Why is this important
The cessation of the strengthening of the sum may signal the stabilization of the foreign exchange market after a period of active growth of the national currency. Exchange rate changes affect importers, exporters, and the population holding currency savings.
What happened
- The dollar increased by 90.27 soums to 12,101.29 soums;
- The euro increased by 73.44 soums to 14,031.45 soums;
- The pound increased by 40.96 soums to 16,117.71 soums;
- The Chinese yuan strengthened by 11.20 soums to 1,698.47 soums.
- The Russian ruble rose slightly by 0.07 soums to 148.01 soums;
- Japanese yen — 79.71 sum (+0.58), Kazakh tenge — 22.46 sum (+0.17).
Context
After a period of strengthening of the soum, associated with the growth of export revenues, remittances, and high gold prices, the national currency began to adjust. The rise in the dollar exchange rate may be related to increased demand for foreign currency from importers or a change in global market conditions.
The Central Bank continues to pursue a policy of market exchange rate formation, allowing the exchange rate to fluctuate depending on supply and demand. The slight rise in the ruble indicates stability in trade relations with Russia.
