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International reserves of Kyrgyzstan decrease by $ 50.4 million for a month

As a result of October, gross international reserves of Kyrgyzstan decreased by $ 50,4 million due to interventions to support som. Website of the National Bank says.

The reserves amount to $ 2,994.2 billion. Compared to October 2019, the figure increased by $ 649.34 million.

Since the beginning of the year, the reserves have grown by $ 520.09 million.

The international reserves have been declining for the second month in a row amid volatility in the foreign exchange market. In September-October, they decreased by $ 126.98 million.

The National Bank uses the reserves to smooth out sharp fluctuations in the foreign exchange market. In October, due to the sharp growth of the dollar exchange rate, the National Bank was forced to sell dollars in the foreign exchange market. A total of two interventions were conducted, during which $ 59.5 million have been sold.