According to the draft presented by the National Bank, the maturity period for Cabinet of Ministers government securities within high-liquid assets may be increased from the current 7 to 180 calendar days. This applies to the calculation of the K3.3 instant liquidity ratio.

StoriesNBKR proposes new rules for government bondsSlides: 6
  1. NBKR proposes new rules for government bonds
  2. The National Bank wants to allow commercial banks to include government securities with a maturity of up to 180 days in their high-liquid assets calculation.
  3. 180 days — proposed maximum maturity for liquid assets
  4. The change aims to improve liquidity management for banks, as the current 7-day limit restricts their ability to use securities in repo operations or secondary markets.
  5. 63.4 billion som — interbank transaction volume as of October 28, 2026
  6. The proposal follows a record increase in interbank activity, which has reached its highest levels in 10 years.

Objectives of the changes and scope of banks

The agency explained that the current 7-day limit restricts banks' liquidity management capabilities, even if the securities can be sold on the secondary market or used in repo operations. The new rules are designed to increase the efficiency of using government securities.

The proposed measures will affect banks whose deposit base constitutes 8% or more of the total deposit base of the entire banking system. The specific list of such organizations and the ratio parameters are determined by the National Bank's Supervision Committee.

Growth in interbank activity

The need to adapt the rules is linked to a sharp increase in the volume of interbank operations, which have reached record levels over the last 10 years. The market activity dynamics are as follows:

11.4 billiontransaction volume in August 2026 (som)
25.4 billiontransaction volume in September 2026 (som)
63.4 billiontransaction volume as of October 28, 2026 (som)

Context

The K3.3 instant liquidity ratio is used to monitor the ability of banks to promptly meet their obligations. Cabinet of Ministers government securities are a tool for managing public debt and an important asset for the financial sector.