The National Bank of Kyrgyzstan announced that it will begin publishing the official exchange rate of the Chinese yuan against the Kyrgyz som daily, starting September 1. This move is designed to facilitate trade transactions and strengthen economic ties with China, a key trading partner for Kyrgyzstan.
The change follows amendments made by the Board of the National Bank of Kyrgyzstan on August 7, to the rules for determining official exchange rates of foreign currencies against the som. Previously, the exchange rates of the U.S. dollar, euro, Russian ruble, and Kazakhstani tenge were published daily, while the yuan and other currencies were updated weekly.
This measure is designed to facilitate trade with China and stabilize Kyrgyzstan’s financial system amid global economic uncertainty, the Bank says. By introducing the yuan into daily circulation, the National Bank aims to help entrepreneurs and financial institutions better manage currency risks.
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