There is no deficit of USD according to the National Bank of the Kyrgyz Republic 

The National Bank of the Kyrgyz Republic takes necessary measures to support the national currency. There is no deficit of foreign currency in the country as stated by Mr. Nurbek Zhenish, the Deputy Governor of the Central Bank at the press conference.  

He noted that from September 2014 the USD exchange rate towards the Kyrgyz Som increased by 5.87%, from 52.9561 (as of September 1) to 56.0660 (as of 23 October) Soms per one USD. “In general, from January 2014 to October 23, the USD exchange rate increased by 13.98%. Weakening of the national currency is based on a number of external factors. In early 2014 the tendency of USD rate growth was based on the worsening of foreign policy situation in Russia on the background of the Ukraine crisis, one-step devaluation of Tenge in Kazakhstan and US Federal Reserve System policy. The current increase is connected with the economic situation in Europe and in countries – trade partners of Kyrgyzstan, sanctions against Russia, as well as the seasonal factor”, - explained the Deputy Governor.  

“Strengthening of US Dollar bears a global nature. Presently, strengthening of US dollar in terms of currencies in other countries of the world is observed in the international financial markets. Thus, from early 2014 the Russian ruble decreased by 25.44%, Kazakh tenge – by 17.48%, EURO by 7.50%, Swiss franc – 5.56%, Turkish lira – 4.61%”, - noted Mr. Nurbek Zhenish.  

NBKR conducted currency interventions by 309.293 million USD from the beginning of the year. At the same time, from August 19 to October 22, the regulator conducted transactions on the sale of foreign currency at 117.28 million USD. The current size of international reserves constituted 2.1 billion USD, which corresponds to the four-month size of import entering the country.  

After the information provided by the Deputy Governor of the National Bank, representatives of mass media were given the floor for questions. In particular, the issues of inflation forecasts related with the growth of USD rate, measures taken by the National Bank of the Kyrgyz Republic on stabilization of the situation in the currency market, dynamics of the remittances from the labor migrants and other issues were raised by the representatives of the mass media.  

Head of the Economic Department of the National Bank of the Kyrgyz Republic, Mr. Seyilbek Urustemov and Ms. Raushan Seitkasymova, the Head of the Monetary Operations Department of the National Bank of the Kyrgyz Republic.