BAKU, Azerbaijan, February 7. The National Bank of Kyrgyzstan has recently sold $47.1 million in the foreign exchange market, the bank has announced, Trend reports via Kyrgyz media.
The selling price of the US dollar amounted to 86.25 - 86.77 soms. All sales transactions were completed within the date, different from the date of the transaction.
This is the second intervention carried out by the bank since the beginning of 2023. The National Bank sold $104.2 million in the foreign exchange market, on January 10.
Last year, the bank carried out intervention in the foreign exchange market 15 times. Of these, 8 were for the sale of foreign currency worth $486.5 million and 7 interventions for the purchase of $190.74 million.
During the largest intervention of the bank last year, the bank sold $87.5 million, on December 20, 2022.
Kyrgyzstan has a floating exchange rate, which implies market formation of currency value. According to the Bank, it only intervenes to smooth out sharp fluctuations of the US dollar. When the dollar rises sharply, the National Bank sells US dollars in the market to ensure the supply of currency. When the dollar shows a sharp fall, the bank buys it, to meet the demand. Intervention is carried out via the country’s commercial banks.