Published
12/04/2025, 15:30State budget revenues from state property and interest reached 82 billion KGS over ten months. This is 39.7 billion KGS, or 94%, more than in the same period of 2024. The increase was one of the largest in recent years and significantly changed the structure of non-tax budget revenues.
Data from the Ministry of Finance show that the main driver of growth was not dividends from state-owned companies or rental income, but a sharp jump in the National Bank's profits transferred to state revenue.
The National Bank's profits for January-October amounted to 46.5 billion KGS. This is almost four times more than in 2024, when they amounted to 12.4 billion KGS.
This contribution makes the National Bank the de facto main source of non-tax revenues — almost 57% of all property revenues.
| Indicator in KGS | 2025 | 2024 | Change |
|---|---|---|---|
| Dividends and profits (total) | 75.6 billion | 34.03 billion | +41.6 billion |
| Dividends | 29.12 billion | 21.4 billion | +7.7 billion |
| NBKR profits | 46.5 billion | 12.4 billion | +34.1 billion |
| Profit of state and municipal enterprises | 788.1 million | 207.3 million | +580.8 million |
The second factor of growth was dividends from state and municipal shareholdings. They amounted to 29.1 billion KGS, adding 7.7 billion KGS to last year's level.
The profit of state-owned enterprises also increased to 788 million KGS, compared to 207 million KGS a year earlier.
Resource payments increased against the backdrop of high economic activity. Payments for the use of natural resources, subsoil use, and leases amounted to 4.45 billion KGS, which is 1.19 billion more than in 2024.
| Indicator | 2025 | 2024 | Change |
|---|---|---|---|
| Rent and fees for resources (total) | 4.45 billion | 3.26 billion | +1.19 billion |
| Fee for subsoil use | 508.59 million | 348.74 million | +159.85 million |
| Subsoil licenses | 476.34 million | 347.96 million | +128.38 million |
| Natural resource fees | 3.33 billion | 2.47 billion | +859 million |
Thus, fees for the use of natural resources increased to almost 3.33 billion KGS, and fees for the right to use subsoil resources rose to 508.6 million KGS.
Revenues from environmental pollution fees rose from 444.6 million to 616.6 million KGS. Of particular note is the recycling fee, which showed almost unique dynamics: from 359,000 KGS in 2024, it grew to 59 million KGS in 2025.
The only item that declined was revenue from the use of certain state fund assets. Fees for the use of state fund property assets decreased from 317.5 million to 230.8 million KGS.
The income structure shifted sharply in favor of the financial sector. While in 2024, property income was relatively uniform—dividends, NBK profits, and resource payments accounted for comparable shares—in 2025, the structure changed dramatically, with the National Bank providing 56.7% of income.
