Kyrgyzstan is becoming less and less dependent on the dollar, the National Bank said

Azat Kozubekov, Deputy Head of the National Bank of Kyrgyzstan, announced a continuing decline in the dollarization of the economy and an increase in the level of “somization” in the banking sector. He made this announcement at a meeting of finance ministers and central bank governors from SCO member states.

According to him, the National Bank prefers to use the term “somization of the economy,” emphasizing the growing confidence in the national currency.

“Somization of the loan portfolio exceeds 80%, and somization of the deposit base has practically reached 70%,” Kozubekov noted.

He emphasized that the ongoing decline in dollarization reflects the effectiveness of the National Bank’s monetary policy and helps reduce currency risks and dependence on fluctuations in external markets.

Kozubekov also reported that, against the backdrop of accelerating inflation, the National Bank raised the discount rate from 9% to 12% effective July 2025. As of the end of April 2026, annual inflation in Kyrgyzstan reached 10.9%.

At the same time, despite external challenges, the country’s economy continues to grow at a rapid pace. According to the deputy head of the National Bank, Kyrgyzstan’s GDP has grown by more than 9% over the past four years, and in the first four months of 2026, growth reached 12.4%.