National Bank maintains base interest rate at 4.25%

The Executive Board of the National Bank has decided to maintain the base interest rate at 4.25%. This decision, made during a regular session on September 15, 2026, is based on recent macroeconomic indicators and assessments of domestic and international risks.

While the foreign exchange market remains stable, the central bank intervened by purchasing foreign currency during July and August. There is ongoing high demand for foreign currency from the corporate sector, driven in part by elevated energy prices. Foreign exchange reserves remain in a safe zone, providing 4.5 months of coverage for imports of goods and services.

The Board noted that while annual inflation remains moderate, rising global energy prices impacted domestic inflation in August. Due to high uncertainty stemming from conflicts in the Middle East and the war between Russia and Ukraine, the Bank is maintaining a cautious approach to ensure monetary policy remains appropriate amidst potential supply chain disruptions and energy price volatility.