The share of foreign currency in Kyrgyzstan's international reserves fell to 22% by the end of 2025, down from 33% the previous year, according to data from the National Bank. This represents a year-on-year decline of 11 percentage points, Akchabar.kg reported.
At the same time, the volume of foreign currency assets in monetary terms increased by approximately $214 million, or 12.7%, from $1.68 billion to $1.89 billion. This decline is due to the faster growth of total international reserves: they increased by 69.1% over the year, from $5.09 billion to $8.6 billion.
The main factor behind the change in reserve structure was the increase in the share of monetary gold, from 62.9% to 74.9%. Its estimated value more than doubled from approximately $3.2 billion to $6.44 billion. This change was influenced by both domestic gold purchases and rising global prices for the precious metal.
The share of special drawing rights (SDRs) also decreased—from 4.1% to 3.1%, although their volume increased from approximately $209 million to $267 million.
The change in the structure of international reserves demonstrates that Kyrgyzstan is consistently increasing the role of gold as a tool for maintaining external financial stability. However, the reduction in the share of the foreign exchange portfolio does not mean a decrease in its actual volume; on the contrary, foreign exchange assets continued to grow.
This redistribution makes reserves more dependent on the dynamics of global gold prices, but simultaneously provides additional protection against currency risks and external financial shocks. The increase in reserves to almost $8.6 billion significantly expands the National Bank's ability to maintain the stability of the national currency and meet external obligations.
For Kyrgyzstan, whose economy is sensitive to fluctuations in foreign trade, imports, and cross-border financial flows, increasing international reserves is an important factor in macroeconomic stability. At the same time, maintaining a significant foreign exchange portfolio provides the National Bank with the necessary liquidity for foreign exchange interventions, government payments, and external debt servicing.
CentralasianLIGHT.org
August 12, 2026