The relevant draft law has been put forward for public discussion by members of parliament.
It was noted that the current practice of using foreign currencies in domestic trade, particularly in sectors such as real estate, car transactions, credit services, and tourism, increases pressure on the national currency, the som. Citizens often face difficulties in repaying loans for housing purchased on installment plans due to sharp fluctuations in the exchange rate or artificial increases in foreign currency rates.
The draft law aims to strengthen the status of the som by requiring all internal trade transactions to be conducted in the national currency. Businesses with revenue and expenses in foreign currencies can still carry out foreign trade activities, such as export and import, in foreign currency.
Earlier, it was reported that the National Bank of Kyrgyzstan kept the key interest rate at 9 percent.
