Published
05/19/2026, 18:00Since late April, the National Bank of Kyrgyzstan has effectively stopped adjusting the selling price of standard gold bars, despite significant fluctuations in the buyback price.
The most telling example remains the price of an ounce of gold, 31.1035 grams—the main benchmark for the precious metals market. As of May 19, the National Bank is selling an ounce of gold for 423,045 KGS. This price has not changed since April 28.
Meanwhile, the buyback price continues to fluctuate daily. For example, while the National Bank bought an ounce for 398,112 KGS on May 18, the price rose to 401,382.5 KGS on May 19. Thus, in just one day, the buyback price increased by approximately 3,300 KGS.
The latest quotes as of May 19 are as follows:
Against the backdrop of a fixed selling price and a fluctuating buyback price, the spread—the difference between the buying and selling prices of gold—has widened significantly.
While on April 27 the spread per ounce was about 6,200 KGS, by April 30 (when the buyback price per ounce fell to 397,500 KGS) it had risen to 25,500 KGS. As of May 19, the difference between the selling and buyback prices is already 21,700 KGS.
The National Bank explains that the selling and buyback prices for standard bars are set daily and depend on several factors.
The calculation is based on the London Bullion Market Association (LBMA) evening fixing for the previous business day, converted at the official KGS-to-dollar exchange rate. Additionally, the price includes costs for bar production, packaging, transportation, insurance, taxes, and customs clearance.
At the same time, the National Bank resells the repurchased bars. Therefore, the selling price is also determined by taking into account the average cost of previously repurchased bars—that is, it depends not only on current global gold prices, but also on the dollar exchange rate and the price of gold at the time of the previous repurchase.
