National Bank chief explains why the som appreciated against USD

AKIPRESS.COM - National Bank chief Tolkunbek Abdygulov commented on question from MPs why the USD has depreciated against the som today. "We in our country have a seasonality when the demand for USD increases significantly in the fall and spring, because local businesses start stocking up on fuel, tractors, spare parts, that's when there is more demand and the NBKR makes forex interventions to avoid a sharp increase in exchange rate," Abdygulov said.
There are also external factors such as remittances, which are somehow also seasonal. In summer, the number of tourists increases together with the inflow of foreign currency.
When export grows, so does foreign currency inflow into the country.
All of these factors influence the exchange rate of the som, Abdygulov said.