The National Bank of the Kyrgyz Republic has taken steps to strengthen the monitoring of both commercial banks and foreign exchange offices, applying appropriate sanctions against violators.
The move comes after Kyrgyzstan's foreign exchange market faced significant fluctuations against the U.S. dollar, caused primarily by speculation, and exchange offices affected by the uncertainty faced significant fluctuations against the U.S. dollar.
The crisis in nearby Ukraine has sparked fears of a similar situation in Kyrgyzstan. Like Ukraine, Kyrgyzstan has a pro-Russian president, a Russian military base on its soil and hundreds of thousands of ethnic Russians.
The major geopolitical difference, though, is that there is a U.S. air base 14 miles north of capital city of Bishkek at Manas International Airport. The Ganci air base was established in 2001 to support American operations in Afghanistan.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme