Published
08/12/2026, 14:16The share of the foreign exchange portfolio in Kyrgyzstan’s international reserves fell to 22 per cent by the end of 2025, compared with 33 per cent a year earlier. According to data from the National Bank, the figure fell by 11 percentage points over the course of the year.
However, in monetary terms, the foreign exchange portfolio did not decrease. At the end of 2024, its estimated value stood at around $1.68 billion, whilst at the end of 2025 it was approximately $1.89 billion. It grew by $214 million, or 12.7 per cent.
The decline in the share is explained by the fact that the total volume of reserves grew significantly faster than the foreign exchange component. Over the year, gross international reserves increased by 69.1 per cent — from $5.09 billion to $8.6 billion.
At the same time, the role of gold in the structure of reserves increased significantly. The share of monetary gold rose from 62.9 per cent to 74.9 per cent. Its estimated value rose from approximately $3.2 billion to $6.44 billion, i.e. more than double. These figures were influenced by gold purchases on the domestic market and changes in global precious metal prices.
The share of Special Drawing Rights (SDRs) also fell — from 4.1 per cent to 3.1 per cent. However, their estimated value increased from approximately $209 million to $267 million, thanks to the overall growth in reserves.
The National Bank’s foreign exchange portfolio comprises US dollars, euros, British pounds, Chinese yuan, Japanese yen, Canadian and Australian dollars, Swiss francs and other currencies. These are used for foreign exchange transactions, making government payments and servicing external debt.
