IMF staff urge caution on Kyrgyz de-dollarisation plans
Central bank plans to support borrowers with foreign currency exposures
Staff at the International Monetary Fund recommended a cautious approach to de-dollarisation in the Kyrgyz Republic on February 4, as the central bank and government act to support borrowers with debt in US dollars.
The National Bank of the Kyrgyz Republic this month launched a government-backed plan to convert US dollar-denominated debt into soms. Many people in the country have borrowed in dollars, notably to finance housing purchases, and are now suffering from the som's weakness.
Under the
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