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Business activity declines in Kyrgyzstan

Trade and economic activity slowed down; business activity is declining in Kyrgyzstan. Chairman of the National Bank of the republic Tolkunbek Abdygulov told at a briefing today.

According to him, many events have occurred over the past two weeks — a sharp drop in the cost of oil and the spread of coronavirus. This led to a slowdown in the global economy and could not but affect our republic.

«We have fairly close trade relations with the EAEU countries, everything that happens in the world and with them has an impact on the Kyrgyz Republic. According to the results of January, the volume of remittances of migrants decreased by 14 percent. Over the past two weeks, there has been pressure on the national currency,» Tolkunbek Abdygulov told.

«Yesterday and the day before yesterday, commercial banks and exchange offices did not sell the currency. This is due to the fact that there is great volatility in foreign markets. Commercial banks and exchange offices have chosen the strategy of not conducting operations until markets are opened in Russia. In addition, the day before we came out with intervention. There was a great demand for dollars at the old exchange rate. But, having assessed the situation, we conducted intervention at the rate of 84.9 soms,» he said.