BAKU, Azerbaijan, February 16. The National Bank of Kyrgyzstan sold $35.6 million in the foreign exchange market on February 15, Trend reports with reference to the bank.
All sales transactions were completed within the date, different from the date of the transaction.
This has been the fourth intervention of the bank since the beginning of 2023 and the second this week.
In the first intervention of 2023, the National Bank sold $104.2 million in the foreign exchange market, on January 10. The bank sold $47.1 million on February 6, and $40.2 on February 13.
In total, the bank has sold in the foreign exchange market more than $227 million from the beginning of this year.
According to the bank’s officials, the bank sells US dollars when there is a sharp decline in the market rate of Kyrgyz soms. On the contrary, when the rate increases, the bank buys US dollars. From the beginning of February, the dollar has risen in price from 85.5 soms to almost 88 soms.
The bank carried out intervention in the foreign exchange market 15 times in 2022. Some 8 of them were for the sale of foreign currency worth $486.5 million, and 7 interventions were carried out for the purchase of $190.74 million.
During the largest intervention of Kyrgyzstan’s National Bank last year, the bank sold $87.5 million, on December 20, 2022.