A central bank moving rates both ways this year

Kyrgyzstan's central bank has become one of the few central banks that moved interest rates both ways this year.

Central Bank News reported:

The central bank is one of six central banks worldwide that have both raised and lowered rates this year, mainly in response to movements in the exchange rate and thus inflation. Kyrgyzstan's central bank has cut its rate by a net 50 basis points this year.

At its last meeting on November 30, the National Bank of the Kyrgyz Republic decided to keep its policy rate unchanged at 10 percent, and said it would continue intervening in the foreign exchange market to tame sharp exchange rate swings.

The monetary policy will be aimed at achieving and maintaining the inflation rate at the level of 5-7 percent in the medium term. The next meeting of the Board of the National Bank of the Kyrgyz Republic on the monetary policy rate is scheduled for December 28, 2015.

Are they in for a cut? Or a hike? Looks like this will largely depend on which way the exchange rate goes.