Kyrgyzstan's international reserves reach record high

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In the context of the ongoing difficult geopolitical situation, rising world prices in the food and non-food markets, the activities of the National Bank of Kyrgyzstan were aimed at minimizing the impact of external factors and maintaining the purchasing power of the national currency, said Chairman of the National Bank of Kyrgyzstan Kubanychbek Bokontaev. He made a report to deputies - members of the Committee on Budget, Economic and Fiscal Policy of the country's parliament, who participated in the seminar “Activities of the National Bank,” Akchabar reports.

“Despite the negative foreign economic background, in 2023 we managed to maintain macroeconomic and price stability in the Kyrgyz Republic. Thus, at the end of 2023, the annual inflation rate decreased by half, from 14.7 to 7.3%, and in May 2024, inflation amounted to 4.4% in annual terms,” said the head of the National Bank of the Kyrgyz Republic.

It was also noted that in 2023, the volume of international reserves of Kyrgyzstan increased from $2.8 to $3.2 billion, and in May of this year reached $3.7 billion, which is a historically maximum figure.

The head of the National Bank also informed that there has been a significant increase in the main indicators of the country’s banking and payment systems.

“The set objectives for the development of the payment system were successfully implemented. The number of QR codes installed at trade and service enterprises has grown fivefold and exceeded 52 thousand,” emphasized Kubanychbek Bokontaev.

In turn, deputies of the Jogorku Kenesh noted the positive results of the activities of the National Bank and the need to continue work to ensure the availability of loans and banking services for the population, improve the activities of financial and credit organizations, ensure the protection of consumer rights, etc.

June 3, 2024