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Members of Kyrgyzstan's Parliament, the Jogorku Kenesh, have proposed that the national currency, the som, be established as the only means of payment in the country. The draft bill establishes that the som must be used in all domestic transactions, except for those related to export and import. It is seen as a step to reduce Kyrgyzstan's dependence on foreign currency, and stabilize the country's financial system. The draft law emphasizes that using foreign currencies -- especially in real estate, vehicle purchasing, and lending transactions -- creates additional risks for citizens. Sharp fluctuations in exchange rates make it more difficult for borrowers to repay debts. Similar measures have also been taken in Turkmenistan, where using foreign currency for everyday payments is almost entirely outlawed. Iraq has banned all domestic transactions to strengthen and stabilize the local currency, the Iraqi dinar.
The head of the Kyrgyz Cabinet of Ministers, Akylbek Japarov, has said that thanks to the fruitful work of the government, “a new era in the financial sector of the Kyrgyz Republic has begun.” During a conference, which was attended by ministers, deputies, officials of various levels, representatives of the World Bank, Asian Development Bank, and other international organizations, Japarov spoke about the new monetary policy. According to him, in 2020, the consolidated budget amounted to 247.8 billion KGS ($2.8 billion), whereas in 2024, the budget is estimated at 670 billion KGS ($7.6 billion). In four years, the authorities were able to increase the state budget by almost 400 billion som ($4.5 billion). “The reason for such achievements was the elimination of corruption. The main disease was the Kumtor deposit. Dividends received from it from 1994 to May 2021 amounted to $100 million. Over the past two and a half years, we have made a profit of $300 million,” Japarov said. The head of the Cabinet emphasized that Kyrgyzstan's GDP has reached 1.4 trillion som ($15.9 billion), while at the time of the collapse of the USSR and independence, the republic's GDP was only 100 million som ($1.1 billion). “The growth of state budget revenues has become a solid basis for the implementation of policies to improve the socioeconomic situation of citizens,” Japarov summarized.
On November 24th, the Mejlis of Turkmenistan, during its fourth meeting of the seventh convocation, unanimously adopted the Law "On the State Budget of Turkmenistan for 2024". The budget, which is based on comprehensive calculations backed by the state's financial capacity, aims to serve the interests of the people and their well-being. The session was chaired by President Serdar Berdimuhamedov, who addressed the priorities of the state policy. The meeting also considered several significant normative legal acts developed in line with the country's comprehensive program for the modernization of the legal framework. The main financial-legal document for local budgets in the forthcoming year was also discussed. The budget for 2024 is set to reach a total of 102,313.5 million Turkmen manat (US $ 29.23 billion), marking a significant increase from the previous year1. In addition to the 2024 budget, the Mejlis also unanimously adopted the Resolution "On the Implementation of the State Budget of Turkmenistan for 2022". The meeting further deliberated on several draft laws such as the "International Convention on Civil Liability for Damage from Bunker Fuel Pollution", "Amendments and Additions to Some Legislations of Turkmenistan", and "Protection of Objects of National Historical and Cultural Heritage". These legislative drafts were all unanimously approved and adopted. The adoption of the state budget for 2024 and the discussion of various legislative drafts underscore the government's commitment to modernizing the country's legal framework and boosting economic growth.
