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Level of dollar-denominated loans in Kyrgyzstan drops to 44 percent

Since the beginning of the year, the level of dollarization of loans in Kyrgyzstan decreased to 44 percent. The Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov told today at a press conference.

He noted that this year the National Bank lowered the discount rate three times. As a result, it reduced by half - from 10 to 5 percent.

"The cost of loans in national and foreign currency reduces. The weighted average interest rate in KGS decreased by 1.58 percent and reached 22.66 percent. Lending rates in foreign currency declined by 2.03 percent and reached 11.57 percent," Tolkunbek Abdygulov said.

According to him, in 2016 the National Bank continued allocation of som resources to the economy. Their total volume reached 6.1 billion soms. Since the beginning of the year, the monetary base increased by 21 percent and amounted to 81 billion soms. 

"Dollarization of loans decreased to 44 percent and deposits - by 12.6 percent - up to 53. The situation in the foreign exchange market is stable. There is a strengthening of som by 8.5 percent. Foreign exchange interventions were carried out only to smooth out short-term exchange rate fluctuations. The foreign trade turnover amounted to $ 3.8 billion, decreasing by 8.8 percent," commented Tolkunbek Abdygulov. 

He told that in January-November, the volume of remittances from migrant workers increased by 21 percent and amounted to $ 1.5 billion.