Doctor of Economic Sciences Tolonbek Abdyrov, in an interview with IA "Kabar," assessed the achievement of the Kyrgyz Republic, related to the fact that the country's international reserves have crossed the mark of 10 billion dollars for the first time. He noted that this event indicates a high resilience of the economy and stability of the financial sector, which, in turn, allows for effective protection against external economic shocks.
“Achieving the level of international reserves of 10 billion dollars is an important step for our country. It indicates a new level of financial stability. These reserves act as a kind of 'safety cushion,' serving as one of the main mechanisms for protection against economic crises and instabilities. Therefore, in difficult times, the exchange rate of the som remains relatively stable,” emphasized the expert.
Comparing the scales, it can be noted that 10 billion dollars in reserves, with a GDP of about 23 billion dollars, accounts for almost 50% of Kyrgyzstan's economy. Such a level of reserves indicates the presence of a solid financial buffer that allows the country to respond effectively to external challenges.
The current external state debt of Kyrgyzstan is approximately 5.6 billion dollars, which means that the country has the resources to fully cover it. This emphasizes that Kyrgyzstan does not experience serious debt pressure and has room for economic maneuvering.
The presence of significant reserves is particularly relevant in the context of our economy's dependence on imports. We regularly purchase a wide range of goods from abroad, including food, equipment, and raw materials. Reserves in the form of gold and foreign currency allow for financing imports in emergency situations and smoothing fluctuations in the currency market. The National Bank is capable of conducting currency interventions to stabilize the situation in the event of any changes in pressure on the exchange rate.
Moreover, a high level of reserves relative to the economy is an important signal for investors and international partners. It demonstrates the financial discipline and resilience of the state, as well as its ability to cope with external risks. Overall, according to key macroeconomic indicators, Kyrgyzstan is successfully managing economic challenges and is well protected from external shocks,” added Tolonbek Abdyrov.
