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Kyrgyzstan's international reserves exceed $ 3 billion

The gross international reserves of Kyrgyzstan in August amounted to $ 3,071.18 billion. This is an absolute record since the existence of the National Bank.

During the month, the figure increased by $ 317.43 million. Since the beginning of the year, reserves have grown by $ 647.07 million, despite the interventions carried out by the bank to support the som.

Earlier, the Chairman of the National Bank, Tolkunbek Abdygulov, explained why the volume of reserves increased so significantly. According to him, the National Bank of the Kyrgyz Republic, on behalf of the President, has been working for the last two years on purchase of gold on the domestic market for the national currency.

«These measures allowed to build up gold and foreign exchange reserves. Now their volume allows covering the country’s imports for 6.5 months. We will continue our policy of increasing gold and foreign exchange reserves,» the head of the bank stressed.

The National Bank uses the reserves to smooth out sharp fluctuations in the foreign exchange market. Since the beginning of 2020, it has conducted ten interventions in total, selling $ 227.4 million.

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