Bishkek, Mar.13, 2020./Kabar/. According to the National Bank of Kyrgyzstan, the Som weakened against both the Dollar and Euro.
Spokesperson Bolotbek Isahunov from The working group of experts promoting domestic goods under the Ministry of Economy of the Kyrgyz Republic, noted that domestic manufacturers exporting products abroad are benefiting from the sharp rise of the dollar.
"The current situation, In part, is beneficial to local producers, although it is necessary to take into account which country exports are going to. If exporting to Russia or Kazakhstan, there will be no benefit, since the Russian ruble has fallen more than our currency. Conversely, importing is now profitable buying goods from Russia, but with China, Europe and America it is more expensive for us.”
Bolotbek Isahunov believes that the dollar exchange rate may be fixed at 73 Soms for some time, but he hopes that there will be no sharp increases with the dollar exchange rate.
"Unfortunately, we are closely linked with Russia. Our exchange rate will change depending on what happens to the ruble and the oil industry, because the Russian economy is dependent on it. But the situation in our market will also depend on authorities and their actions, particularly the national Bank. I think that our authorities will not allow a strong drop in the Som as it happened with the Ruble in Russia using tools to avoid fluctuations.”
It should be noted that from March 11th to 12th, the exchange rate of the US Dollar strengthened by 4.37% and is currently standing at 72.9 Som, the Euro by 3.97% at 82.4718 Som, the Ruble at 1.2 Som and the Tenge at 0.1848 Som by 5.17% and 4.11%, respectively.
Since the evening of March 8th, the ruble has sunk significantly against the Som. Experts say this is a reaction to the OPEC deal, lowering the price of a barrel of oil.
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