The Ministry of Finance of Kyrgyzstan has conducted currency swap operations. The activities were implemented on the basis of the Cabinet of Ministers’ resolution No. 305 of June 19, 2023 «On approval of the regulation on the procedure for conducting operations on exchange of currency assets.» The ministry reported.
The total amount of signed agreements was $78.34 million, which is equivalent to 6.98 billion soms in national currency.
In particular:
- The volume of transactions was $44.34 million (3.95 billion soms) in 2023;
- In 2024 — $34 million (3.33 billion soms).
The Ministry of Finance also reports its readiness to consider applications from commercial banks for conducting additional currency swap operations.
Note of 24.kg news agency
A currency swap is an operation involving the exchange of currencies between the parties with an obligation to repurchase them after a specified period at a pre-agreed rate. A currency swap is a temporary exchange of currencies between two parties.
For example, one party gives soms and receives dollars, and after a specified period returns dollars, receiving soms back at a pre-agreed rate. This helps to temporarily provide with the necessary currency and reduce currency risks.
