On December 28, 2015, the Board of the National Bank of the Kyrgyz Republic decided to keep the monetary policy rate at 10.00 percent. 

Despite the ongoing recession and the slowdown in economic activity in the countries — main trading partners, the Kyrgyz Republic still has positive growth, in spite of slight slowdown, due to the decrease of production at the «Kumtor» gold-mining company. Economic growth in January-November of 2015 was 3.6 percent, without «Kumtor» the real GDP growth was 3.8 percent (in January-November 2014 the real growth was 4.0 percent, without «Kumtor» 4.8 percent). 

In December inflation rate was 3.0 percent (YOY), it has declined by 0.8 from November, which was 3.8 percent. It was mainly due to a decline in domestic prices for bakery and meat products as well as petroleum products. 

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

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

The monetary policy will be aimed at achieving and maintaining the inflation rate at the level of 5-7 percent in the medium term, which is determined by the Main monetary policy guidelines of the National Bank of the Kyrgyz Republic for the medium term. 

The next meeting of the Board of the National Bank of the Kyrgyz Republic on the monetary policy rate scheduled for February 29, 2016. 

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