Have major players emerged in Kyrgyzstan’s interbank foreign exchange market?

Abnormally large volumes of U.S. dollars have begun to appear regularly on Kyrgyzstan’s interbank foreign exchange market, even during periods when the National Bank is not conducting currency interventions. This may indicate the emergence of one or several major players in the market.

According to interbank foreign exchange trading data, the market has faced unusually high volumes of currency supply several times since the beginning of the year. On typical trading days, the volume of transactions ranges from $5.3 million to $12.5 million. However, sales amounting to tens of millions and even over $100 million periodically appear on the market. As a rule, these are days of intervention by the National Bank of the Kyrgyz Republic.

Indeed, it was on these dates or in the immediate vicinity of them that the National Bank of the Kyrgyz Republic did conduct large-scale currency sales. According to the regulator’s data, on February 26 the National Bank sold $131.7 million, on March 30—$95.9 million, and on April 16—$111.4 million.

However, the market began to show another trend. Already after the April interventions, large volumes began to appear on the interbank market without the regulator’s participation.

Thus, the largest transactions without the participation of the National Bank of the Kyrgyz Republic were recorded on May 11—for $39.15 million—as well as on March 23 and March 2—for $40.5 million and $38.9 million, respectively.

Overall, increased activity in the interbank foreign exchange market was observed throughout the year.

The days with atypically high volumes account for approximately 17 trading sessions during the period under review—that is, more than 20% of all trading days. Thus, for the Kyrgyz interbank market, such volumes without regulatory involvement are a rarity. At the same time, the exchange rate shows virtually no reaction to the inflow of currency and continues to hover around 87.45 KGS per dollar.

This new trend may indicate the emergence of a major player or group of players capable of regularly injecting volumes into the market that significantly exceed the interbank market’s usual liquidity.

It is unknown exactly who is behind these volumes. But one thing we can say for certain is that this anomaly coincided with the simultaneous entry of three new banks into the Kyrgyz market. Specifically, on December 3, 2025, Bereket Bank received a license from the National Bank; on January 14, 2026, Alma Finance Bank; and on February 4, Asman Bank.

The mere entry of new banks into the market does not in itself imply their direct involvement in large-scale foreign exchange transactions, though such a possibility cannot be entirely ruled out. In any case, Kyrgyzstan’s interbank market, which for many years remained largely dependent on interventions by the National Bank, is now showing signs of the emergence of alternative sources of dollar liquidity.