In the first half of 2025, the National Bank of the Kyrgyz Republic (NBKR) recorded a significant increase in its gold and foreign exchange reserves — their volume rose by almost 2.7 times compared to the beginning of the year. This surge resulted from active gold purchases and replenishment of foreign currency reserves, according to Akchabar.kg.
As of 2024, the NBKR’s reserves reached 429.6 billion soms (equivalent to a broad range in USD terms), up 55% from the previous year, with the main growth attributed to gold and foreign exchange assets.
Meanwhile:
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Uzbekistan, as of October 1, 2025, increased its international reserves to $54.99 billion, marking a record high and a growth of about 33% since the beginning of the year.
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Kazakhstan, as of September 2025, raised its reserves to $55.5 billion, a 27.4% increase from early 2025. Rising global gold prices and active acquisitions of the asset were key contributing factors.
An increase in reserves provides central banks with stronger instruments to support national currency stability, meet external debt obligations, and bolster the confidence of international investors.
For Kyrgyzstan, whose economy remains highly sensitive to external factors, this growth in reserves is a crucial indicator of financial resilience.
The sharp rise in the NBKR’s reserves represents a major step toward strengthening macroeconomic stability. A comparison with neighboring countries shows that Kyrgyzstan is following the regional trend of expanding reserve buffers. However, it remains essential to monitor the composition and management of these reserves to ensure sustainable growth without excessive fiscal risk.
CentralasianLIGHT.org
October 22, 2025