The National Bank of Kyrgyzstan commented on media reports that 19 tons of gold worth $1.1 billion were exported from the country to unknown countries last year.

The bank noted that the data of the National Statistical Committee on foreign trade for 2021 reflects the operations of the National Bank of the Kyrgyz Republic on movement of gold to one of the European countries. This was done at the beginning of last year to ensure liquidity in foreign currency as part of monetary policy.

«The foreign currency funds received from the sale of gold in foreign markets were transferred to the accounts of the National Bank. They were used for conducting interventions in the country’s domestic foreign exchange market (about $735 million), making payments to repay the country’s external debt and other obligations in foreign currency (about $200 million). Additionally, the level of international reserves at the end of 2021 increased by $169.5 million, or 6 percent, and amounted to $2,977.6 billion,» the National Bank said.

At the same time, the bank notes that data on operations with gold and foreign exchange reserves are classified as confidential information in the international practice of central banks. This is due to the need to comply with the principle of safety. The National Bank of Kyrgyzstan manages international reserves in compliance with this principle. Therefore, information on these transactions is limited.

«When carrying out its activities, the National Bank adheres to the principles of openness, reliability and completeness of information. Information about the operations carried out by the National Bank in 2021 is reflected in the published financial statements of the National Bank, which, in accordance with the International Standards on Auditing, was confirmed by an independent international audit and submitted to the Parliament. The financial statements of the National Bank for 2021 are also published on the official website of the National Bank,» the statement says.