Bishkek, Aug. 26, 2020. /Kabar/. The monetary policy of Kyrgyzstan remains stable, Chairman of the National Bank of the republic Tolkunbek Abdygulov told a news briefing Wednesday.
"The banking system retains a high level of excessive liquidity, which is mainly formed at the expense of expenditure operations through the budget channel. The National Bank continues to perform sterilization operations mainly in the short segment of the money market," he noted.
Abdygulov also said that the deposit base and loan portfolio of commercial banks demonstrate stability in conditions of negative economic environment, continuing progressive growth.
"The domestic currency market is relatively stable, the volatility of foreign currency exchange rates against the catfish has decreased. The National Bank expects that the average inflation rate by the end of this year will be within the medium-term targets of the monetary policy within 5-7%. Taking into account the prerequisites for the development of the external environment and the prevailing domestic economic conditions, the Bank has decided to maintain the discount rate at the level of 5%, given the need to support measures to stimulate the real sector of economy," he added.
Tolkunbek Abdygulov said the National Bank regularly assesses external and internal factors influencing inflation, and will take appropriate monetary policy measures depending on the economic situation.
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