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International reserves of Kyrgyzstan decline by $ 50 million

As a result of September, Kyrgyzstan’s gross international reserves declined by $ 50.06 million. The National Bank of the country provided such data.

The reserves amounted to $ 2,285.73 billion for nine months of 2019. This is partly due to the fact that the National Bank intervened in September having sold dollars to stabilize the situation in the foreign exchange market. In general, it sold $ 18,350,000.

Since the beginning of the year, the volume of reserves has grown by $ 130.27 million, and compared with September 2018 — by $ 195.09 million. The website of the National Bank has data on the level of gross international reserves since January 2002. As a result of September 2019, the figure was one of the highest over the past 17 years. The level of the reserves was higher only in August 2019 — $ 2.3 billion.

The National Bank uses the reserves to smooth out sharp fluctuations in the foreign exchange market. In 2018, the National Bank of the Kyrgyz Republic intervened 11 times, having bought $ 20,550 million and sold $ 154,550 million. Net sale of dollars in 2018 amounted to $ 134 million. In the first half of 2019, the National Bank has sold $ 68.6 million in the foreign exchange market.