Deputy Chairman of the National Bank Azat Kozubekov noted that the current level of international reserves has reached a record high for Kyrgyzstan.
He explained: “This success is the result of the systematic and consistent work of the NBKR in managing international reserves. The National Bank has developed a strategy that includes clear measures and steps. Over the past year and a half, the main approaches to reserve management have been significantly reformed, demonstrating high efficiency.”
Kozubekov added that the volume of reserves at 10 billion dollars is almost twice the country's external debt and corresponds to 8-9 months of imports, which indicates the financial stability of the system and the economy as a whole.
He also noted that with economic growth in the future, one should expect strengthening of macroeconomic indicators. The dynamics of international reserves depend on both internal factors, such as the rate of economic growth, and external conditions, including price trends in global commodity markets and financial trends in the region and the world.
“In the long term, we expect further positive dynamics thanks to the NBKR's policy of managing international reserves. The structure of gold and foreign exchange reserves is variable and can adapt depending on market conditions,” he added.
To minimize the impact of external economic shocks, the National Bank employs various tools, such as the discount rate, currency interventions, and management of international reserves. Depending on seasonal factors, the NBKR conducts operations to buy or sell foreign currency. For example, during the summer tourist season, when a lot of foreign currency enters the country, there may be an excess, and at such times, the National Bank conducts interventions to buy currency. Conversely, during periods of increased demand for foreign currency, interventions to sell are carried out.
A certain share of gold is included in the international reserves, and fluctuations in global prices for precious metals affect their total volume. However, as Kozubekov emphasized, this is not the only factor.
In the medium term, the volume of gold and foreign exchange reserves will largely depend on the management strategy adopted by the National Bank. He also pointed to a global trend where central banks are increasing the share of gold in their reserves amid external economic instability.
Structure of International Reserves
The international reserves of Kyrgyzstan consist of:
* assets in gold;
* special drawing rights (SDR);
* a portfolio of foreign currencies.
The currency portfolio includes US dollars, euros, British pounds, Chinese yuan, Japanese yen, as well as Canadian and Australian dollars and Swiss francs, which are necessary for the operations of the Cabinet of Ministers.
Factors Contributing to Reserve Growth Since the Beginning of 2026
The increase in gross international reserves has been influenced by:
* income from reserve management;
* changes in exchange rates;
* rising prices for precious metals;
* NBKR operations with gold;
* payments on Kyrgyzstan's external obligations;
* inflows of foreign currency for the Cabinet of Ministers;
* operations in the domestic currency market.
