Specifically, the profit of the National Bank of the Kyrgyz Republic (NBKR) for 2024, amounting to 45.7 billion soms (3.7% of GDP), has been a key factor in the increase of non-tax revenues, which reached 10.8% of GDP in January-September 2025, compared to 7.1% of GDP in the same period last year, the authors of the report note.
Tax revenues increased by 1.4 percentage points, reaching 23.1% of GDP, while transfers slightly decreased by 0.1 percentage points, amounting to 0.7% of GDP. As a result, the total revenue increased to 34.6% of GDP. In contrast, the growth of expenditures was only 2.3 percentage points, contributing to a surplus of 6.9% of GDP, which is significantly higher than last year's 4.2% of GDP.
“It is important to note that a significant portion of this surplus is directed towards financing expenditures that are not related to core activities,” the report emphasizes.
Note:
Financing of "below the line" expenditures refers to the accounting and financing of one-time, atypical, or extraordinary revenues and expenses not related to the regular activities of the state or company. This data is reflected in the reporting after the results of normal operational activities to show the true profitability.
