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Commercial Banks of Kyrgyzstan May Have Enough Dollars

Tuesday 27 October 2015

BISHKEK (24.kg news agency) – “Commercial banks of Kyrgyzstan have enough dollars”, Deputy Chairman of the National Bank of the Kyrgyz Republic Nurbek Zhenish said today at a press conference. According to him, there is $410 mln in the accounts of commercial banks, some $70 mln of it being in cash. In the same time, the foreign reserves of the National Bank amount to $1.920 bln, that is enough to cover four months of imports.

“Now many experts, including the media, have expressed the view that the ratio of the ruble and the som should return to the historical value. That is one ruble should rates 1.5 soms. This is a mistaket. National Bank intervenes only when it is necessary, and for three weeks we didn’t enter the market. It regulates itself”, Nurbek Zhenish said.

“As for possible changes in the structure of monetary policy in connection with the accession of the Kyrgyz Republic to the EEU, they are not expected. National Bank of the Kyrgyz Republic has held an independent monetary policy, and will continue it. Of course, we will consult with partners in certain areas of monetary policy. This applies to fiscal policy, the level of external debt to GDP, but in general decisions are independent”, he added.

Foreign currency portfolio reserves of Kyrgyzstan includes mainly US Dollars, Euro, Swiss Franc, British Pounds, Australian and Canadian Dollars, Japanese Yen, Russian Rubles, Chinese Yuan, Singapore Dollar and also new currencies purchased in 2013 — Norwegian and Swedish Krona.

Gold assets and special drawing rights also are the part of international reserves besides currency portfolio. The National Bank suggested transactions on gold purchasing in the domestic market of the Republic for national currency in 2013.

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