国际货币基金组织：2026年吉尔吉斯斯坦共和国：选定问题报告（英文版）

This study assesses the effective monetary stance in the Kyrgyz Republic amid persistent excess liquidity, rapid household credit growth, and elevated inflation pressures. It constructs a monthly Financial Conditions Index (FCI) that captures liquidity conditions, market rates, monetary aggregates, credit dynamics, and external financial factors. The results point to a marked easing in financial conditions since early 2024, driven by strong credit and monetary expansion and declining market r