Kyrgyzstan’s gross international reserves hit a record high of $3.3 bn in February 2024, according to the National Bank of the Kyrgyz Republic. This surpasses the previous highs of $3.32 bn in January 2024, $3.24 bn in September 2021, and $3.23 bn in December 2023.
In February 2024 alone, the reserves saw an increase of $10.3 mn compared to January, and a year-to-date increase of $87.3 mn. Y/y the reserves grew by $778.3 mn, marking a 30.5% increase.
The National Bank leverages these reserves to mitigate drastic fluctuations in the foreign exchange market. In 2023, it conducted 14 interventions, selling $655.72 mn. In contrast, 2024 saw only two interventions so far, with sales amounting to $31.85 mn.
On the other hand, Uzbekistan’s international reserves saw a decrease, falling from $34.6 bn to $32.2 bn in Q1 2024, a drop of approximately 6.94%, as reported by the Central Bank of Uzbekistan. The foreign currency reserves, held in convertible foreign currencies, also decreased from $9.4 bn at the start of the year to $7.6 bn by the end of March, marking a decrease of about 19.4%.
Interestingly, the volume of gold reserves remained relatively stable over the quarter, despite price fluctuations. The gold reserves were valued at $24.6 bn in January, peaked at $24.9 bn in February, and fell slightly to $24.1 bn in March.
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