January-September 2025 was a very active period in the country's domestic foreign exchange market, even more dynamic than expected. According to the analysis published by the Central Bank, both the demand and supply of foreign currency increased simultaneously, which further stimulated the overall dynamics of the market.
During the reporting period, the need for foreign currency purchases increased to 48.4 billion dollars, which is a 24 percent increase compared to last year. The supply side also did not lag behind - $41.2 billion in currency entered the market, excluding direct operations of the Central Bank. This also means a 26 percent increase compared to 2024.
At the same time, the foreign exchange reserves in the market were additionally maintained through sterilization operations carried out by the Central Bank within the framework of monetary gold. This was an important factor in preventing sharp fluctuations in the domestic market.
Demand and supply for legal entities increased proportionally
If the demand for foreign currency by enterprises increased by 24 percent in 10 months, then the supply of foreign currency by them will increase by 38 percent. Foreign exchange earnings from exports increased by 18 percent and amounted to 14.5 billion dollars. More than half of these funds - 8.1 billion dollars - were sold on the domestic market.
Banks also sold $7.3 billion in foreign currency through foreign loans - 63% more than last year. The currency purchased by the enterprises was spent mainly in the following areas:
- 51 percent - import of equipment, raw materials and technical products
- 27 percent - repayment of external loans
- 17 percent - consumer goods and medicines
- 2 percent - dividends of foreign investors
- 3 percent - other purposes
Individuals recorded a record rate of currency conversion
The volume of foreign currency sold by the population to banks reached 17.4 billion dollars. This is 1.3 times more than last year.
The population also actively continued to purchase currency: a total of $9.6 billion worth of currency was purchased.
The most interesting thing is that the amount of currency sold by the population exceeded the demand for it by 7.8 billion dollars. This figure is almost one and a half times higher than last year.
This, of course, depends on the influence of international money transfers. Through this direction, the country received $15.8 billion - a 25% growth in one year. The spent funds amounted to 2.2 billion dollars, which is 147 million dollars less than last year.
The national currency continued to strengthen
In January-October, the national currency appreciated by 7%. This trend was formed under the influence of several factors:
- increase in export revenues
- increased inflow of foreign loans
- increase in remittance volumes
- stabilization of imports
- improvement of investment dynamics
The Central Bank notes that these factors contributed to the strengthening of the national currency while maintaining balance in the foreign exchange market.
In conclusion, the first 9-10 months of 2025 were characterized by positive trends for the foreign exchange market. A balanced growth in supply and demand, growing foreign currency inflows from the population, and increased export revenues ensured a stable market situation.
These processes will undoubtedly play an important role in maintaining economic stability in the coming months.
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