Over the course of a year, Kyrgyzstan's domestic debt grew by 133 billion KGS, or almost 77%

At the end of 2025, Kyrgyzstan's domestic public debt reached 307 billion 810.7 million KGS. This is evidenced by data on outstanding government securities.

The bulk of the domestic debt is made up of government treasury bonds (GKB). As of December 31, 2025, the volume of GKOs in circulation amounted to 296 billion KGS. The debt structure was distributed as follows:

• 3-year GKOs — 61.7 billion KGS;
• 5-year — 32.5 billion KGS;
• 7-year — 58.6 billion KGS;
• 10-year GKO bonds — 53 billion KGS;
• 15-year GKO bonds — 79.4 billion KGS;
• 20-year GKO bonds — 10.8 billion KGS.

Two-year bonds were not included in the overall structure of GKO bonds at the end of the year, however, the domestic debt includes 2-year government bonds placed on the Kyrgyz Stock Exchange in the amount of 8.83 billion KGS, as well as 12-month government treasury bills (GTB) in the amount of 2.98 billion KGS.

During 2025, domestic debt continued to grow. For comparison, at the end of 2024, total domestic debt amounted to 174 billion 260.9 million KGS. Thus, over the year, domestic debt grew by more than 133 billion KGS, or almost 77%.

The domestic debt increased mainly due to the active placement of medium- and long-term bonds, primarily with maturities of 3 to 15 years.

• 3-year GKOs — 29.9 billion KGS (+106.4%);
• 5-year — 22.5 billion KGS (+44.4%);
• 7-year bonds — 46.6 billion KGS (+25.8%);
• 10-year bonds — 47.9 billion KGS (+9.6%);
• 15-year bonds — 9.6 billion KGS (an 8.2-fold increase);
• 20-year bonds — 10.8 billion KGS (no change).

The structure of domestic debt shows a steady trend toward longer borrowing terms. The bulk of the debt is in bonds with terms ranging from 3 to 15 years. This reduces refinancing risks and spreads the debt burden more evenly over time.