The exchange rate for the U.S. dollar to the Kyrgyz som grew 9.70 percent in early 2014, increasing from 49.1984 soms per U.S. dollar to 53.9590 soms per dollar as of March 3.
Growth came from external shocks, including a decrease in the value of the Kazakh tenge by 20 percent. There was also a stage devaluation of the Kazakh tenge that affected the domestic foreign exchange market of the Kyrgyz Republic.
Additionally, there was a depreciation in the Russian ruble of 10.8 percent from the beginning of the year through the beginning of March. This was also affected by the Russian Federation's foreign policy decisions, specifically regarding the deployment of troops to Ukraine.
The National Bank will be monitoring activities on the financial market in an attempt to stop speculative activities and excessive demand. The bank urged the public not to succumb to panic and not to make decision in conditions of uncertainty.
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