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Deposit de-dollarization in Kyrgyzstan is gaining momentum

Published

01/25/2026, 10:35

Deposit de-dollarization in Kyrgyzstan is gaining momentum

As of the end of November 2025, the deposit base of the Kyrgyz banking sector grew to 822.4 billion KGS, an increase of 38.8% since the beginning of the year. Against the backdrop of overall growth, a key trend was a sharp decline in the share of foreign currency deposits, with the dollarization of deposits falling to 32.5%. This is 10.5 percentage points less than at the beginning of the year.

The growth was primarily driven by KGS deposits. The most active growth was seen in deposits from government agencies and legal entities, as well as funds from the population. At the same time, the decline was recorded only in deposits from other financial and credit organizations, which did not affect the overall trend. Deposits in the national currency became the main source of expansion of the banks' resource base.

The process of de-dollarization also affected lending. The share of foreign currency loans in the banks' portfolio decreased to 18.1%, down 2 percentage points since the beginning of 2025. This reduces currency risks in the system and strengthens the role of the KGS as the base currency of the banking sector.

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