About the situation on the foreign exchange market  

Under the influence of external shocks (the situation in Russia, Ukraine) and the seasonal factor (increase in demand due to the need to pay for the imported goods) in the domestic foreign exchange market currently there is an appreciation of the exchange rate of the US dollar to the som. So, the official rate of the US dollar increased by 3.15% from 51.6978 (on August 1, 2014) to 53.3285 som (on September 4, 2014) per one US dollar, and from the beginning of the year to September 4, 2014 increased by 8.41%. 

In order to smooth out sharp fluctuations in the exchange rate in August and September 2014, the National Bank made four interventions for the sale of foreign currency in the total amount of 52.00 million US dollars.  

Given that the front of a few days off, some participants in the foreign exchange market can take advantage of the situation to capitalize on the overvalued exchange rate. In this regard, the public and businesses are advised not to succumb to "speculative sentiment" and conduct operations with foreign currency and/ or to make payments in foreign currency on weekdays. The National Bank constantly monitors the situation, both in the domestic foreign exchange market and foreign financial markets and, if necessary - for the purpose of smoothing the sharp exchange rate fluctuations - in accordance with the monetary policy conducts relevant operations. 

Advisor to the Governor of the National Bank of the Kyrgyz Republic Mrs. Larisa Tsyplakova left occupied the post due to retirement.  

Mrs. Larisa Tsyplakova was appointed to this position in January 2014, after her term as a Board member of the National Bank of the Kyrgyz Republic expired.  

Larisa Nikolayevna Tsyplakova  

From 1973 to 1991 she worked in the Kyrgyz Republican office of the Stroibank of the USSR, then - at the Kyrgyz Republican Promstroibank, having risen from the specialist to the head of the department.  

From 1991 to 1994 she was the first deputy Governor of the Bank "Kurulush - Bank".  

She started her career in the National Bank in July 1994 as a Board member. For years of work in the NBKR she was appointed as a Board member for three times, she was an expert, advisor.  

Advisor to the Governor of the National Bank of the Kyrgyz Republic Mr. Abdybaly tegin Suerkul voluntarily left his post.  

Abdybaly tegin Suerkul was appointed to this position in March 2014, after the expiry of his term as a deputy Governor of the National Bank of the Kyrgyz Republic.  

Being on the post of the deputy Governor of the NBKR for the past 7 years, Mr. Abdybaly tegin Suerkul oversaw the activities of the National Bank in the design and conduct of monetary and exchange rate policies.  

Reference:  

Mr. Abdybaly tegin Suerkul started his career in the National Bank since 1992 - as a Head of the Division of emission-cash works and then he was a head of the Banking Supervision Department, a Board member of the National Bank of the Kyrgyz Republic. In 2004-2007 he worked as the World Bank’s consultant on private and financial sector.  

In February 2007, he was appointed as a deputy Governor of the National Bank of the Kyrgyz Republic.  

In March 2014, due to the expiration of the tenure Mr. Abdybaly tegin Suerkul by the order of the President of the Kyrgyz Republic was dismissed as a deputy Governor of the National Bank of the Kyrgyz Republic.  

Since March 2014 Mr. Abdybaly tegin Suerkul continued to work in the National Bank as an adviser to the Governor of the NBKR, he was in charge of the reforms started in the NBKR, primarily associated with the transition to a new model of monetary policy aimed at stabilizing of the interest rates, developing of the financial instruments and assisting in reducing the average rate of inflation. 

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