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U.S dollar accounts for over 75% of settlements in trade in Kyrgyzstan

U.S. dollars account for the main share of settlements in foreign trade operations in Kyrgyzstan — more than 75 percent. Review of the Eurasian Development Bank says.

According to it, the share of the American currency in the export of goods over the year has increased by 7 percent. If in 2017 the dollar accounted for 67 percent of export operations, then by the end of 2018, the indicator grew to 74 percent. As for the imports, the share of the dollar decreased by 2 percent — from 81 to 79 percent.

During trade with Russia, ruble accounts for the bulk of settlements: in export — 62 percent, and in import — 57 percent.

«The Russian ruble, although it remains the leader in terms of settlements, nevertheless, has somehow lost in proportion to the dollar. This may be caused by a change in the structure of trade,» the EDB experts noted.

The picture is completely different in settlements of Kyrgyzstan with Kazakhstan. The countries prefer to use the dollar in mutual trade. The American currency accounts for 85 percent of settlements in export and 81 percent — in import.

«This may indicate some mistrust to the national currency of trading partners. The trend is likely to continue in the medium term,» the EDB said.