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.
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