BAKU, Azerbaijan, June 13. Kyrgyzstan's deposit base continued to grow in the first quarter of 2023, which is mainly due to an increase in deposits in foreign currency, Trend reports.
According to the country's National Bank, as of the end of March, foreign currency deposits experienced a substantial increase of 7.8 percent, driven by a notable 16.5 percent growth in time deposits, a 7.6 percent rise in current accounts, and a 4.6 percent increase in demand deposits.
Furthermore, in the reporting period, the deposit base in the national currency surpassed the December 2022 figures by 1 percent, reaching an impressive total of 186.3 billion Kyrgyz som ($2.1 billion). This surge can be primarily attributed to a 6.9 percent increase in time deposits since the previous December.
Additionally, demand deposits experienced a growth of 3.4 percent, while current accounts witnessed a decline of 6.3 percent.
Meanwhile, the dollarization of deposits reached 47.2 percent, showcasing a 1.6 percent increase compared to December 2022.