NBKR cuts rates as deflation bites

Tolkunbek Abdygulov
NBKR governor Tolkunbek Abdygulov
NBKR

The National Bank of the Kyrgyz Republic cut its headline interest rate by 25 basis points today (February 26) in a bid to reverse the economy’s slide into deflation.

Inflation turned negative in February, hitting –0.7%, the central bank said in its policy statement. Price dynamics are subdued and the fall in prices was evident across “almost all groups” of goods and services, the NBKR added.

The central bank acknowledged that “in the absence of shocks” it will not exceed its inflation target

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