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    The National Bank of Kyrgyzstan doubled its foreign reserves but cut domestic assets

    Published

    05/23/2025, 15:51

    The National Bank of Kyrgyzstan doubled its foreign reserves but cut domestic assets

    The National Bank of Kyrgyzstan has summed up the results of 2024: according to the analytical balance sheet published by the regulator, net foreign assets (NFA) reached a record 429.6 billion soms, which is 55% higher than a year earlier. The main growth came from gold and foreign exchange reserves, especially gold, whose value almost doubled over the year, from 127.4 billion to 278.3 billion soms.

    At the same time, the regulator continued to tighten monetary activity within the country. Net domestic assets (NDA) amounted to -135.9 billion som by the end of the year, five times deeper in the red than in 2022. This reflects a reduction in bank lending and an increase in government deposits with the NBK, signaling tight monetary policy and attempts to limit domestic inflationary pressures.

    As a result, the total money supply increased to 293.6 billion soms, and in broad terms to 365.7 billion soms. For comparison, in 2020, this figure stood at 159.5 billion.

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