diff --git a/Cargo.lock b/Cargo.lock
index fb22127838..da0033c833 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3000,7 +3000,7 @@ dependencies = [
 [[package]]
 name = "opentelemetry"
 version = "0.18.0"
-source = "git+https://github.com/open-telemetry/opentelemetry-rust/?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
+source = "git+https://github.com/open-telemetry/opentelemetry-rust?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
 dependencies = [
  "opentelemetry_api",
  "opentelemetry_sdk",
@@ -3009,7 +3009,7 @@ dependencies = [
 [[package]]
 name = "opentelemetry-otlp"
 version = "0.11.0"
-source = "git+https://github.com/open-telemetry/opentelemetry-rust/?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
+source = "git+https://github.com/open-telemetry/opentelemetry-rust?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
 dependencies = [
  "async-trait",
  "futures",
@@ -3026,7 +3026,7 @@ dependencies = [
 [[package]]
 name = "opentelemetry-proto"
 version = "0.1.0"
-source = "git+https://github.com/open-telemetry/opentelemetry-rust/?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
+source = "git+https://github.com/open-telemetry/opentelemetry-rust?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
 dependencies = [
  "futures",
  "futures-util",
@@ -3038,7 +3038,7 @@ dependencies = [
 [[package]]
 name = "opentelemetry_api"
 version = "0.18.0"
-source = "git+https://github.com/open-telemetry/opentelemetry-rust/?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
+source = "git+https://github.com/open-telemetry/opentelemetry-rust?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
 dependencies = [
  "fnv",
  "futures-channel",
@@ -3053,7 +3053,7 @@ dependencies = [
 [[package]]
 name = "opentelemetry_sdk"
 version = "0.18.0"
-source = "git+https://github.com/open-telemetry/opentelemetry-rust/?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
+source = "git+https://github.com/open-telemetry/opentelemetry-rust?rev=44b90202fd744598db8b0ace5b8f0bad7ec45658#44b90202fd744598db8b0ace5b8f0bad7ec45658"
 dependencies = [
  "async-trait",
  "crossbeam-channel",
diff --git a/crates/external_services/src/kms.rs b/crates/external_services/src/kms.rs
index eb57234235..fa36c674e8 100644
--- a/crates/external_services/src/kms.rs
+++ b/crates/external_services/src/kms.rs
@@ -1,5 +1,7 @@
 //! Interactions with the AWS KMS SDK
 
+use std::time::Instant;
+
 use aws_config::meta::region::RegionProviderChain;
 use aws_sdk_kms::{config::Region, primitives::Blob, Client};
 use base64::Engine;
@@ -52,6 +54,7 @@ impl KmsClient {
     /// `AWS_SECRET_ACCESS_KEY`) either set in environment variables, or that the SDK is running in
     /// a machine that is able to assume an IAM role.
     pub async fn decrypt(&self, data: impl AsRef<[u8]>) -> CustomResult<String, KmsError> {
+        let start = Instant::now();
         let data = consts::BASE64_ENGINE
             .decode(data)
             .into_report()
@@ -75,7 +78,7 @@ impl KmsClient {
             .into_report()
             .change_context(KmsError::DecryptionFailed)?;
 
-        decrypt_output
+        let output = decrypt_output
             .plaintext
             .ok_or(KmsError::MissingPlaintextDecryptionOutput)
             .into_report()
@@ -83,7 +86,12 @@ impl KmsClient {
                 String::from_utf8(blob.into_inner())
                     .into_report()
                     .change_context(KmsError::Utf8DecodingFailed)
-            })
+            })?;
+
+        let time_taken = start.elapsed();
+        metrics::AWS_KMS_DECRYPT_TIME.record(&metrics::CONTEXT, time_taken.as_secs_f64(), &[]);
+
+        Ok(output)
     }
 }
 
diff --git a/crates/external_services/src/lib.rs b/crates/external_services/src/lib.rs
index b995276d58..fa57a0bac9 100644
--- a/crates/external_services/src/lib.rs
+++ b/crates/external_services/src/lib.rs
@@ -20,11 +20,14 @@ pub mod consts {
 /// Metrics for interactions with external systems.
 #[cfg(feature = "kms")]
 pub mod metrics {
-    use router_env::{counter_metric, global_meter, metrics_context};
+    use router_env::{counter_metric, global_meter, histogram_metric, metrics_context};
 
     metrics_context!(CONTEXT);
     global_meter!(GLOBAL_METER, "EXTERNAL_SERVICES");
 
     #[cfg(feature = "kms")]
     counter_metric!(AWS_KMS_FAILURES, GLOBAL_METER); // No. of AWS KMS API failures
+
+    #[cfg(feature = "kms")]
+    histogram_metric!(AWS_KMS_DECRYPT_TIME, GLOBAL_METER); // Histogram for KMS decryption time (in sec)
 }