The National Bank of Kyrgyzstan explained why the level of gold in the structure of the country’s reserves has decreased.
As the National Bank of Kyrgyz Republic told 24.kg news agency, the dynamics of changes in the value of gold and its share in international reserves is largely due to operations of the National Bank with precious metals, as well as the impact of price changes in foreign financial markets.
«The volume of gross international reserves was influenced by currency operations of the National Bank carried out in the domestic market of the country; income received from the management of international reserves; changes in exchange rates of currencies included in the international reserves; changes in prices for precious metals; payments on external liabilities of Kyrgyzstan and receipt of funds in foreign currency in favor of the Cabinet of Ministers. In this case, in the framework of the policy of replenishing the volume of foreign exchange reserves, the National Bank on a regular basis purchases gold offered by local producers exclusively for the national currency,» the central bank stressed.
