Published
08/05/2025, 11:15In 2024, Kyrgyzstan's domestic public debt continued to grow amid active issuance of government securities. According to the National Bank of the Kyrgyz Republic, its volume increased from 145 billion KGS in 2023 to 178.8 billion KGS at the end of 2024. Thus, the share of domestic debt in total public debt rose from 25.9% to 31.2%.
The market for 12-month government treasury bills was particularly active last year. Bills worth 1 billion KGS were placed on the National Bank's trading platform, while 1.1 billion KGS were placed on the Kyrgyz Stock Exchange.
As a result, the total volume of placements amounted to 2.1 billion KGS. This is 8.2 times more than a year earlier. However, even with such growth, bills remain a relatively small segment of the debt market. The growing interest in short-term securities was accompanied by higher yields compared to 2023.
Thus, on the National Bank's platform, the weighted average yield was 12.2%, which is 3.7 percentage points higher, and on the Kyrgyz Stock Exchange, it was 13.1% (+0.3 percentage points).
At the same time, yields on the KSE gradually declined during the year, from 14.2% in the first quarter to 11.2% in the third quarter.
Unlike the promissory note segment, the long-term treasury bond market showed a decline.
The total volume of placements amounted to 44.8 billion KGS, which is 17.6% less than in 2023. Despite the decline in activity, this segment continues to provide the main inflow of domestic financing. Traditionally, the buyers of bonds are institutional investors — banks, insurance and investment companies.
Yields on government bonds also showed a downward trend during the year, from 16% in January to 13.3% in December. The average level for the year was 15.6%, virtually unchanged from 2023 (-0.04 percentage points).
Thus, the growth in domestic debt last year was driven by an increase in borrowing through short-term bills, against a backdrop of moderate interest in long-term bonds.
