The Kyrgyz National Bank reported that in the first five months of 2024, more than 95 percent of payments in foreign trade transactions between Moscow and Bishkek were made in national currencies. This was reported on the newspaper’s website “News”.
The publication emphasizes that the share of such transactions in interstate settlements in 2023 will be 88%.
The Kyrgyz Foreign Ministry said that export and import payments in Kyrgyz som will not be made in 2024.
The reason for this may be the high liquidity of the Russian ruble, as well as the fact that the national currency of the Russian Federation has its own infrastructure for mutual settlements, said Igor Shestakovich, Director of the center of specialized initiatives “Oy Ordo”.
The Kyrgyz Ministry of Economy added that the increase in the use of national currencies was accompanied by a corresponding increase in trade turnover between the parties. This figure increased by 30% from January to April 2024, the ministry added.
Before this, Kyrgyz authorities invited major Russian banks to the republic.
Previously, trade turnover between Russia and SCO countries Established New Record.