Kyrgyzstan's International Reserves Near $6 Billion

Kyrgyzstan’s gross international reserves increased by 57.2 percent in 2024, reaching $5.088 billion, according to Melis Turgunbaev, Chairman of the National Bank of Kyrgyzstan, who shared the news on Facebook.

He noted that compared to 2023, reserves increased from $3,236.5 billion to $5,088.1 billion. The absolute increase is $1,851.6 billion, which is equivalent to a 57.2 percent growth, The Caspian Post reports citing local media.

«One of the key factors that contributed to the increase in reserves in 2024 was the increase in the cost of gold, given the significant share of this asset in their structure. The National Bank actively purchased precious metal from local producers, which contributed to both an increase in reserves and support for the domestic precious metals market. A sound investment strategy and risk minimization also played an important role, thanks to which it was possible to increase the profitability of assets and efficiency of their use,» the National Bank Chairman wrote.

According to him, the growth of international reserves plays an important role in maintaining the stability of the country’s economy. It helps strengthen the national currency, conduct an effective currency policy, fulfill the state’s external financial obligations, as well as maintain the operational activities of the National Bank and increase confidence in the country’s financial system.

In general, a significant increase in gold and foreign exchange reserves in 2024 indicates a balanced policy of managing the National Bank’s assets and supporting the domestic market, the statement says.