Kyrgyz banks have stopped accepting Russian rubles for exchange into local currency

Kyrgyz banks have stopped accepting Russian rubles for exchange into local currency. This is reported by the "Asian Express".

According to the resource, at the height of the tourist season in Kyrgyzstan there were problems with the exchange of Russian rubles for Kyrgyz som. According to the information, this happens in some commercial banks (such as KICB, Optima Bank and Bank Companion).

Banks explain the reasons for the refusal in different ways. The "Companion Bank" refers to international sanctions that complicate operations with cash rubles. Optima Bank reported that the restrictions were imposed on the instructions of the National Bank. However, there is no official explanation from the regulator yet.

Explain the current situation by changes in the rules for handling cash in Russian rubles. Due to existing restrictions, Kyrgyz financial institutions are unable to send cash rubles to Russian banks for their subsequent transfer to correspondent accounts.

Banks are now restricted in transactions with cash rubles. In this regard, financial institutions independently adapt some transactions with this currency using their own risk management methods.

At the same time, the Russian ruble is not completely excluded from circulation. Non-cash settlements, transfers and other transactions can be carried out both in the standard mode and under the conditions established by a particular bank.

Financial institutions note that the restrictions are temporary and may change depending on market conditions, the state of the payment system and the availability of cash transactions.

For Kyrgyzstan, the situation with currency exchange is especially relevant at the height of the tourist season. Visitors to Issyk-Kul have repeatedly encountered difficulties in exchanging rubles, including low exchange rates and restrictions on conversion amounts. These problems make it difficult to pay for accommodation, meals and excursions.

Experts in the field of tourism express concern that problems with payment in rubles can significantly reduce the number of trips of Russian citizens. This is especially true for the Issyk-Kul region, where Russians are traditionally a significant part of holidaymakers.

The situation is aggravated by the high load on the resort infrastructure caused by the holding of major international events. In the near future, the SCO summit and World Nomad Games.