The decline of the dollar has turned out to be one of the most significant events in finance in 2025, as reported by NZZ. The American currency has lost value against all 15 major currencies in the world, which is linked to serious economic upheavals originating from the United States.
This year, the dollar ceased to be a "safe-haven currency" in times of instability, and this role has once again been taken on by the Swiss franc. The reason for this was changes in the trade policy of the United States that occurred on April 2, when President Donald Trump announced a new tariff regime for several countries and regions.
Although the initially announced tariffs were reduced, the average tariff rate still increased from 2.3% to 14%, the highest level since 1939.
The dollar has significantly weakened
These changes caused sharp fluctuations in the markets and led to the dollar's decline. The US currency, known as the "greenback" due to its color, depreciated against all 15 largest currencies. The most significant drop was observed against the Swedish krona (–20%), the Mexican peso (–16%), and the Swiss franc (–14%). The Japanese yen remained almost unchanged.
The April policy changes defined the entire year, so the "greenback" was unable to recover significantly. Thomas Stucki, Chief Investment Officer of the St. Gallen Cantonal Bank, considers the dollar's decline to be one of the key events in finance in 2025. In trade-weighted terms, the currency lost about 7% of its value.
According to Carsten Junius, 2025 was not particularly memorable for the franc. At the same time, he noted that in the second quarter, the Swiss National Bank (SNB) intervened in dollar trading in the foreign exchange market, albeit on a limited scale, as added by the chief economist of J. Safra Sarasin bank.
The euro, in turn, depreciated against the franc by 1%, which, according to Junius, is related to the fact that the interest rate differential between the Swiss zone and the eurozone reached 2.6 percentage points, a record level since the reunification of Germany.
The British pound, Chinese renminbi, and Japanese yen also showed significant declines — by 5%, 9%, and 12% respectively. Only a few currencies, including the Swedish krona, demonstrated relatively stable positions against the franc.
Key interest rates were not a determining factor but will remain an important indicator
In the past year, the monetary policy of different economic zones had a secondary impact on exchange rates. Instead, other topics came to the forefront. Nevertheless, the Swiss National Bank (SNB), the Federal Reserve System of the USA (Fed), and the European Central Bank (ECB) continued the cycle of rate reductions.
The SNB lowered the key rate in two steps of 0.25 percentage points to 0%. The ECB also reduced the rate four times by the same amount — to 2%. In turn, the Fed conducted three reductions of 0.25 percentage points, establishing a target range of 3.5–3.75%.
Market participants' expectations for 2026 suggest that the SNB will not make any changes to the rate. The regulator points to a "high threshold" for returning to negative rates, and some experts predict the first rate hike in early 2027.
The situation in the eurozone is similar. Judging by the derivatives markets, participants do not expect rate cuts next year. ECB board member Isabel Schnabel recently hinted that the regulator's next step could be a rate hike.
At the same time, many in the USA expect further rate cuts. The market anticipates two reductions of 0.25 percentage points — in April and July. The situation is exacerbated by the change in leadership at the Fed: the term of Chairman Jerome Powell expires in May, and President Trump has sharply criticized his policy as too tight. A significant rate cut could again put pressure on the dollar in international trade.
The choice of a new Fed chair
According to Stucki, the future of the "greenback" will largely depend on how well Trump can strengthen control over the Fed's interest policy. An important aspect of this situation is the appointment of Powell's successor. Markets are discussing a scenario in which the new Fed chair could lower the rate at the first meeting in June, signaling a "new era."
Equally interesting is whether Powell's successor, chosen by Trump, will be able to coordinate actions with the other Fed members or whether resistance to the idea of a "weak dollar" will be stronger. Nevertheless, economists do not expect an outright rebellion. As Junius notes, several dissenting votes on the recent rate decisions indicate that opinions within the Fed are becoming more fragmented. Junius's forecast for 2026 suggests a slight strengthening of the franc against the euro and the dollar.
The National Bank of Kyrgyzstan has published the exchange rates for December 26: The dollar exchange rate is 87.45 soms, while other currencies have depreciated....
The National Bank of Kyrgyzstan has presented the exchange rates for foreign currencies as of December 30, which are as follows: The dollar continues to decline, while the euro and ruble are...
Photo from the internet. The dollar's exchange rate against the som has changed for the first time in the last two months Based on data from the National Bank of Kyrgyzstan and exchange points...
Photo from the internet. The dollar has begun to recover its positions after a recent decline According to data from the National Bank of Kyrgyzstan and exchange points in Bishkek, there is an...
In recent years, the exchange rate of the Kyrgyz som has demonstrated relative stability. Although there are minor fluctuations, their impact on the economic situation in the country is minimal....
As of January 5, the official exchange rates of the National Bank of Kyrgyzstan are as follows: Currently, the exchange rate for the dollar is 87.44 soms, while the euro and ruble have significantly...
Photo from the internet. The dollar is falling against the som for the first time in a long time According to the National Bank of Kyrgyzstan and exchange points in Bishkek, there has been an...
The National Bank of Kyrgyzstan has updated the foreign exchange rates for December 29: The value of the dollar and euro has decreased, while the ruble has strengthened....
Photo from the internet. The Chinese yuan has set a new record for value this year. According to the National Bank of Kyrgyzstan and exchange points in Bishkek, the official exchange rates for the...
Changes in the U.S. tariff policy were the result of prolonged negotiations. In particular, the increase in tariffs on imported furniture has been postponed until 2027, while tariffs on Italian pasta...
Against the backdrop of a sharp collapse in the value of the Iranian rial, which reached 1.39 million rials per dollar on the unofficial market, Iran has witnessed the largest protests in the last...
