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Dollar to rise in price to 75 soms. NB considers such assessments groundless

«Some experts say that the dollar will reach 75 soms by the end of the year. These estimates are groundless. There will not be such a rate,» Nurbek Zhenish, Deputy Chairman of the National Bank, said at a press conference today.

According to him, the situation on the domestic foreign exchange market as a whole is stable. From the end of October there was an excess of demand for foreign currency over its supply, which led to some volatility of the rate. To smooth out its sharp fluctuations, the National Bank conducted interventions, selling foreign currency.

The net sale of dollars in the foreign exchange market since the beginning of the year comprised $ 43 million.

«After our interventions in the last two weeks, the dollar’s exchange rate stabilized at 69.7-69.8 soms. If to compare with the beginning of the year, the dollar grew slightly — by 0.5-0.6 soms. Strengthening the dollar can be attributed to seasonal factors. We observe from year to year the situation that from the second half of October, the demand for dollars prevails over the offer. The situation on the Kyrgyz-Kazakh border has little impact, but I would not say that it is significant for the domestic currency market of the country,» Nurbek Zhenish said.