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Kyrgyzstanis prefer to take loans in national currency

Residents of Kyrgyzstan often take loans in national currency. Report on the monetary policy of the National Bank of Kyrgyzstan on the results in the first half of 2018 says.

The volume of the loan portfolio in the national currency increased in the second quarter of 2018. At the same time, interest rates on loans in both national and foreign currencies decreased.

The volume of the loan portfolio of commercial banks reached 119.6 billion soms, increasing by 10.4 percent since the beginning of the year. The volume of loans in national currency increased by 11 percent, in foreign currency — by 9.4 percent.

Dollarization of the loan portfolio since the beginning of the year decreased by 0.3 percent up to 37.6 percent. This is due to the decrease in loans in foreign currency for a period of up to 3 years.

In the context of industries, there was an increase in the number of loans in agriculture (5.3 times), social services (47.4 percent) and construction (32.1 percent).

The average rate on newly issued loans in soms was 18.27 percent, in foreign currency — 9.56 percent.

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