The ruble has posted the highest gain against the KGS, up 26.7% since the start of the year

The Russian ruble showed the most significant appreciation against the KGS among major currencies. According to the National Bank, in January–February 2026, its exchange rate rose by 26.7% compared to the same period last year.

For comparison, other currencies showed the following:

• U.S. dollar — only +0.1% (virtually unchanged);
• euro — +13.5%;
• tenge — +2.9%;
• Uzbek sum — +8.2%.

The ruble’s strengthening continues in the short term as well. In February of this year, compared to January, its exchange rate rose by another 1.7%.

At the same time:

• the euro gained 0.9%;
• the tenge — 2.1%;
• the dollar remained at the same level;
• the Uzbek sum fell by 1.4%.

The strengthening of the ruble has direct implications for the Kyrgyz economy. Russia remains a key trading partner and the primary destination for labor migration, so the ruble’s performance affects migrant remittances, the cost of imports, and consequently domestic prices.