Inflation has exceeded the central bank’s 3 percent target for several months. Annual inflation in December was 13.9 percent, up from 12.5 percent in November last year.

Crude is processed at the Baku Oil Refinery, which produces 15 different petroleum products, including gasoline, aviation kerosene, diesel fuel, naphta, petroleum coke, and others.

The Lombard repo rate was raised to 9.50 percent from 9.25 percent and the deposit rate - to 6.50 percent from 6.25 percent.

Annual inflation in Kyrgyzstan reached 11.2 percent in 2021. The bank said that consumer prices rose by 0.9 percent from the beginning of this year.

Gross domestic product (GDP) grew by 10.6 percent year-on-year in 2021 after contracting by 6.1 percent a year earlier.