republic dropped to 6.4% percent in the middle of May, from 10.5% at the end of 2014, the bank said.

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