National Bank of Kyrgyzstan explains its recent forex intervention

• Published date: 12 January 2023
• Publication title: Central Asian News Services

The National Bank of Kyrgyzstan has provided explanations on its forex intervention made on January 10, when it sold $104.25 million.

"Due to seasonal patterns in our economy, the first and fourth quarters of every year usually see increase in consumer demand, which is satisfied by imported goods. Thus, the domestic foreign exchange market has higher demand for foreign currency in such periods, mainly on the part of importers," the National Bank said.

The ongoing influence of external economic environment, and such global factors as tightening of monetary policy of the central banks of developed countries, the continuing level of uncertainty in the region is an additional factor in the increased demand for...