Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Thursday, February 22, 2018

NBKy maintains that foreign exchange market is under control

During a press conference that took place Thursday, Deputy Chairman of the National Bank of the Republic of Kyrgyzstan (NBKy) Nurbek Jenish discussed the status of the foreign exchange market.

"A meeting was held with the heads of commercial banks," Jenish said. "We discussed the current monetary situation and ways to solve the problem."

He stated that there is no reason to panic because the regulator has measures in place that allow officials to take action when needed, in order to stabilize the market and the country's finance and banking sectors. 

In 2015, it is reported that the NBKy has intervened in the approximate amount of $153.3 million. Recently, roughly $19.8 million was sold in foreign currency in order to stabilize the system. The institution reports that foreign reserves stand at $1.76 billion. Within the banking sector, Jenish states that there is approximately $307 million, with $75 million in cash. 

Organizations in this Story

National Bank of Kyrgyzstan

Get notified the next time we write about National Bank of Kyrgyzstan!