Significant devaluation of the national currencies of the main trading partners led to the strengthening of the real effective exchange rate of the sum through the channel of foreign trade and remittances.
This, in turn, had a negative impact on our country's foreign exchange earnings through the channels of export and remittance receipts and the volume of supply in the domestic foreign exchange market.
As a result, a slight acceleration of the rate of devaluation of the sum exchange rate - correction due to the influence of fundamental factors was observed in the domestic currency market.
The Central Bank has sufficient instruments to prevent a significant depreciation of the exchange rate in the future, and fluctuations will be smoothed by accomplishing additional interventions in necessary cases.
This correction will lead to a return to the long-term trend of the real effective exchange rate, and the balanced exchange rate will serve to increase supply in the market by increasing foreign exchange earnings. The real effective exchange rate will be relatively stable until the end of the year and in the medium term.
