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Kyrgyz Currency Law Comes Into Effect

Legislation in Kyrgyzstan that bans the use of foreign currency in all domestic transactions has come into force.

The legislation was passed by the Kyrgyz parliament on March 18.

According to the legislation, only the national currency, the som, can be used to pay for goods and services across the country.

The new regulation is expected to mainly affect Kyrgyzstan's property market, automobile sales, and airline companies -- the sectors where previously all prices and transactions were conducted in U.S. dollars or euros.

The failure to comply with the new regulations can lead to hefty fines.