Published
09/14/2026, 17:19The official exchange rate of the Russian rouble in Kyrgyzstan rose to 1.0373 KGS on 14 September. However, at currency exchange bureaux, the rouble is still valued at less than 1 KGS, with the average buying rate standing at 0.9700 KGS.
The gap between the official and cash rates exceeds 4 tyiyn when buying roubles at a currency exchange bureau. This is because the National Bank’s official rate and the rates at exchange bureaux reflect different market dynamics.
The official exchange rate is calculated taking into account the situation on the external foreign exchange market, including via the cross-rate of the rouble against the dollar. Therefore, whilst the KGS exchange rate against the dollar remains relatively stable, a change in the value of the rouble against the US currency leads to a change in its official exchange rate in KGS.
At currency exchange bureaux, the rouble is worth whatever people are prepared to pay for it on the domestic market. Supply and demand play a key role here.
“At currency exchange bureaux, the exchange rate depends on supply and demand. Currently, there is no rate of 1.03 KGS per rouble on the cash market. We base our rates on global quotes, whilst also taking into account the situation on the Kyrgyz market itself,’ said Mars Smayilbekov, head of the Association of Currency Exchange Bureaux, in an interview with the editorial team of ‘Akchabar’.
According to him, one of the reasons for the lower value of the cash rouble remains the restrictions on its export from Russia.
“There is currently a problem with the rouble, as its export is restricted, so cash roubles are not being taken out of the country in the same volumes as before. This affects its movement between markets and, consequently, the value of the rouble here,” he explained.
Meanwhile, the official rouble exchange rate continues to rise. Economist Iskender Sharsheev attributes this to changes in the value of the Russian currency on the foreign exchange market.
“Between 8 and 14 September, the official exchange rate rose from 1.0135 to 1.0362 KGS per rouble, that is, by approximately 2.2 per cent. As the KGS’s exchange rate against the dollar remains relatively stable, the movement in the official rouble exchange rate is primarily linked to changes in the rouble’s exchange rate against the dollar,” he said.
According to Sharsheev, the rouble is being supported by high oil prices, the sale of foreign currency proceeds by exporters and the Russian Central Bank’s tight monetary policy.
“However, further strengthening of the rouble is not guaranteed. Its performance will depend on oil prices, the geopolitical situation and the state of the Russian foreign exchange market,” the expert noted.
It should be recalled that in March this year, restrictions on the export of roubles from Russia to EAEU countries came into force. The relevant decree issued by Vladimir Putin imposes restrictions on the export of cash roubles. For individuals, the export of sums exceeding $100,000 is permitted via airports, provided customs are notified and bank documents confirming the withdrawal of funds are available. For legal entities and sole traders, the restrictions apply regardless of the amount.
