Published
12/27/2025, 15:07The interbank currency market in Kyrgyzstan ended the last working week of the year with no change in the dollar exchange rate, despite the largest currency intervention of 2025 carried out by the National Bank.
In total, banks bought $213.2 million during the week from December 22 to 26.
The key event of the week was on December 22, when the regulator sold $179.5 million on the interbank market — this was the eighth intervention since the beginning of the year and the largest in terms of volume. Of the total amount, $106.5 million was sold with settlement on the transaction date, and another $73 million with deferred settlement. In addition, another $4.2 million was sold by trading participants, bringing the total amount sold on that day to $183.7 million.
Despite the scale of the operation, the dollar opened and closed at 87.45 KGS, which has become the market benchmark in recent months.
After the intervention, participant activity declined significantly. On December 23 and 24, trading was subdued, with limited volumes and no exchange rate fluctuations. On December 25, transactions were concluded exclusively with deferred settlements in the amount of $12 million, with the closing rate falling slightly to 87.4 KGS. On December 26, turnover fell to $3.3 million, and the exchange rate returned to 87.45 KGS.
The December operation was part of a series of currency sales. During 2025, the regulator acted exclusively as a seller, putting a total of $853 million on the market.
