Where to put your som in 2026: we compare deposits, government bonds, NBKR notes, KSE shares and gold by return, risk and liquidity. 6 licensed brokers and asset managers.
Returns are in som, per year, as of September 2026
Bank deposit
10% – 17%
Return
Fixed rate, DPA guarantee up to KGS 200,000. The base of any portfolio.
Find offersKyrgyz MoF government bonds
11% – 15%
Return
Government debt with a semi-annual coupon. Bought via a broker or dealer bank at NBKR auctions.
NBKR notes
8.5% – 10%
Return
Short-term central bank securities. Yield tracks the 9% policy rate. Available via dealer banks.
Shares on KSE
-15% – 35%
Return
Shares of KICB, Kyrgyztelecom, Aiyl Bank, Sary-Jaz and others. Volumes are growing but liquidity is limited.
NBKR gold bars
5% – 25%
Return
Measured bars of 1–100 g with a guaranteed central bank buy-back. Inflation hedge, 3–5% spread.
Mutual funds & trust management
8% – 20%
Return
Portfolios of government bonds, deposits and shares run by licensed managers — Senti, KICB Capital.
USD deposit
3% – 5%
Return
Currency diversification. With a stable som it underperforms a som deposit.
Find offersAverage annual return in som, %. KSE index and gold — actual price change; 2026 covers January–August.
| Instrument | 2023 | 2024 | 2025 | 2026 | 4-year average |
|---|---|---|---|---|---|
| Som deposits (average) | 13.5% | 14.8% | 15.6% | 16.2% | 15% |
| 2-year government bonds | 12.1% | 13.4% | 13.9% | 13.2% | 13.2% |
| 28-day NBKR notes | 11.8% | 9.2% | 9% | 8.9% | 9.7% |
| KSE index | 28.4% | 41.7% | 12.3% | 19.5% | 25.5% |
| Gold (in som) | 13.2% | 26.8% | 24.1% | 11.4% | 18.9% |
| USD deposits | 3.2% | 3.8% | 4.1% | 4.2% | 3.8% |
| Inflation | 7.3% | 6.3% | 5.5% | 5.8% | 6.2% |
Allocation of KGS 1,000,000 depending on risk appetite
Conservative
Preserve capital and beat inflation
Expected return 13–15%
Balanced
Growth with moderate risk over 3–5 years
Expected return 14–18%
Aggressive
Maximum growth over 5+ years, tolerance for drawdowns
Expected return 15–25%
Licensed by the Financial Supervision Service and issuers of government securities
KICB Capital
Broker · kicbcapital.kg
4.7 640 reviewsInvestment arm of the KICB group. Brokerage, trust management, access to Ministry of Finance auctions.
Senti Financial Company
Asset manager · senti.kg
4.5 480 reviewsThe oldest broker and asset manager in Kyrgyzstan. Launched the country's first mutual fund; mobile app for KSE trading.
Ak Terek Financial Company
Broker · akterek.kg
4.3 310 reviewsBroker-dealer focused on corporate bonds and IPOs of Kyrgyz companies.
Kyrgyz Stock Exchange (KSE)
Exchange · kse.kg
4.4 220 reviewsThe country's only stock exchange. Trading via accredited brokers, daily KSE index publication.
Kyrgyz MoF government bonds
Government instrument · minfin.gov.kg
4.8 390 reviewsA direct loan to the state. 11–15% yield at minimal risk, interest is tax-free. Buy via KICB, Optima, Aiyl Bank.
NBKR notes and gold
Government instrument · nbkr.kg
4.9 1120 reviewsThe central bank sells measured gold bars with a buy-back guarantee and places short-term notes through dealer banks.
Set a goal and horizon
For 1 year — a deposit or notes; for 3–5 years — government bonds and gold; for 5+ years — shares.
Open a brokerage account
Online via Tunduk ID in 15 minutes. The broker must hold a Financial Supervision Service licence.
Fund the account
By transfer from any Kyrgyz bank card. Entry starts from KGS 1,000 for government bonds.
Buy instruments
Through the broker's app or a bid at a Ministry of Finance auction. Reinvest the coupons.
Expert opinion
Ainura Kasymova · financial analyst, FinMarketKG
For most people in Kyrgyzstan a sensible start is 70% in som deposits and government bonds, 20% in NBKR gold and 10% in KSE shares or a fund. Such a portfolio yields 14–16% at near-deposit risk, and interest on deposits and bonds is tax-free. Don't buy shares with your last money and don't trust promises of 30%+ returns without risk.
First build a safety cushion in a savings account (3–6 months of expenses), then open a deposit at 16–17% — a risk-free base. Only then add government bonds, gold and shares. You can start with KGS 5,000–10,000 via a broker licensed by the Financial Supervision Service.
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