National Bank’s comments on reasons for frequent interventions in November

Bishkek, Dec. 1, 2020. /Kabar/. The National Bank of Kyrgyzstan told the reasons for frequent interventions in November.

According to the press service of the Bank, excess of demand for foreign currency over its supply was observed in the domestic currency market in November.

"External factors, in particular, volatility in commodity markets, the introduction of repeated restrictions in a number of countries due to the COVID-19 pandemic and related negative expectations in the global economy were factors that put pressure on the exchange rate of the national currency, and caused currency interventions by the National Bank to smooth sharp fluctuations in the exchange rate," the report says.

In November, the National Bank of the republic conducted 11 interventions. In total, USD 84.7 million was sold last month.