Bishkek, Oct.1,2019. /Kabar/. Remittances to Kyrgyzstan in January-July 2019 decreased by 13.4%, reaching $ 1.1 billion, Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov told reporters at Kabar News Agency.
Abdygulov explained that the reasons for the decrease may be several facts. In particular, the introduction of restrictions on remittances from Russia.
According to him, the country's economy as a whole shows moderate growth rates. In January-August 2019, real GDP grew by 6.2%, excluding Kumtor's production data - by 3%.
“The main contribution to economic growth continues to be provided by industry, construction and the service sector. Net inflow of remittances to the country in January-July 2019 decreased by 13.4%, amounting to $ 1.1 billion. At the same time, the trend of growth of real wages remains, in January-July 2019 it increased by 4.6%,” the National Bank chairman said.
Abdygulov added the situation in the monetary sector is stable, and drew attention to the fact that in general, the current macroeconomic situation and trends in the external environment meet the expectations of the Bank.
“Estimates of the development of the external environment and internal conditions indicate the formation of inflation in the Kyrgyz Republic in the medium term in the framework of the target benchmark of monetary policy of 5-7%.
In these circumstances, it was decided to maintain the discount rate. Depending on the economic situation, the National Bank will take appropriate monetary policy measures. In case of risks in the internal and external environment, the National Bank may consider the possibility of adjusting the current direction of monetary policy,” the head of the National Bank added.
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