18:56
USD 84.41
EUR 99.52
RUB 1.14

U.S. dollar appreciation: Situation to become balanced within a few days

«Exchange rate of the U.S. dollar has slightly rolled back today in many banks and exchange offices. This situation will last several days, during which everything will become balanced,» Tolkunbek Abdygulov, Chairman of the National Bank, said at a briefing today.

According to him, the National Bank’s entry into the foreign exchange market suggests that it considers the exchange rate close to the equilibrium level. Tolkunbek Abdygulov denied reports that the National Bank of the Kyrgyz Republic gave instructions on the dollar.

«This simply cannot be. Everything goes in an automated mode. Yesterday, there was an equilibrium rate of 84.9 soms in the market, therefore, it kept at 85 soms outside. The situation is stabilizing today. There were many questions why there is such a big difference between buying and selling rates of the currency. This is also due to market uncertainty. There is no currency shortage. The situation will become balanced within a few days,» he said.

«I would like to draw attention to the fact that the bank has reserves of $ 2.3 billion in order to smooth out sharp fluctuations. These money is quite enough. There is no need to panic. A panic always begins at the time of a sharp growth in the dollar rate. We have overcome it in 2014-2015, when the rate rose from 50 to 76 soms. It was also associated with a drop in oil prices then. The same is happening now,» the head of the National Bank said.

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