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U.S. dollar appreciation: National Bank intervenes first time in three months

A fast growth of the exchange rate of the U.S. dollar forced the National Bank of Kyrgyzstan to enter the foreign exchange market with intervention for the first time since April 2020.

In total, it sold $ 10.4 million with settlements on a date different from the date of the transaction. Since the beginning of the year, the National Bank of the Kyrgyz Republic has conducted nine interventions. At least $ 220.8 million of the country’s international reserves have been sold.

Recall, the National Bank intervenes to smooth out sharp fluctuations in the dollar exchange rate. It was forced to enter the foreign exchange market in July by the growth of the dollar, exchange rate of which exceeded 78 soms.