Situation in foreign exchange market is stable – National Bank of Kyrgyzstan

Bishkek, Jan. 30, 2024. /Kabar/. The situation on the foreign exchange market remains stable, official representative of the National Bank of Kyrgyzstan Aida Karabaeva told at a press conference at Kabar Agency.

Karabaeva noted that since the beginning of 2024, the official dollar exchange rate against the som has increased by 0.26%. “This year the National Bank did not intervene; there was no need for it. During 2023, the dynamics of the dollar exchange rate fluctuated from 85.3 to 89.6 soms per 1 dollar. Last year, the official dollar to som exchange rate increased by 3.97%. And in order to smooth out sharp fluctuations in the exchange rate, the National Bank conducted 14 interventions to sell $655 million,” she said.

Karabaeva noted that in relation to expectations, the National Bank adheres to a floating exchange rate, and therefore the exchange rate will depend on supply and demand that develops in the domestic market, and other factors.

“Last year, the National Bank did not conduct a single intervention to purchase the dollar,” she added.