Kyrgyzstan’s gold reserves currently stand at 52 tons, Chairman of the National Bank of Kyrgyzstan Melis Turgunbaev announced during a session of the Jogorku Kenesh (parliament), 24.kg reports.
The disclosure sparked interest among lawmakers, who raised concerns about fluctuations in global gold prices and their potential impact on the national economy.
MP Dastan Dzhumabekov estimated that the current value of the gold reserves amounts to approximately $3.7 billion - more than the country’s annual budget. He questioned whether it would be prudent to convert part of the reserve into foreign currency and direct it toward major national infrastructure projects such as the Kambar-Ata hydroelectric plant and railway development.
“This is a significant figure - more than our entire budget. With gold prices currently high, wouldn't it make sense to convert some of the reserves into currency and invest in strategic state projects instead of simply holding on to it?” Dzhumabekov asked.
He added that this approach could reduce Kyrgyzstan’s reliance on external loans.
In response, Turgunbaev emphasized that one of the National Bank’s core responsibilities is the implementation of sound monetary policy. “Our analysts monitor gold prices daily. Sometimes we buy, sometimes we sell. The same applies to foreign currencies - dollars, rubles - depending on market conditions,” he said.
Turgunbaev noted that the bank achieved substantial earnings last year through effective management of its international reserves and has already posted strong returns in the first five months of this year. “If our analysis indicates it’s the right time to sell gold, we sell it,” he explained.
Several MPs praised the central bank’s strategy. MP Guli Kozhokulova highlighted that the National Bank of Kyrgyzstan is now ranked among the top three central banks in the world in terms of gold sales.
CentralasianLIGHT.org
June 19, 2025