Deputy Chairman of the National Bank Azat Kozubekov noted that the current level of international reserves is the highest in the country's history.
He pointed out that the achieved result is the consequence of the consistent and targeted work of the NBKR in the area of managing international reserves. The bank has implemented a strategy that includes specific actions and steps, and over the past year and a half, management approaches have been significantly reformed, demonstrating their effectiveness.
Kozubekov emphasized that the volume of reserves at 10 billion dollars is nearly twice the external state debt of Kyrgyzstan and corresponds to 8–9 months of imports, which is a reliable indicator of the country's financial stability.
According to him, with economic growth, macroeconomic indicators should improve in the medium term. The dynamics of international reserves depend on both internal factors, such as the rate of economic growth, and external conditions, including price fluctuations in global commodity markets and financial trends in the region.
Kozubekov also added that in strategic terms, the NBKR expects to continue seeing positive effects from its policy on managing international reserves. He noted that the structure of gold and foreign exchange reserves may change depending on market conditions.
To mitigate the impact of external economic shocks, the National Bank employs various tools, such as the discount rate, currency interventions, and international reserves. Depending on seasonal factors, the NBKR conducts operations to buy and sell foreign currency. For example, during the summer tourist season, when a large volume of foreign currency enters the country, there may be a surplus, and at such times, the National Bank conducts interventions to purchase currency. During periods of high demand for foreign currency, sales are conducted.
In the structure of international reserves, there is a share of gold, and fluctuations in global prices for precious metals affect the total volume of reserves. However, as Kozubekov emphasized, this is not the only factor.
The volume of gold and foreign exchange reserves in the medium term will primarily depend on the management strategy adhered to by the NBKR. The Deputy Chairman of the National Bank also noted that global central banks are increasing the share of gold in their reserves, which corresponds to a global trend in conditions of economic instability.
Structure of International Reserves
The international reserves of Kyrgyzstan include:
* assets in gold;
* special drawing rights (SDR);
* a portfolio of various foreign currencies.
The currency portfolio includes US dollars, euros, British pounds, Chinese yuan, Japanese yen, Canadian and Australian dollars, Swiss francs, and other currencies necessary for financing the operations of the cabinet of ministers.
Factors for Reserve Growth Since the Beginning of 2026
The increase in gross international reserves has been influenced by the following factors:
* income from managing international reserves;
* 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 foreign exchange market.
