The volume of Kyrgyzstan's gross international reserves increased by 57.2% by the end of 2024, reaching $5.88 billion. This was reported by the Chairman of the National Bank, Melis Turgunbaev, on his Facebook page, 24.kg reports.
He noted that compared to 2023, the reserves grew from $3.2365 billion to $5.0881 billion. The absolute increase amounted to $1.8516 billion, equivalent to a 57.2% growth.
"One of the key factors contributing to the increase in reserves in 2024 was the rise in gold prices, given the significant share of this asset in the reserves' structure. The National Bank actively purchased precious metals from local producers, which contributed to both the growth of reserves and the support of the domestic precious metals market. An effective investment strategy and risk minimization also played an important role, helping to improve asset returns and enhance their utilization efficiency," wrote the head of the National Bank of Kyrgyzstan.
According to him, the growth in international reserves plays a crucial role in maintaining the stability of the country's economy. It helps strengthen the national currency, implement effective monetary policy, fulfill the state’s external financial obligations, support the operational activities of the National Bank, and boost confidence in the financial system.
Overall, the significant increase in gold and foreign currency reserves in 2024 reflects the prudent asset management policy of the National Bank of Kyrgyzstan and its support for the domestic market, the statement concluded.
CentralasianLIGHT.org
January 28, 2025