BISHKEK, May 27 (Xinhua) -- The National Bank of Kyrgyzstan announced on Tuesday its decision to maintain the key interest rate at 12 percent, effective May 26.
In the year to May 15, inflation in the country reached 4.7 percent, while annual inflation stood at 10.9 percent, the central bank said in a statement.
Meanwhile, the country's economy is maintaining strong growth amid stable consumer and investment activity, it said.
From January to April, real GDP expanded by 12.4 percent year on year, driven mainly by growth in the services and industrial sectors, as well as increased construction activity fueled by higher investment in fixed assets and the implementation of infrastructure projects. Rising real household incomes have also supported domestic demand, according to the statement.
The central bank noted that monetary conditions remain tight and are intended to minimize the impact of external inflationary pressures and contain secondary domestic inflationary effects. The policy aims to create conditions for inflation to return to the target range of 5-7 percent over the medium term. ■
