Dollar effectively functions as a second currency in Kyrgyzstan. This is due to the structure of foreign trade and consumer practices. Guras Japarov, Doctor of Economics, stated on Birinchi Radio.
He noted that when exports increase, the national currency strengthens, and when import growth exceeds export growth, the role of the dollar in domestic transactions increases.
According to him, if exports grow, the national currency strengthens; if imports exceed exports, the dollar’s influence is more noticeable within the country.
The popularity of the American currency is observed in everyday transactions, including real estate and car sales, when Kyrgyzstanis most often indicate prices in dollars.
The expert believes that the country’s economic development and increased export potential are contributing to the strengthening of the som.
The total size of the Kyrgyz economy is approximately $24 billion, he added. Increasing this figure to $80 billion will improve living standards and significantly strengthen the som.
