BISHKEK - Kyrgyzstan's international reserves are declining steadily for the first time since May 2023. According to the National Bank of Kyrgyzstan, their volume stood at $8.64 billion at the end of April 2026, representing a decline of more than $1.5 billion from the all-time high of $10.18 billion in January, Akchabar.kg reports.
The dynamics show that the decline has continued for the third consecutive month: in February, reserves fell to $9.63 billion, in March to $8.69 billion, and in April, they reached their current level. The decline was particularly noticeable in February and March, when the bulk of the decline in accumulated reserves was reversed.
Economists attribute this correction to several obvious factors. First, the National Bank of the Kyrgyz Republic's currency interventions to maintain the stability of the som exchange rate amid rising demand for foreign currency may have played a significant role. In the context of active imports and seasonal settlements on foreign trade contracts, the regulator traditionally uses a portion of its reserves to smooth out fluctuations in the foreign exchange market.
Secondly, an increase in external payments by the government and the banking sector—foreign debt servicing, payments for large infrastructure projects, and increased imported purchases of equipment and machinery—could have had an impact. These transactions require foreign currency resources, which directly impacts reserves.
A third factor, experts say, is a possible change in the structure of reserves, including gold transactions. Since a significant portion of Kyrgyzstan's international assets are formed from gold, fluctuations in global prices or partial sales of the metal for financial transactions could also have affected the overall figure.
Despite the decline, the current level of reserves remains significantly higher than levels in previous years. For comparison, at the beginning of 2024, they were approximately $3.3 billion, and at the beginning of 2025, they exceeded $5.1 billion. This means that the current correction is occurring after almost three years of uninterrupted growth, during which the country regularly set new record levels.
Analysts note that the current decline appears to be more of a technical correction following a sharp reserve accumulation than a sign of systemic deterioration. However, if the trend continues in the coming months, it could indicate increased pressure on the country's foreign trade balance and foreign exchange market.
CentralasianLIGHT.org
May 19, 2026