The National Bank of Kyrgyzstan explained why the U.S. dollar to Kyrgyz som exchange rate has been declining.
According to the head of the Economic Department of the National Bank of the Kyrgyz Republic, Mambetkul kyzy Ainura, in the republic, under the floating exchange rate regime, the market itself determines the supply and demand for currency and the dynamics of the exchange rate. To date, exchange rate flexibility is maintained in the country.
«Demand for foreign currency is reduced now, and the supply is increased. Accordingly, this affects the exchange rate. The National Bank carries out interventions, but only to smooth out sharp fluctuations,» Mambetkul kyzy Ainura said.
The exchange rates of the Russian ruble and the euro against the som have increased over the past 24 hours. U.S. dollar is depreciating, but the Kazakh tenge is stable.
