The National Bank of the Kyrgyz Republic's debt to foreign creditors had risen by nearly 58% as of January 1

The National Bank of Kyrgyzstan’s liabilities to foreign creditors have risen significantly over the past year. As of January 1, 2026, the external debt of the republic’s monetary authorities stood at $232.6 million, compared to $147.5 million a year earlier.

Over the year, the National Bank’s debt increased by $85.1 million, or approximately 57.7%.

Despite this growth, Kyrgyzstan remains one of the EAEU countries with a relatively low level of debt in the monetary policy sector. For comparison, the corresponding figure for Kazakhstan was $2.59 billion, and for Armenia, $802.4 million. Meanwhile, in Russia and Belarus, the liabilities of monetary authorities are not reported separately and are included in the banking sector.

Overall, Kyrgyzstan’s external debt as of January 1, 2026, was estimated at $12.44 billion. Of this amount:

• $5.35 billion was attributable to government agencies;
• $664.9 million to banks;
• $4.39 billion to other sectors of the economy;
• $1.81 billion was attributed to direct investment and intercompany lending.

For comparison, as of January 1, 2025, Kyrgyzstan’s total external debt stood at $12.38 billion. Thus, the country’s total external liabilities changed only slightly over the course of the year.