On January 23, the Jogorku Kenesh received a draft law, which provides for the transfer of 100% of the National Bank's profit, received by the results of work in 2024, to the republican budget. This initiative belongs to the Cabinet of Ministers.

It is specified that the main purpose of the draft constitutional law “On issues of transferring the profits of the National Bank of the Kyrgyz Republic” is to direct 100% of the National Bank's profits at the end of 2024 to the republican budget. This is done to increase the revenues of the republican budget at the expense of the profit of the NB KR.

“The transfer of the full profit of the National Bank will significantly increase the revenue part of the budget, which will be an important step to finance socially important expenditures and stabilize the socio-economic situation in the country,” reads the background to the project.

Given the importance of the project, it is proposed for consideration by the Jogorku Kenesh in an extraordinary order simultaneously in three readings.

Recall, in 2024, the Cabinet of Ministers has already initiated a similar project, under which the entire profit of the National Bank for 2023 was transferred to the national budget. Then the amount amounted to 12.4 billion soms. This decision was made despite the fact that the financial indicators of the National Bank for 2023 indicated the need to keep the profit of the regulator. Moreover, the management of the National Bank supported this decision.

Whether related or not, the National Bank recorded a loss of half a billion soms in the first half of 2024 and improved the situation only by the second half of the year, when it managed to enter profit. At the end of September 2024, its net profit amounted to 2.6 billion soms. The National Bank has not yet published data for the remaining months of the year, so the final results remain to be seen.