• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00196 0%
  • TJS/USD = 0.10737 0%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
13 January 2026

Pannier and Hillard’s Spotlight on Central Asia: New Episode Available Now

As Managing Editor of The Times of Central Asia, I’m delighted that, in partnership with the Oxus Society for Central Asian Affairs, from October 19, we are the home of the Spotlight on Central Asia podcast. Chaired by seasoned broadcasters Bruce Pannier of RFE/RL’s long-running Majlis podcast and Michael Hillard of The Red Line, each fortnightly instalment will take you on a deep dive into the latest news, developments, security issues, and social trends across an increasingly pivotal region.

This week, the team is taking a deep dive into the worsening situation for Central Asian migrant laborers in Russia, as seen in the recent raid in Khabarovsk, where one Uzbek citizen was beaten to death, and another was left in a coma. Our guest is Tolkun Umaraliev, the regional director for RFERL’s Central Asian service and previously the head of RFERL’s Migrant Media project.

Kyrgyzstan Sets Higher Capital Thresholds for Commercial Banks

The National Bank of the Kyrgyz Republic (NBKR) has approved new minimum capital requirements for commercial banks, including foreign bank branches, which will take effect in January 2026. Under the revised regulations, the minimum authorized capital must reach $34.5 million by 2030.

The central bank stated that the increase is intended to foster a more resilient and stable banking sector. To mitigate the impact on existing financial institutions, the capital thresholds will be raised incrementally over the coming years.

According to the schedule, commercial banks must raise their authorized capital to:

  • $9 million by July 1, 2026
  • $11.5 million by July 2026
  • $17.1 million by July 2027
  • $23 million by July 1, 2028
  • $28.6 million by July 1, 2029
  • $34.5 million by July 2030

Systemically important banks, defined as the largest players in the market, will face stricter standards. These institutions must raise their authorized capital to $91.5 million. If designated as systemically important, a bank will have one year to meet the authorized capital requirement and three months to bring its regulatory capital in line, according to the NBKR.

Previously, the minimum authorized capital for commercial banks stood at $9.1 million, and $22.8 million for systemically important institutions. The NBKR said the revised requirements reflect the growth of both the national economy and the banking sector.

The banking industry in Kyrgyzstan is expanding rapidly. As of the end of October 2025, the sector’s total assets reached $12.8 billion, an increase of 38% since the beginning of the year. Customer deposits climbed to $9.1 billion, marking a 35% rise. The growth is largely attributed to higher interest income from loans.

There are currently 21 commercial banks and 306 branches operating across the country.

Uzbekistan’s International Reserves Hit Record $66.3 Billion

Uzbekistan’s international reserves surged in 2025, rising by $25.1 billion to reach a record $66.3 billion as of January 1, 2026, according to the Central Bank of Uzbekistan. This 61% increase compared to the start of the year was primarily driven by rising global gold prices, although foreign currency reserves also grew significantly.

In December alone, gold and foreign exchange reserves increased by $5.08 billion, an 8.3% month-on-month gain. This marks the highest reserve level since the Central Bank began publishing official statistics in 2013.

Gold remained the dominant contributor to the increase. According to the Central Bank, the value of gold in the country’s reserves rose by more than $4.23 billion in December, reaching $55.09 billion. The physical volume of gold holdings also expanded, growing from 12.2 million to 12.6 million troy ounces, an increase of 0.4 million ounces in just one month.

Earlier in 2025, Uzbekistan’s gold strategy diverged from global trends. In September, the World Gold Council reported that Uzbekistan was the only country to record net gold sales. While most central banks were increasing their reserves, the Central Bank of Uzbekistan reduced its holdings during that period.

U.S. Expands Visa Bond Policy for Kyrgyzstan, Tajikistan and Turkmenistan

The United States has expanded a visa bond policy that increases the upfront cost of short-term travel for citizens of Kyrgyzstan, Tajikistan, Turkmenistan, and dozens of other countries. Under the policy, applicants for B-1 and B-2 business and tourism visas may be required to post bonds of $5,000, $10,000, or $15,000. The State Department set out the latest rules and the country list on its visa bond policy page.

