The money supply in Kyrgyzstan has grown thanks to loans and an inflow of foreign currency

In the first quarter of 2026, the money supply in Kyrgyzstan remained stable, despite seasonal fluctuations and changes within the financial sector. This is stated in the monetary policy report.

To put it simply, there is more money in circulation in the economy — the broad money supply (M2X) indicator maintained steady growth.

Two main factors drove this trend. The first was the growth in net foreign assets, i.e. the inflow of funds from abroad and the strengthening of the country’s external financial position. The second was the continuation of active lending, with banks continuing to issue loans to businesses and households.

At the same time, there were also restraining factors at work within the economy. In particular, the impact of net domestic assets was limited by capital movements and other financial transactions, which partially ‘tied up’ liquidity.

However, overall the situation remained balanced: the inflow of funds and demand for credit from the economy offset these constraints. As a result, the monetary system continued to provide the economy with the necessary resources without sharp fluctuations.