Kyrgyzstan's gross international reserves reached $3.6 bn at the end of April, the highest level in the history of the National Bank of the Kyrgyz Republic, the National Bank's reports. Before this, the highest levels of reserves were recorded in March 2024 ($3.5 bn), February 2024 ($3.3 bn), September 2021 ($3.2 bn), and December 2023 ($3.2 bn).
In April 2024, gross international reserves increased by almost $166 mn compared to March 2024, and by $420.6 mn since the beginning of the year. Compared to March 2023, the reserves rose by $1.3 bn, a 56.4% increase.
The National Bank uses these reserves to stabilize the foreign exchange market. In 2023, it conducted 14 interventions, selling $655.7 mn. In 2024, the National Bank conducted eight interventions: two to sell $31.8 bn and six to purchase $113.4 bn.
In contrast, Uzbekistan’s international reserves fell from $34.6 bn to $32.2 bn, a decrease of roughly 6.9% in 1Q24, the Central Bank of Uzbekistan reported. The foreign currency reserves, held in convertible foreign currencies, also decreased. Starting the year at $9.4 bn, they fell to $7.6 bn by the end of March, a decrease of approximately 19.4%.
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