Posts Tagged exchange rates
Impact of Kyrgyzstan’s New Government on Exchange Rates
Posted by alibabarika in Articles on July 22, 2010
The rich oligarchy in Kyrgyzstan are not the only ones worried about the change in government, where former President Kurmanbek Bakiyev was toppled in Apr 2010.
Forex traders were very mindful and wary too, as the currency of Kyrgyzstan Som (KGS) (sometimes transliterated as “sum” or “soum”) would wildly fluctuate.
Currently, 1 US Dollar trades at 45.53 Kyrgyzstan Som and it is highly likely that KGS would depreciate in the weeks to come due to the government instability as well as a outpour of funds from the rich oligarchy in Kyrgyzstan to safe havens like the US Dollar.