The dollar rate in September 2026: what will happen to the som after the NBKR meeting

As of September 7, 2026, the NBKR's official rate is 87.45 som per US dollar — the rate has held in this range for several weeks without sharp swings. For comparison: the euro trades around 101.82 som, the Russian ruble at 1.073 som, the Kazakh tenge at 0.164 som, and the Chinese yuan at 12.24 som. Inflation in the country stands at 5.8% per year, while the economy is growing at 8.1% — a fairly stable combination that currently creates no pressure on the som's rate.

What determines the rate today

• The NBKR key rate at 9% — curbs inflation and keeps interest in som-denominated assets
• Inflows of foreign currency from gold exports and remittances from labor migrants
• Seasonal currency demand ahead of the school year and autumn purchases by importers
• The dynamics of the ruble and yuan, which remain key trading currencies for Kyrgyzstan

Exchange offices in Bishkek, Osh and other cities usually offer rates close to the NBKR's official rate, with a spread of 10–30 tyiyn between buy and sell. Sharp discrepancies between exchange offices often signal a temporary shortage of cash currency rather than a real change in the som's market value.

What to expect after the NBKR meeting

The NBKR regularly reviews its key rate based on inflation and economic growth. With inflation at 5.8% and solid GDP growth of 8.1%, the regulator currently has no urgent need to change the rate sharply — keeping it at 9% looks like the most likely scenario for the coming months. That, in turn, supports the som's stability without sharp devaluation swings.

Risks to the som's rate traditionally stem from external factors: fluctuations in gold prices (the country's key export commodity), changes in the ruble rate that affect the volume of remittances from labor migrants, and the global dynamics of the dollar in world markets.

How to protect your savings at the current rate

For those keeping savings in som, with inflation at 5.8% and deposit rates up to 17% per year, currency risk currently looks less pressing than the missed gain from a high som deposit rate — the yield gap between som and currency deposits is 10–12 percentage points. For those planning major expenses in foreign currency (studying abroad, imported purchases), it's sensible to set aside the needed sum in the currency of the eventual payment rather than waiting for a potentially better rate.

A practical tip

The rate may fluctuate slightly during September amid seasonal demand, but there are currently no fundamental factors pointing to a sharp devaluation or strengthening of the som. Before a large currency purchase, it's worth comparing rates at exchange offices and banks, as well as current deposit rates in different currencies, on FinMarketKG — this helps you pick the best moment and place for the transaction.