Kyrgyzstan's international reserves have declined for three consecutive months for the first time since May 2023

Kyrgyzstan’s international reserves have begun a steady decline for the first time since May 2023. As of the end of April 2026, reserves have been falling for the third consecutive month.

According to data from the National Bank, the country’s international reserves stood at $8.64 billion at the end of April. For comparison:

• in January 2026, reserves reached a record $10.18 billion;
• in February, they fell to $9.63 billion;
• in March, to $8.69 billion;
• in April, to $8.64 billion.

Thus, in just three months, the volume of reserves has decreased by more than $1.5 billion.

The decline was particularly sharp in February and March.

Despite the current correction, the volume of reserves remains significantly higher than in previous years. For comparison, as recently as early 2024, Kyrgyzstan’s international reserves stood at around $3.3 billion, and in early 2025—just over $5.1 billion.

In fact, this marks the first sustained series of reserve declines following nearly three years of growth, during which Kyrgyzstan regularly set new historical highs in reserve levels.