Ex head of National Bank of Kyrgyzstan believes som is the most sustainable currency in EEU
Almaty. January 20. KazTAG - According to Marat Sultanov, deputy of Zhogorku Kenesh, ex head of the National Bank of Kyrgyzstan, som is the most sustainable currency on the territory of the Eurasian Economic Union (EEU), reports the KyrTAG news agency.
"Among the EEU states (Russia, Kazakhstan, Belarus, Armenia, Kyrgyzstan) som turned to be the most sustainable currency. It was less subjected to devaluation in 2014 in comparison to tenge and rouble," he said.
He said Kyrgyzstan has no such big corporate debt as Russia which has been annually covering $100-150 bln in the past 3-5 years. It created additional pressure on the exchange rate.
"In addition, Russian and Kazakhstani economy are strongly oriented on the crude resources, while the economy of Kyrgyzstan is focused only on one sector. We have developed such fields as: trade, services, export, agriculture, light industry. We have better diversified industry," he said.
The third reason of som sustainability, according to the deputy, is absence of big debts in the financial system of Kyrgyzstan in comparison to Russia.