«For 30 years, the Kyrgyz som has become not only the main instrument of monetary policy, but also a symbol of economic independence,» the Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov said at the International Financial Forum in Bishkek.
According to him, the som proved to be one of the stable currencies.
The head of the Cabinet noted that he remembers well those days with hyperinflation, a heavily devalued ruble and a shortage of goods. People had money, but there was nothing to buy.
«Back then, 1,000 rubles was equal to 5 soms. Introduction of the national currency led to the stabilization of the economic situation and made it possible to carry out reforms in the 1990s. Our financial system has proven its influence time and again. The National Bank played a significant role in this. For 30 years, national currencies have undergone strong volatility. In 1994, the dollar was equal to 4 soms, today it is about 87, but in comparison with other currencies, the Kyrgyz som turned out to be more stable,» Akylbek Japarov added.
