It is difficult to forecast further price dynamics for fuels and lubricants in Kyrgyzstan due to high uncertainty in external markets. Ainura Mambetkul kyzy, head of the Monetary Policy Department of the National Bank, stated on the air of Birinchi Radio.
She recalled that fuel prices increased on the domestic market last year as a result of developments in external markets.
«Kyrgyzstan imports fuel, so changes in global prices directly affect the price on the domestic market,» the specialist noted.
According to her, the stability of the exchange rate helped mitigate the negative impact.
«Since the beginning of the year we have seen a decline in fuel prices. However, seasonal factors should also be taken into account, as demand for fuel increases during fieldwork in the spring and autumn periods,» Ainura Mambetkul kyzy added.
In her opinion, the decrease in fuel prices at the beginning of the year was made possible thanks to the efforts of the Cabinet of Ministers and the National Bank. However, price dynamics will largely continue to depend on external factors and the situation on global markets. At the same time, the central bank has all the necessary tools to smooth sharp price fluctuations if needed.
The head of the National Bank’s Monetary Policy Department also emphasized that the stability of the domestic foreign exchange market plays an important role in mitigating price shocks.
«Over the past few years, the exchange rate has remained flexible and relatively stable. This stability of the currency market helps restrain price increases for imported goods,» she concluded.
