Kyrgyzstan’s gross foreign reserves fell to $1,778.3mn in 2015, down by 9.16% y/y, according to latest figures by the National Bank of Kyrgyzstan.
The reserves were down due to a combination of factors, including regular interventions by the central bank to support the Kyrgyz som, which has been on a rollercoaster in 2015, depreciating by 28.87% y/y against the greenback. In an effort to shore up the national currency, the central bank sold $330.5mn in 2015 and $536.7mn in 2014, according to the bank’s latest figures.
Kyrgyzstan’s monetary base increased by 4% y/y to KGS67,055mn (€402.3mn) at the end of 2015, according to the figures. At the same time, M2 money supply (monetary base plus savings and term deposits) amounted to KGS143,143mn at the end of the year, up from KGS124,544mn at end-2014.
Total outstanding loans issued by Kyrgyz commercial banks grew to KGS93,954mn at the end of 2015, up by 19.3% y/y, the figures show.
Total bank deposits in Kyrgyzstan stood at KGS102,878mn at end-2015, up from KGS82,535mn at end-2014, according to the figures. Deposits in foreign currency stood at KGS67,494mn at end-2015, while deposits in the local currency amounted to KGS35,384mn, the figures show.