National Bank of Kyrgyzstan spends almost $20M to stabilize exchange rate

11 September 2018 12:45 (UTC+04:00)

By  Trend

The National Bank of Kyrgyzstan has sold $19.65 million on Sept. 10, Sputnik Kyrgyzstan reported referring to the bank’s website.

The bank conducts interventions for various reasons, in particular for the purpose of smoothing the currency rate fluctuations.

The rate in Kyrgyzstan is floating, that is, it is formed through supply and demand.

Last Sunday, the exchange offices bought the USD for 68.54 soms, and sold for 68.68 soms. Then the rate began to grow, and on September 10, the purchase price reached 69,65 soms, and the sale price - 69,9 soms.

In August, the US currency also rose in price. By the middle of last month it was equal to 69.7 soms, after which it went down. In order to keep the exchange rate at the same level, the National Bank sold then more than $19 million.

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