Why is this important
A decrease in the dollar and other currencies may affect foreign economic calculations, prices for imported goods, and the sentiment of currency market participants. This could be due to the strengthening of the som, the Central Bank’s currency interventions, or fluctuations in global markets.
What happened
- US dollar exchange rate: 12,060.15 soums (-48.09).
- Euro: 14,064.55 soums (-104.51).
- Pound: 16,194.37 soums (-74.26).
- Chinese yuan: 1,693.15 soums (-5.94).
- Russian ruble: 148.87 sum (-0.23).
- Japanese yen: 80.01 soums (-0.89).
- Tenge: 22.44 soums (-0.08).
Context
In previous weeks, the dollar exchange rate fluctuated between 12,100 and 12,140 soums. The fall in import demand, the increase in foreign currency inflows (including transfers), and the Central Bank’s interventions could have influenced the depreciation.
Similar currency adjustments are observed in other countries of the region against the backdrop of strengthening local currencies.
