Kyrgyzstan switches completely to ruble settlements with Russia
BISHKEK. July 20 (Interfax) - Kyrgyzstan and Russia have completely switched to settlements in rubles, Kyrgyz Economy and Commerce Minister Daniyar Amangeldiev said.
"We have completely switched with Russia to settlements in rubles," he said at a briefing on Wednesday. Settlements on the main types of goods are being done in Russian rubles, he said.
"The only group of goods on which settlements were made in dollars was fuel and lubricants. Due to the imposition of sanctions and disconnection of the SWIFT system, problems arose with payments. A decision was made to switch to settlements in rubles. Thus, one can say that all settlements with Russia are being done in rubles," Amangeldiev said.
He added that after the switch to settlements in rubles the ruble began to strengthen, which has had an impact on fuel prices.
"The ruble's exchange rate rose after we switched to settlements in Russian rubles. Accordingly, this led to the growth of prices for fuel and lubricants. In addition, diesel fuel is going up in price in Russia itself," Amangeldiev said.
Earlier on Wednesday he said there are plans to give Kyrgyz fuel traders additional credit to buy fuel and lubricants in order to stabilize the situation on the market.
"Problems have again arisen now due to the strengthening of the ruble and Russia's switch to settlements in rubles. Therefore, a decision has been made on additional support for companies. It is planned that this money will be allocated for the purchase of gasoline, diesel fuel and liquefied gas," Amangeldiev said.
He recalled that in the spring Partner Neft and Red Petroleum already received KGS2 billion ($24 million), which made it possible to build up a 40-day reserve of fuel and lubricants. More than another KGS1 billion is expected to be allocated.