Published
12/11/2025, 10:43Domestic government debt placed on the National Bank of the Kyrgyz Republic platform increased this week. According to the National Bank, the volume of government bonds in circulation increased from 294.16 billion KGS (as of December 5) to 295.08 billion KGS — by almost 916 million KGS.
The growth was due to the fact that the Ministry of Finance re-entered the market for borrowings. However, it managed to attract five times less than planned. Thus, demand for 5-year bonds was lower than the announced volume of 1.4 billion KGS, totaling only 481.8 million. As a result, the Ministry of Finance satisfied the demand in full, promising investors a yield of 15.2% per annum.
The story was similar with 10-year government bonds: instead of the planned 3 billion KGS, the budget received only 434 million KGS at 16% per annum.
Despite the fact that both auctions took place on December 5, they were only reflected in the domestic debt statistics this week.
