Strengthening the autonomy and governance of the National Bank of the Kyrgyz Republic (NBKR) is critical to maintaining price and financial stability in the country. This is stated in the final statement of the staff of the International Monetary Fund (IMF) Article IV Advisory Mission for 2025.

The IMF mission positively assessed the NBKR's decision to sell Keremet Bank, as well as the ongoing steps to gradually withdraw from the Guarantee Fund. However, the experts expressed concern over repeated transfers of the regulator's profits to the state budget while its capital remains below the statutory minimum level.

“This practice undermines confidence in the NBKR, weakens its institutional integrity, promotes liquidity and increases inflationary pressures,” the statement said.

The mission also pointed to the risk of entrenching expectations of regular profit transfers from the NBKR, which could shift the focus of the regulator's activities from its core mandate of ensuring price stability to generating income, including through gold transactions in international markets.

In this regard, the IMF strongly recommends to stop this practice and strictly comply with the provisions of the constitutional law on the National Bank regarding the capital and independence of the NBKR.