The cost of printing banknotes and coins increased in 2022, the National Bank of Kyrgyzstan announced. According to the bank's report, the expenses amounted to 609 million 319 thousand soms, or $6 million 962 thousand.
This is 40.15% more than a year earlier, when the cost of printing money was estimated at 434 million 774 thousand soms. That is, in 2022, expenses increased by 174 million 545 thousand soms.
The costs of issuing banknotes and coins include the costs of security, transportation, insurance, and so on. The costs of issuing banknotes and coins are recognized after they are put into circulation.
In 2022, the volume of money in circulation in Kyrgyzstan increased by 58.4 billion soms and reached 197 billion 935.9 million soms.
After the collapse of the USSR in 1991, Kyrgyzstan was the first Central Asian country to introduce its own currency in May 1993. This year, the currency of Kyrgyzstan, the som, celebrates its 30th anniversary and is considered the most stable in Central Asia.
In connection with the anniversary of the som, the National Bank of Kyrgyzstan introduces updated denominations of the som in a new design starting from May 10. It was on this day in 1993 that all funds in Kyrgyzstan were transferred to the new Kyrgyz monetary unit.
Kyrgyzstan does not have its own mint for the issuance of money on its own, and therefore it orders the production and minting of money in foreign countries, in particular in the UK. At the beginning of 2023, the Government of Kyrgyzstan announced its intention to build its own mint to issue its own money on its own.
CentralasianLIGHT.org
May 2, 2023