Kyrgyzstan will now store its gold within the country

Kyrgyzstan will now keep its gold within the country. President Sadyr Zhaparov announced this today, October 28, at the opening ceremony of the new National Bank building in Bishkek.

According to him, while Kyrgyzstan previously stored its gold reserves in foreign banks, the situation has now changed dramatically:

"We used to have big problems with gold storage — the conditions were extremely poor. We often kept our reserves in foreign banks. Now the National Bank has acquired the largest storage facility that meets international standards and can hold up to a thousand tons of gold. Now we will be able to store not only our own gold, but also offer storage services to foreign clients," he said.

The facility meets international requirements, is capable of withstanding earthquakes of up to 12 points, and is equipped with modern engineering systems.

According to the deputy chairman of the National Bank, the building was transferred to the institution's balance sheet in 2002, but due to the finalization of design and estimate documentation and other circumstances, construction did not begin for a long time.

"The project began to be developed back in 1986. Later, in 2020, the documentation was revised to take into account modern construction standards and the requirements of central banks. After President Sadyr Zhaparov's visit to the National Bank two years ago, an order was given to the Administration Department, and construction was resumed under the leadership of the state-owned enterprise Kyrgyzstroyservice," he said.

The new building consists of 10 blocks, each of which performs a separate function. The total area of the complex exceeds 22,000 square meters. It is designed for about 300 employees.

"This is a departmental building, built entirely in accordance with central bank standards. It has special storage facilities, cash desks, technical facilities, service areas, and rooms for processing transactions. Everything is designed to ensure the smooth operation of the financial system," added the National Bank representative.

The new building will also house a numismatic museum and a library on the history of the national currency, which will feature a collection of coins and materials tracing the development of the Kyrgyz som from the Soviet period to the present day.

The National Bank's management has already moved and is working at the new location, while the structural divisions will be relocated in stages to ensure the continuity of banking operations.

As for the former National Bank building, its future is still undetermined — the issue remains under consideration.