The National Bank of the Kyrgyz Republic decided to keep its benchmark interest rate unchanged at 9% during its July 2025 policy meeting, maintaining borrowing costs at their lowest level since January 2022. The annual inflation rate remained steady at 8% in June 2025, unchanged from the previous month. This marked the highest level since November 2023 and remains slightly above the central bank’s target range of 5-7%. Meanwhile, the country’s economy continued to expand robustly, recording an impressive 11.7% year-on-year growth in the first half of 2025, largely fueled by the services sector. The banking sector remains stable and well-capitalized, with credit to the economy rising by 9% during the same period. Lastly, the National Bank is closely monitoring both domestic and global factors affecting inflation. Moreover, given the persistent external risks, the Bank will continue to pursue a cautious and balanced monetary policy stance.