The National Bank of Kyrgyzstan acknowledged that the black market becomes more active against the backdrop of a shortage of cash in Kyrgyzstan.
«Current conditions and circumstances create a favorable environment for the emergence of all sorts of unregulated currency exchange markets,» the bank said.
According to the press service, the National Bank, together with the police and tax authorities, regularly conducts raids to identify persons exchanging cash foreign currency without a license.
«At least 11 inspections have been carried out since the beginning of 2022, administrative fines have been imposed on 10 individuals in the amount of 175,000 soms,» the National Bank notes.
A fine is imposed on individuals in the amount of 17,500 soms, legal entities — 55,000 soms for banking operations, including foreign currency exchange, conducted without a license.
The regulator also reports that as part of measures to detect such violations, Telegram channels offering currency exchange were studied. As a result, letters were sent to law enforcement agencies regarding the consideration of the activities of individuals.
«The situation on the foreign exchange market is stable. The National Bank monitors the situation on the foreign exchange market daily and conducts explanatory work among the managers and employees of exchange offices,» the bank stresses.
At the same time, the National Bank explains that commercial banks are establishing the logistics of receiving foreign currency in cash with foreign counterparties. This process will take time.
