Kyrgyzstan's gross international reserves reached $3.5 bn at the end of March, according to the National Bank of Kyrgyzstan. This level surpasses previous records, including $3.3 bn in February 2024, $3.2 bn in September 2021, and $3.2 bn in December 2023.
From February to March, the reserves increased by $167.3 mn, and from the beginning of the year, they rose by $254.7 mn. Compared to March of the previous year, there was an increase of $1 bn, or 40.2%.
The National Bank utilizes these reserves to manage fluctuations in the foreign exchange market. In 2023, it conducted 14 interventions, selling a total of $655.7 mn. In 2024, there were three interventions: two involving sales of $31.9 mn and one purchase of $9 mn.
In contrast, Uzbekistan's international reserves decreased from $34.6 bn to $32.2bn in the first quarter of 2024, a reduction of approximately 6.94%, as per the Central Bank of Uzbekistan. The foreign currency reserves also saw a decrease from $9.4 bn to $7.6 bn, about 19.4%. The volume of gold reserves remained relatively stable throughout the quarter, adjusting slightly with market prices from $24.6 bn in January to $24.1 bn in March.
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