OREANDA-NEWS. On 3-4 March 2014 the foreign exchange market of Kyrgyzstan faced significant fluctuations in the U.S. dollar, primarily caused by speculation. Exchange offices got use of the uncertainty situation associated with developments in the political and economic life of the states - major partners and set unfounded exchange rates for dollars and euros on the secondary market. Artificially created hype triggered increased demand for foreign currency.

To resolve the situation, the National Bank of the Kyrgyz Republic through the use of the whole range of instruments of monetary policy has taken the necessary measures and actions to strengthen the monitoring of commercial banks and foreign exchange offices and applied appropriate sanctions against violators.

As a result of timely measures taken by the National Bank to prevent speculation, the foreign exchange market is being stabilized. Given the lack of economic prerequisites for a sharp change in the exchange rate, the National Bank of the Kyrgyz Republic calls on people not to take decisions relating to foreign exchange transactions being governed by the panic moods and emotions in order to avoid possible losses.