Historical Sketch

In the second half of the 19th century, Russia gradually absorbed the Kyrgyz territories into the so-called Turkestan, the formal annexation occurred in 1876. In the Soviet era, a separate entity was created within the Russian Federation, first an Autonomous Oblast (county) in 1924, then an Autonomous Soviet Republic in 1926. Until 1925, there was no distinction between Kazakh and Kyrgyz peoples, both were called Kyrgyz, the latter with the addition "Kara (blue)" Kyrgyz. The Soviet territorial reform of 1936 elevated Kyrgyzstan to a separate Socialist Soviet Republic. In 1991, Kyrgyzstan withdrew from the USSR and declared independence.

Monetary History Overview

For the first two years of independence, Kyrgyzstan continued using the Russian currency. In May 1993, the central bank began operations, and the Kyrgyz Som was introduced as national currency. The exchange rate was set to float from the beginning and steeply declined until the end of the decade. In 1999, after around 90% of the initial value had gone, the Som began to stabilize. This remained so for more than a decade, but in the mid-2010s the downward trend has set in again.

Kyrgyzstan joined the International Monetary Fund (IMF) on 08.05.1992.

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