The National Bank carried out interventions totalling $1.286 billion to stabilise the foreign exchange market

The National Bank of Kyrgyzstan continues to pursue a tight monetary policy aimed at curbing inflation; however, foreign exchange interventions have become the key stabilisation tool during the current period.

In February 2026, the regulator raised the key interest rate to 12 per cent, and in May kept it at that level, maintaining high returns on savings in the national currency and limiting inflationary pressure.

At the same time, the main burden of smoothing out fluctuations in the foreign exchange market fell on interventions. During the first half of 2026, the National Bank carried out eight interventions involving the sale of foreign currency totalling $1.286 billion. These operations became a key mechanism for supporting the stability of the KGS and preventing sharp exchange rate fluctuations.

Thanks to active interventions, it was possible to maintain the relative stability of the national currency: as at 30 June 2026, the average exchange rate stood at 87.45 KGS per $1. According to the authorities’ assessment, it was precisely these large-scale sales of foreign currency on the market that made it possible to reduce the impact of external price shocks and smooth out pressure on domestic prices.