Foreign Currency

National Bank of Kyrgyzstan buys $25.85 million in third forex intervention in April


National Bank of Kyrgyzstan buys $25.85 million in third forex intervention in April

AKIPRESS.COM – The National Bank of Kyrgyzstan has purchased $25.85 million in another foreign exchange intervention on April 22.

This is the third forex intervention of the National Bank in April. The central bank purchased $19.2 million on April 16 and $17.1 million on April 8. The National Bank has purchased $62.15 million in total in April.

Since start of the year, the National Bank has made 4 forex interventions for $71.15 million, having sold $31.85 million.

The KGS vs USD official exchange rate of the National Bank decreased from 89.5 soms to 89 soms since start of March.

The main reason behind strengthening of som is a seasonal factor, forex specialist told Tazabek.

The demand for fuel and lubricants, coal, gas is declining, hence less foreign currency goes abroad. The demand for foreign currency is less now than in winter time.

Another reason is support of Russian ruble vs som exchange rate at the level not lower than 0.9 through cross rate against USD.

Tazabek was told in the National Bank that supply of foreign currency prevails on the domestic forex market due to reduction of the demand for foreign currency by business entities.

Since start of 2024 through April 19, the USD vs KGS official exchange rate decreased by 0.09% from 89.0853 to 89.0065 for $1.



Source link

Leave a Response