According to him, "the rise in the value of gold is not a random phenomenon. It speaks of existing global risks, inflation, and instability in financial markets. For the National Bank, as well as for our reserves and companies engaged in gold mining, such as 'Kumtor' and 'Kyrgyzaltyn', this is a positive moment. However, the population is already feeling inflationary pressure. It is important to make balanced decisions, rather than just rejoicing in the growth of reserves as the only positive indicator," he added.
Mamatov also noted that geopolitical tension, including the policies of Western countries and actions by the United States, contributes to the rise in gold prices.
The economist suggested considering the possibility of using gold and gold currency reserves as collateral for issuing virtual assets, which would allow attracting investments without selling gold. In the context of a growing global crisis, gold will remain a strategic reserve for the country, serving as a source of economic stability.
He emphasized that the introduction of a digital som is the right step, but it remains dependent on the national currency.
"If the som loses its strength in times of crisis, the digital som will face similar risks. I believe it is necessary to create a second, more isolated financial circuit — a conditional 'golden som' or a virtual asset backed by gold reserves and resources from the mining industry. We have time to prepare for such a strategic initiative," Mamatov noted.
The economist urged the government not to limit itself to just the indicators of reserve growth, but to carefully analyze risks and seize opportunities to strengthen the economy, so that the country is ready for future global challenges.
