The Chairman of the National Bank of the Kyrgyz Republic Melis Turgunbaev explained the reasons for depreciation of the U.S. dollar in the country at a press conference in Bishkek.
«Our exchange rate is floating and is formed due to many factors, including supply and demand. Many tourists come to Kyrgyzstan in the summer, which increases the amount of dollars in circulation,» Melis Turgunbaev noted.
The National Bank monitors the situation on the currency market by conducting regular interventions.
«Since the beginning of the year, we have conducted 15 interventions, 12 of which were reverse. As a result, the net purchase of currency amounted to $308 million,» the head of the National Bank said.
Despite these measures, the dollar remains under the influence of seasonal and market factors, which causes fluctuations of its exchange rate. The National Bank continues to monitor the market daily to ensure stability and respond to changes in supply and demand, the National Bank chairman noted.
