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KGS appreciates against dollar by half a percentage point

KGS strengthened against the dollar by half a percentage point since the beginning of the year, the Chairman of the National Bank of Kyrgyzstan Tolkunbek Abdygulov said today at a press conference.

According to him, now the situation on the currency market of the country is characterized as stable. In March, the NB KR didn’t conduct interventions. At the same time, the National Bank doesn’t see anything terrible in the fact that the dollar has slightly risen in price over the past week.

«Exchange rate formation mechanism in Kyrgyzstan is determined by supply and demand. If the dollar depreciates, then demand for foreign currency is not great. For example, yesterday there were no transactions with the dollar. In addition, it is necessary to take into account the seasonal factor. Those who wanted to sell the dollars, bought fuel, necessary equipment and seeds for spring field work," Tolkunbek Abdygulov said.