Share of non-cash dollars grows in foreign exchange market of Kyrgyzstan
Share of non-cash U.S. dollars has been growing recently in the foreign exchange market of Kyrgyzstan. The National Bank reported.
The bank notes that this forces to conduct interventions to buy non-cash U.S. dollars in the interbank foreign exchange market. In such a way the National Bank restrains sharp fluctuations in the exchange rate.
Since the beginning of 2022, there have been six purchase interventions for a total of $131.59 million.
At the same time, cash dollars are not enough. This is due to the fact that some individuals and legal entities carry out speculative operations on import / transfer of cash and non-cash rubles, non-cash U.S. dollars into the country. They are cashed in the banks of Kyrgyzstan and taken out of the country.
«The National Bank constantly analyzes the situation in the country’s financial market. If necessary, measures will be taken in accordance with the law,» the National Bank of the Kyrgyz Republic said.