The program now covers nationals from 38 countries. In Central Asia, it was applied to Turkmenistan on January 1, and is scheduled to extend to Kyrgyzstan and Tajikistan starting from January 21. The bond is refundable when travelers follow visa terms and leave on time, but it can tie up large sums for the duration of a trip and may put U.S. travel beyond reach for many applicants.

Turkmenistan, where emigration is tightly controlled, sees low numbers of its citizens entering the United States. Department of Homeland Security data for Fiscal Year 2024 indicates that the total number of Turkmen nationals issued B-1/B-2 visas to the U.S. was 1,759. Tajikistan, meanwhile, saw 1,772 visas granted, and Kyrgyzstan 9,625. By way of comparison, Saudi Arabia saw over 54,000 visas granted.

The expansion has already triggered public pushback in Kyrgyzstan. In a post on X on Thursday, Edil Baisalov, the deputy chairman of Kyrgyzstan’s Cabinet of Ministers and a prominent ally of President Sadyr Japarov, urged the Kyrgyz authorities to review visa-free access for U.S. citizens. Kyrgyzstan currently allows U.S. travelers to enter without a visa for stays of up to 30 days.

“I believe that we should initiate a review of our visa-free regime for U.S. citizens following the new visa requirements announced yesterday by the State Department, under which Kyrgyz citizens are required to pay a visa deposit of up to $15,000 when submitting visa applications,” Baisalov wrote. “Visa policy is a matter of parity and mutual respect. If such high barriers are introduced for our citizens, we cannot pretend that nothing has happened.”

Baisalov did not specify precisely what changes Kyrgyzstan might pursue, and any escalation risks provoking a dispute with a far stronger partner. The remarks also come as Kyrgyzstan and other Central Asian governments seek closer engagement with President Donald Trump’s administration while managing competing pressures from Russia and China.

The measure is a setback for Kyrgyz efforts to ease travel barriers with the United States. Kyrgyz Foreign Minister Zheenbek Kulubaev raised visa issues with U.S. Deputy Secretary of State Christopher Landau during a meeting on the sidelines of the U.N. General Assembly in New York in September.

So far, Tajikistan has not matched Kyrgyzstan’s public stance, with no prominent statement appearing on Tajik government channels addressing the bond requirement or signaling reciprocity. Discussion has instead focused on what the new U.S. rules mean for applicants, the implementation timeline, and the bond amounts that may be set at the interview stage.

For Turkmenistan, the requirement adds another hurdle to an already narrow path to U.S. travel. The country’s internal controls and the difficulty of obtaining U.S. visitor visas mean the new deposits will likely concentrate travel among an even smaller group of applicants with significant accessible funds.

The bond policy also creates logistical constraints for those required to post deposits. Bonded travelers must enter the United States through designated airports rather than any international gateway. The designated airports are Boston Logan, John F. Kennedy International Airport in New York, Washington Dulles, Newark, Atlanta, Chicago O’Hare, and Los Angeles, along with Toronto Pearson and Montréal–Trudeau in Canada.

The visa bond program has expanded rapidly, with the list of countries subject to visa bonds growing from 13 to 38 as part of a wider tightening around immigration and visa compliance, including steps aimed at deterring overstays. In Fiscal Year 2024, Mexico recorded 52,083 B-1/B-2 overstays, Venezuela 19,041, and Haiti 15,981, compared with 643 for Kyrgyzstan, 140 for Tajikistan, and 320 for Turkmenistan, according to U.S. Customs and Border Protection data. Although the three Central Asian countries affected send relatively few visitors to the United States, their inclusion reflects a focus on overstay rates by percentage rather than raw overstay numbers.

For applicants, the requirement adds uncertainty late in the process. The bond is imposed only after an applicant is found otherwise eligible, but it can still function as a practical barrier. In economies where access to dollars is limited and household savings are constrained, securing a large refundable deposit at short notice may prove impossible. Even when returned, a bond can tie up funds for months and add financial strain to travel that already carries substantial costs.

As the January 21 implementation date approaches for Kyrgyzstan and Tajikistan, the visa bond policy is likely to remain a point of diplomatic tension, even as its most direct consequences are felt by travelers weighing whether U.S. travel remains financially viable.

