Interestingly, the National Bank reported a record level of gold and foreign exchange reserves of $10,177.18 billion at the beginning of January 2026. As of January 29, 2026, they stood at $10,039.5 billion. Compared to January 2025, when the figure stood at $5,190.86 billion, they have almost doubled. For some reason, the infographic does not reflect this record.

As of the end of April, the country’s gross international reserves amounted to only $8,637.7 billion. Over the three months, they decreased by $1.54 billion. This is due to the sale of $893.45 million in foreign currency on the domestic market and the global price of gold, which is part of the reserves.

It is worth noting that the price of gold in 2025 broke records, reaching $4,530.6 per ounce by the end of the year. In January, its price rose to $5,300 per ounce. There were also notable declines. Currently, the price of gold fluctuates between $4,680 and $4,705 per ounce.

Gold and foreign exchange reserves consist of two main components: gold bullion and highly liquid foreign currency (US dollars, euros). They serve three main purposes:

To stabilize the som exchange rate — the National Bank conducts currency interventions, selling currency from its reserves during sharp exchange rate fluctuations.

To pay external liabilities — reserves allow for the purchase of critical goods abroad (gas, gasoline, medicines) and to service external debt.

To provide a financial shield — in the event of a global economic crisis, reserves ensure the stable functioning of the economy for a certain period.