Kyrgyzstan’s Banks Build Up Deposits to 555 Billion Soms
Kyrgyzstan’s Banking System Shows Growth in Loan Portfolio
The banking system in Kyrgyzstan has seen a significant increase in its loan portfolio, with a 16.7 percent rise in the first nine months of 2024, totaling around 301 billion soms. This announcement was made by Deputy Head of the National Bank, Azat Kozubekov, during a press conference in Bishkek.
Kozubekov highlighted that the growth was mainly driven by an increase in lending in the national currency, where growth reached 19.9 percent. Additionally, the deposit base of banks grew to 555.4 billion soms, marking a 28.8 percent increase over the same period.
The Deputy Head noted that this positive trend indicates a high level of public confidence in the country’s banking system and stable savings preferences.
Furthermore, Kozubekov mentioned that the foreign exchange market remains stable, thanks to the flexible exchange rate within the floating rate regime. The exchange rate is determined by market forces, based on supply and demand for foreign currency.
It is important to note that the National Bank has decided to maintain the discount rate at 9 percent, providing stability and predictability in the financial sector. This news bodes well for Kyrgyzstan’s banking industry and overall economic outlook.