The National Bank conducted its first currency intervention since the change in leadership

On March 30, the National Bank of Kyrgyzstan intervened in the foreign exchange market—this marks the fifth such operation since the start of the year and the first since the change in leadership, following which former Finance Minister Almaz Baketaev became head of the National Bank of Kyrgyzstan.

In total, the regulator sold $178.9 million, including $95.9 million settled on the day of the transaction and another $83 million settled on a future date.

The National Bank sold dollars at 87.45 KGS.

It should be noted that the regulator uses interventions to stabilize the exchange rate and reduce sharp fluctuations in the foreign exchange market. The National Bank’s latest intervention to sell currency indicates continued pressure on the som and high demand for foreign currency.

This marks the regulator’s fifth entry into the currency market since the start of the year. During this period, it has sold $725.45 million.