According to Turgunbekov, a strong currency depends on people's expectations. If confidence in maintaining purchasing power is high, the economy develops steadily. Otherwise, dollarization begins, leading to a shift to cash and an investment stagnation.
Increasing the key interest rate is not just about numbers; it is a signal regarding current inflation risks, the external economic situation, and domestic demand. Such measures help to establish clear benchmarks for the financial market and businesses, strengthening confidence in price stability.
A key element of trust in the som is the consistency of actions by the National Bank. When economic policy is explained and aligns with real conditions, the market begins to better understand the logic of the regulator. This helps reduce uncertainty and allows entrepreneurs and the public to confidently plan their finances.
As a result, the exchange rate of the som maintains relative stability even during times of international instability, while the level of international reserves reaches record values.
Undoubtedly, an important aspect of trust in the national currency is the reliability of the banking system. Citizens and businesses will keep their funds in soms only if they are confident in the safety of their deposits.
The dynamics of deposits in this context serve as an important indicator of the financial mood of society. In 2025, the volume of deposits in soms in Kyrgyz banks increased by almost 40%, indicating the growing popularity of the som as a savings instrument and confidence in the stability of the financial system.
There is also a decrease in dollarization: the share of loans and deposits in foreign currency is decreasing. More and more transactions are being conducted in the national currency, which strengthens the financial system and reduces its vulnerability to external fluctuations.
Communication also plays a significant role. Open explanations of the regulator's decisions help avoid rumors and panic.
But why is trust in the currency so important? It is the foundation of economic sovereignty, allowing citizens and businesses to conduct transactions, save, and invest in the country using their currency. When key economic decisions are made without considering currency risks, the economy becomes more resilient to external factors, maintaining its independence in development. The level of trust in the national currency directly correlates with the degree of financial independence of the state.
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