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Kyrgyz som may drop in price after Russian ruble

«If the ruble falls, then som will also drop in price,» an economist Tolonbek Abdyrov said to 24.kg news agency commenting on the depreciation of the Russian ruble.

Today, the ruble and the Russian stock market collapsed because of the US reports on the introduction of additional, even more stringent sanctions against the Russian Federation. Exchange rate of the US dollar to the ruble has peaked since November 2016.

The Doctor of Economic Sciences, Tolonbek Abdyrov, believes that the fluctuations in the economies or depreciation of the currencies of other countries have its impact on Kyrgyzstan. The republic has a floating exchange rate, which is subject to such influence. Migrants may have most of all problems due to the low ruble exchange rate.

«This is a problem for people who work in Russia. The fall of the ruble means that the ratio of som to ruble will change. The money that is sent from Russia to Kyrgyzstan will not be so valuable as before. This will negatively affect the flow of funds to the republic,» said Tolonbek Abdyrov.

At the same time, the economist calls on citizens not to panic. «Do not immediately run to the exchange office and exchange money,» he said.

«I think it’s more like a one-stage and a seasonal stir. When the summer is over, production will begin to work, all processes will start, the situation will return to normal. There should not be any worries,» the economist summed up.