«To date, the situation in the foreign exchange market of Kyrgyzstan remains relatively stable,» Aida Karabayeva, official representative of the National Bank, said at a press conference on Tuesday.
According to her, from the beginning of the year to August 1, the official exchange rate of the U.S. dollar against the som increased by 2.37 percent and to date is 87.7 soms per $1. At the same time, since the beginning of the year, the National Bank has conducted 10 interventions and sold $500 million on the market to smooth out sharp fluctuations in the exchange rate.
«If we look at the last year, the dynamics of the exchange rate was also relatively stable. High volatility was observed at the beginning of 2022, and the National Bank conducted interventions to smooth out the fluctuations. At that time, the National Bank conducted eight interventions to sell and seven — to purchase foreign currency. The National Bank constantly monitors the situation in the foreign exchange market and applies all available tools to ensure macroeconomic stability in the country and the stability of the exchange rate of the national currency,» Aida Karabayeva said.
«There are many factors that affect supply and demand in the foreign exchange market. One of them is seasonal. When the tourist season starts, there is an influx of foreign currency. Well, there is also seasonality when there is a demand, for example, when the goods are purchased before the autumn-winter season, the same fuel and lubricants,» she concluded.