The National Bank of Kyrgyzstan presented the exchange rates for January 6: The dollar rate remained at 87.44 soms, while the euro and ruble have depreciated. This situation is expected to remain...
- It is expected that the average annual exchange rate of the Kazakh tenge to the US dollar in 2026 will be 535 tenge per dollar, according to the macroeconomic forecast of the Eurasian Development...
- According to the Eurasian Development Bank, the average annual exchange rate of the ruble against the US dollar in 2026 will be 94 rubles. This figure is presented in their macroeconomic forecast...
The President of the United States, Donald Trump, has signed a new decree under which the U.S. will cease funding and participation in 66 international organizations, including 31 UN entities. This...
- In its monetary policy report for the third quarter of 2025, the National Bank of the Kyrgyz Republic updated its medium-term forecast for key macroeconomic indicators for the upcoming years of...
Nvidia, known as the most valuable company in the world, has purchased shares of Intel worth five billion dollars, reports Lenta.ru citing CNBC. It is worth noting that back in September, Nvidia...
- As of the morning of December 29, 2025, the exchange rate of the US dollar in the banks of Kyrgyzstan fluctuates between 87.1-87.3 soms for buying and 87.55-87.8 soms for selling. As for the euro,...
The National Bank has published the current official exchange rates as of December 31, 2025. Comparison with the previous working day shows the following changes:...
- As of the morning of December 26, 2025, the exchange rate of the US dollar in the banks of Kyrgyzstan is 87.2-87.3 soms (buy) and 87.7-87.8 soms (sell). Euros can be purchased at a price of...
On the Comex exchange, which is part of the New York Mercantile Exchange, silver prices have surpassed the $75 mark per troy ounce. This information became known following the trading results. On...
Today, January 6, at the largest bazaar in Tehran, traders closed their shops as part of a nationwide strike, chanting slogans of "Freedom." Protests in Iran, which have been ongoing for...
- According to data from the Rosselkhoznadzor as of December 19, 2025, there is a positive trend in the export of Russian livestock products for most categories compared to 2024. Kyrgyzstan has...
Vendors and traders cross the bridge during protests against economic conditions and unstable currency in Tehran on December 29, 2025. Some traders closed their shops in protest against economic...
Since the beginning of 2025, the National Bank of Poland has become the leader in gold purchases, increasing its reserves by 95 tons. In second place is the National Bank of Kazakhstan, which added...
U.S. President Donald Trump in the photo According to the latest data from American media, the wealth of Donald Trump, the President of the United States, has significantly increased since his...
For the sixth day, anti-government protests in Iran have resulted in at least six reported deaths. These protests, which began in response to a sharp increase in prices, have become the largest...
According to official data provided by the Ministry of Foreign Affairs of the Kyrgyz Republic, protests have been taking place in various cities of Iran in recent days. As of January 6, 2026, there...
U.S. President Donald Trump has given the green light for further advancement of the sanctions bill against Russia, which plans to impose tariffs of 500% on goods from countries that continue...
In a recent interview on Fox News, U.S. President Donald Trump shared his intention to meet with Maria Machado next week, reports Meduza. When Sean Hannity asked Trump about the possibility of...
On December 30, 2025, the National Bank of Kyrgyzstan presented the official exchange rates. A comparison with data from December 27 showed that there were no significant changes in the currency...
According to the report on monetary policy, the third quarter of 2025 saw a continued increase in lending to the economy. The credit portfolio of the banking system grew by 10.5%, reaching 460.6...
In November, the profits of Chinese industrial companies fell at a record pace, marking the largest decline in over a year. This occurred against the backdrop of weak domestic demand, which...
According to the statement by the head of the Central Bank of Syria, Abdelkader Khusri, the phased replacement of old banknotes with new ones will begin on January 1, 2026. This decision is part of...
Mass protests continue in Iran, triggered by rising prices and deteriorating living conditions. The demonstrations, which have spread across major cities and have been ongoing for a long time,...
- In its latest report on monetary policy, the NBKR presented a forecast for the balance of payments for 2025 and 2026, highlighting a high degree of uncertainty in the external environment and the...
At the end of the calendar year, the Kyrgyz-Russian Slavic University named after B. N. Yeltsin summarized the results and recorded key changes. The year 2025 became a time of transition for the...
In 2025, residents of Kyrgyzstan faced financial difficulties due to rising prices outpacing their incomes. Forecasts for the following year do not inspire optimism, and experts are addressing this...
In its Country Report on Climate and Development in Kyrgyzstan, the World Bank predicts that climate change will not have a significant impact on poverty levels. According to the study, vulnerability...
In 2025, Kyrgyzstan faced challenges in the energy sector, including a lack of capacity and ongoing negotiations with donors for the construction of the Kambar-Ata-1 Hydroelectric Power Station....
- As reported on January 5 by the U.S. Energy Information Administration, the average price of Brent crude oil in 2025 fell to a record low since 2020. Throughout the year, one barrel averaged $69,...
In Syria, a significant change has occurred in the design of banknotes: the portrait of Bashar al-Assad has been replaced with images of olives. This was reported by SANA. The new banknotes, which...
In 2025, the Kyrgyz National Bank announced the implementation of legal foundations for the transition to a digital som, which will significantly strengthen the financial protection of the...
As the New Year 2026 approaches, it's time to assess how much more expensive the celebration has become. The editorial team of Kaktus.media conducted a study to find out how much the ingredients...
As the New Year 2026 approaches, it's time to assess how the costs of celebrating have changed. Therefore, the editorial team of Kaktus.media conducted a study to find out how much a set of...
The Board of the Eurasian Economic Commission (EEC) has decided to eliminate import duty rates for waste and scrap of precious metals (codes 7112 30 000 0, 7112 91 000 0, 7112 92 000 0, and 7112 99...