Uzbekistan Hosts 336 U.S. Companies

As of December 1, 2025, Uzbekistan is home to 336 enterprises with U.S. capital participation, according to data released by the National Statistics Committee. The figures reflect the growing presence of American businesses in Uzbekistan amid ongoing efforts to strengthen bilateral economic ties.

Of the total, 146 are joint ventures, while 190 are fully foreign-owned enterprises. Tashkent city accounts for the majority, hosting 237 companies, a testament to its role as Uzbekistan’s primary financial and commercial hub. Tashkent region follows with 31 companies, while Samarkand region hosts 19.

Other regions with U.S.-capital enterprises include Bukhara (8), Kashkadarya and Navoi (6 each), Fergana and Jizzakh (5 each), Andijan, Syrdarya, and the Republic of Karakalpakstan (4 each), Namangan and Khorezm (3 each), and Surkhandarya (1).

The latest data comes amid a broader institutional push to enhance Uzbekistan-U.S. economic cooperation. In November 2025, the government launched the Uzbekistan-U.S. Business and Investment Council, a new platform aimed at deepening trade and investment ties. The initiative was formalized by presidential decree on November 12, following agreements reached during President Shavkat Mirziyoyev’s official visit to Washington for the C5+1 summit.

In a further step to facilitate business and tourism links, Uzbekistan introduced a visa-free regime for U.S. citizens starting January 1, 2026, allowing stays of up to 30 days.

Kazakhstan Boosts Trade with Turkic States on Back of Rising Exports

Kazakhstan has significantly increased mutual trade volumes with member states of the Organization of Turkic States (OTS), primarily driven by a surge in exports. According to data from the first ten months of 2025, trade turnover with OTS countries rose by nearly 11%, Deputy Minister of National Economy Asan Darbaev announced at the Third General Assembly of the Union of Turkic Chambers of Commerce and Industry (TCCI) in Astana.

The OTS includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkmenistan, Turkey, and Uzbekistan as full members. Hungary and Northern Cyprus hold observer status and contribute to deepening economic, cultural, and political cooperation across the Turkic world.

“At the end of ten months of 2025, the volume of mutual trade between Kazakhstan and OTS countries reached approximately $10.4 billion, which is almost 11% higher than the same period last year,” Darbaev stated.

He noted that this growth was largely due to a 16.6% increase in Kazakhstani exports to OTS member states, which totaled $7.6 billion. Imports from these countries to Kazakhstan amounted to $2.8 billion.

The export surge was driven by increased shipments of copper and copper cathodes, crude oil, wheat, petroleum products, sunflower oil, and a range of metallurgical and agro-industrial goods. According to Darbaev, this indicates not only the continued strength of Kazakhstan’s raw materials sector but also the gradual diversification of exports with higher value-added products.

Turkey, Uzbekistan, Kyrgyzstan, and Azerbaijan remain Kazakhstan’s principal trading partners within the OTS. Turkey leads with a trade turnover of $4.36 billion, followed by Uzbekistan at $3.88 billion. Trade with Kyrgyzstan reached $1.78 billion, while trade with Azerbaijan stood at approximately $390 million.

During the assembly, Kazakhstan assumed the rotating chairmanship of the TCCI for the first time since the Union’s establishment in 2019. The organization includes chambers of commerce and industry from Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, Uzbekistan, Turkmenistan, and Hungary. It serves as a key platform for advancing trade, industrial cooperation, investment, and technology exchange among member and observer states.

Raimbek Batalov, chairman of the presidium of Kazakhstan’s National Chamber of Entrepreneurs “Atameken,” was appointed head of the TCCI for a one-year term.

“The Turkic economic space today possesses all the prerequisites for a qualitative leap forward, scale, resources, an institutional foundation, and political will. Our shared goal is to convert this potential into sustainable production, investment, job creation, and improved living standards,” Batalov said.

Delegates at the assembly identified priority areas for future cooperation, including the development of joint industrial projects, operationalization of the Turkic Investment Fund, reduction of trade and technical barriers, and enhanced transport and logistics connectivity.

Previously, The Times of Central Asia reported that energy ministers from OTS countries had discussed key joint initiatives in December 2025 as part of ongoing regional collaboration.