Bishkek, Mar.11, 2020. /Kabar/. Chairman of the National Bank of Kyrgyzstan Tolkunbek Abdygulov made a statement in connection with the fall of the national currency against the U.S. dollar and the euro.
During the briefing, he said the external environment remains difficult. According to him, there is high volatility in the financial markets of the main trading partners.
"The linkage of external markets through trade and financial transactions, including remittances, determines the impact of the situation in these countries on Kyrgyzstan's financial indicators," the chairman noted.
Abdygulov added the high demand for foreign currency was linked to the situation in partner countries.
"It was a psychological fact. Business and population were expecting changes,” he said.
Tolkunbek Abdygulov said today there are no macroeconomic and basic factors for the national currency to further decline.
"There was a short-term surge. The National Bank made and intervention in order to level out. To meet the demand, the Bank intervened both in cashless and in cash. Today there are no problems with buying and selling dollars," he stressed.
The head of the Bank drew attention to the fact that there are many speculators in such cases, when the exchange rate changes.
"We have observed that in some exchange offices and banks yesterday morning the operations were followed. Everyone was waiting for the opening of markets in Russia and Kazakhstan. The first half of the day was held up in order to adjust the exchange rate. We received complaints that the dollars were not sold, there was a deficit. There are no problems with cash or non-cash exchange in Kyrgyzstan today. There's no dollar deficit," Abygulov said, adding that the National Bank has enough reserves to satisfy any demand.
Yesterday, Mar.10 the Kyrgyz som (KGS) fell against the dollar and the euro. Thus, the dollar is sold at KGS 73, and the euro at KGS 83.
On the official websites of the RSK Bank and KICB, the purchase of the dollar is KGS 72.9, the sale is KGS 73. DemirBank purchases dollar at KGS 72.85 and sells at KGS 72.95. The euro exchange rate is KGS 78.8 - 80.
The national currency rate fell in almost all commercial banks in the country. At the same time, the rate is maintained on the official website of the National Bank. Dollar - KGS 69.85, Euro - KGS 79.37 sale, KGS 79.6 purchase.
Recall that the collapse of the national currency occurred in Russia and Kazakhstan due to oil price drop by 30%.