Bishkek, Mar.20, 2020./Kabar/.President Sooronbay Jeenbekov received on Friday Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov, his press service said.
Chairman Abdygulov presented information on the work being done to preserve financial stability and mitigate the negative impact of external factors on the national currency exchange rate.
He spoke about the measures taken to mitigate the negative economic impact of the coronavirus on the population and business entities.
"At present, there is an increased demand for foreign currency on the currency market. The increase in the U.S. dollar rate is due to the volatility in the global financial markets and the markets of our main trading partners.
Against this background and in Kyrgyzstan there is an adjustment of the exchange rate against the dollar and other currencies," said Tolkunbek Abdygulov.
In order to smooth out sharp fluctuations in the exchange rate, the National Bank is conducting interventions in the sale of foreign currency.
In accordance with the resolution, adopted by the National Bank Board, restrictions are introduced for commercial banks on the application of penalties for late repayment of loans for borrowers, as well as on the deterioration of credit history in connection with the coronavirus.
Also, commercial banks are advised to provide a grace period of at least 3 months to repay loans.
The President stressed the importance of ensuring a stable macroeconomic situation and maintaining the stability of the national currency, taking into account the current economic situation.
Jeenbekov emphasized that financial and credit institutions should be aware of the current situation, and help their clients in repayment and restructuring of loans as much as possible.
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