National Bank of Kyrgyzstan predicts inflation of 6 percent by the end of 2024
Inflation by the end of 2024 is expected to be at the level of 6 percent, which corresponds to the medium-term targets of the National Bank, set in the range of 5-7 percent. Deputy Head of the National Bank Azat Kozubekov announced at a press conference in Bishkek.
«According to our forecasts, inflation by the end of the year will reach about 6 percent, which corresponds to our target values. We see that the inflation expectations of economic entities and the base part of inflation are gradually decreasing,» he noted.
Azat Kozubekov also emphasized that keeping the discount rate at 9 percent is intended to support price stability in the country.
Annual inflation in October reached 4.6 percent, and by the end of December 2024, the figure is projected to be 6 percent compared to the same period in 2023.
Azat Kozubekov also reported that the country’s gold and foreign exchange reserves amount to $4.8 billion. Their structure includes foreign currency, deposits, securities and other assets that generate income. Changes in the value of these assets also affect the growth of reserves, which helps maintain the stability of the national economy.
Recall, the National Bank of the Kyrgyz Republic kept the discount rate at 9 percent. The loan portfolio and deposit base of the banking system amounted to 301 billion and 555 billion soms, respectively. The bank’s international reserves have grown by 47 percent since the beginning of 2024.
