The volume of foreign currency purchases on the interbank market for the week exceeded a quarter of a billion dollars

The last week of June was one of the busiest for Kyrgyzstan’s foreign exchange market. The National Bank entered the market with its largest foreign exchange intervention since the beginning of the year, selling $222.55 million. At the same time, the dollar exchange rate remained completely stable at 87.45 KGS.

The main event of the past week was the National Bank’s currency intervention on June 29. As part of this intervention, the regulator sold $66.3 million with settlement on the transaction date and another $156.25 million with settlement on a date other than the transaction date.

Thus, the total volume of foreign currency sales amounted to $222.55 million. This is the largest currency intervention by the National Bank of the Kyrgyz Republic since the beginning of this year.

The total trading volume on June 29 reached $226.35 million, indicating that 98% of the volume consisted of funds from the National Bank of the Kyrgyz Republic.

Over the course of the week, the total volume of transactions in interbank foreign exchange trading amounted to $262.6 million.

Interestingly, the high trading volume did not affect the value of the U.S. dollar. Throughout the week, the opening and closing rates for interbank trading remained at 87.45 KGS per dollar.

In effect, the National Bank managed to meet market participants’ demand without allowing sharp price fluctuations.