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. Last Updated: 07/27/2016

Kyrgystan Tightens Up

BISHKEK, Kyrgystan -- The Kyrgyzstan government said it would adopt a tight monetary policy in 1999 to tame inflation and support the national currency.

Kyrgyz Prime Minister Amangeldy Muraliyev said late Monday that the government would initiate drastic budget cuts and seek other revenue sources in order to pass a budget with a primary surplus and obtain additional credits from the International Monetary Fund.

Like other countries in the region, Kyrgyzstan has been affected by the Russian financial crisis, and last year, the tiny Central Asian nation of nearly 5 million saw inflation rise to 18.4 percent from 14.8 percent in 1997.

Inflation rose further to 21.8 percent in the first five months of 1999.