Kyrgyz Government to keep national currency rate against dollar at KGS 73

Bishkek, Mar.16, 2020. /Kabar/. The Government of Kyrgyzstan will keep the rate of national currency against the dollar at 73.1 KGS, Prime Minister Mukhammedkalyi Abylgaziev said during the briefing. He noted the Security Council held on Mar.1 a meeting to consider measures to prevent the entry of coronavirus into the country and the falling of the national currency. According to the PM, the lapping of the world oil producers - OPEC countries and Russia - led to the fall in the price of black gold. "Russia and Kazakhstan are our main partners and members of the Eurasian Economic Union (EAEU). After the fall in oil prices, their national currencies fell. In Russia, ruble fell by 10%, and tenge fell by 4.2% in Kazakhstan. As a result, we also had to lower rate of Som (national currency of Kyrgyzstan), but the Government together with the National Bank worked to leave the rate at KGS 73.1 to the dollar, we will keep this level," he said. In the evening of Mar.10, dollar exchange rate jumped in Kyrgyzstan. U.S. currency, sold in the morning at more than KGS 69, jumped to KGS 73-74. The euro rate has also risen. The national currency rate fell in almost all commercial banks in the country Collapse of the national currency occurred in Russia and Kazakhstan due to oil price drop by 30%.