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Kyrgyzstan’s Foreign Reserves Declining for the 2nd Month in a Row

Wednesday 5 June 2019

BISHKEK (24.kg) – As reported by the National Bank of Kyrgyzstan, At the end of May 2019, the gross international reserves of Kyrgyzstan decreased by $9.05 mln. The gross international reserves of the republic amount to $2.171 bln.

Compared with May 2018, they reduced by $7.2 mln. Over the past two years, the highest level of reserves was registered in January 2018 as $ 2.220 bln.

The National Bank uses the reserves to smooth out sharp fluctuations in the foreign exchange market. In 2018. It has intervened 11 times, having bought $20,550,000 and sold $154,550,000. Net sale of dollars in 2018 amounted to $134 mln.

The decline in reserves is partly due to the fact that the National Bank conducted the largest intervention on the last day of May 2019, having sold $27 mln.

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