Against the backdrop of the conflict in Ukraine and Donbass and the resulting uncertainty in Armenia, the demand for US dollars in cash increased and there was a certain shortage of them, the press service of the Central Bank of the Republic reported. They added that in recent days the supply of such a currency has increased, the situation is beginning to stabilize, and the regulator does not plan to introduce any restrictions.
In late February and early March 2022, the demand for cash dollars also increased in Kyrgyzstan. However, the situation in the domestic market remains relatively stable, and the volume of international reserves of the National Bank as of March 17 reached $2.6 billion, which covers about six months of the future volume of the country’s imports, the local Central Bank said. If necessary, they are ready to carry out operations to smooth out sharp exchange rate fluctuations, including foreign exchange interventions.
Earlier, an increased demand for cash foreign currency was reported in Kazakhstan, where they introduced a ban on the export of more than $10,000, as well as some types of gold, abroad.
In the CIS countries, the demand for dollars in cash could grow by 40-50%, but the figures change as citizens get used to the situation, said Sergei Grishunin, managing director of the NRA rating service.
Russians could be trying to bring cash dollars from the CIS countries, especially those who moved between regions on business, said Elena Belyaeva, an analyst at Freedom Finance. According to her, the exchange rate for buying the dollar through regional currencies was also more profitable than with direct conversion of the ruble into the US currency.
Read more in the exclusive Izvestia article:
“Currency countdown: demand for cash dollars has sharply increased in the CIS countries”
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