BAKU, Azerbaijan, April 21. Kyrgyzstan’s debt to China has reached 7.8 billion soms ($94.5 million), Trend reports citing the press office of Ministry of Finance in Kyrgyzstan.
In January of this year the debt of Kyrgyzstan to the Export-Import Bank of China was estimated at 153.7 billion soms ($1.8 billion), then in February it was 161.6 billion soms ($1.9 billion).
The rise is almost entirely due to the US dollar rate rise. In addition, government loans are calculated at the official rate of the National Bank of the Kyrgyzstan at the end of each month.
Thus, at the end of March the exchange rate of the National Bank of Kyrgyzstan is 83.309 soms ($1), the debt to China will be 151.1 billion soms ($1.5 billion) and will decrease by 10.5 billion soms ($127.2 million).
In April, it may become even cheaper, given that from April 11 to April 19 in Kyrgyzstan there was a tendency for strengthening national currency som against the US dollar by 13.2 percent, Trend reports, referring to the statement of Kyrgyz Ministry of Finance.