Kyrgyzstan's budget may receive more than 33 billion KGS in profits from the National Bank

On February 2, the Committee on Finance, Budget, Entrepreneurship, and Competition Development of the Jogorku Kenesh approved in three readings the draft constitutional law “On Issues of Transferring Profits of the National Bank of the Republic.”

The bill was initiated by the Prime Minister. The document was presented to deputies by First Deputy Minister of Finance Ruslan Suynaliev.

The main purpose of the bill is to transfer 100% of the National Bank's profits from its activities in 2025 to the republican budget. Given that the regulator's profits for the first nine months of the year already amounted to 33.25 billion KGS, this means that if the current trend continues, the budget could receive more than this amount.

The funds received are planned to be used to finance socially significant expenditures and support economic programs.

During the discussion, MP Daniyar Tolonov noted that the transfer of profits should only be carried out after an audit has been conducted. Ulan Primov, in turn, stressed that part of the funds received should be allocated not only to current expenditures, but also to the formation of a development budget.

It should be recalled that a similar scheme has already been used before. In 2023, the Cabinet of Ministers received 100% of the National Bank's profits for the first time, not according to regulations, but according to a decision that was adopted. At that time, the Cabinet of Ministers took the initiative to redirect all of the regulator's profits to the budget, despite the contradiction with the constitutional law “On the National Bank of the Kyrgyz Republic.”

The law states that the distribution of the National Bank's profits depends on the level of its capital and reserves:

• at a level below 5%, profits are not transferred;
• at a level of 5-10%, 70% is transferred to the budget;
• at a level of 10% and above, all profits are transferred to the state.

However, the amendments proposed by the Cabinet of Ministers provide for a temporary suspension of these rules. This allows 100% of profits to be transferred to the treasury, regardless of the regulator's financial performance.

How much the National Bank transferred to the budget in previous years:

• based on the results of 2024 — 45.7 billion KGS (100% of profits);
• based on the results of 2023 — 12.6 billion KGS (100% of profits);
• based on the results of 2022 — 9.2 billion KGS (over 90% of profits).

After approval by the relevant committee, the bill will be submitted to the Jogorku Kenesh for consideration in plenary session.