Bishkek, Jan. 26, 2021. /Kabar/. International reserves of the National Bank are at a sufficient level - $2.8 billion and cover about six months of future imports of goods and services.
According to the National Bank of the Kyrgyz Republic, the level of dollarization of the economy remains low: by the end of 2020, the dollarization of deposits was 42.9%, increasing by 4.7 p.p. over the year, while the dollarization of loans, by contrast, decreased by 2.2 p.p. to 32.9%.
Volatility on commodity markets, continued restrictions in a number of countries due to the COVID-19 pandemic and related subdued expectations of global economic growth determine volatility in global financial markets.
During 2020, the demand for foreign currency in the domestic foreign exchange market exceeded its supply, which led to foreign exchange interventions by the National Bank to smooth sharp fluctuations in the exchange rate.
"The volume of foreign exchange interventions for the sale of foreign currency in 2020 amounted to $518.5 million. International reserves are at a sufficient level – $2.8 billion and cover about 6 months of future imports of goods and services," the report said.
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