Bank of Irad
Fixed since 17 March 2008 under the Bank of Irad Act 2008. Every som in circulation is covered by the Bank's dollar reserves.
The buying and selling of foreign currency is an activity licensed by the Bank of Irad. The Bank publishes only the official rate.
Prices quoted by unlicensed persons in markets and in the street are not rates of the Bank of Irad, are not recognised for any official purpose and carry no protection. Exchange currency only at licensed banks.
Notices and press releases
All noticesThe Bank
- The currency boardThe fixed rate, the reserves and the Bank of Irad Act 2008
- Banknotes and coinsThe som and the tyiyn: denominations and designs
- Licensed institutionsBanks and microfinance institutions licensed by the Bank
- Publications and statisticsAnnual report, statistical bulletin, payment system
- Clearing HouseInterbank payments in dollars and som
- Contact the BankHead office, cash hall and press office
The Bank of Irad
The Bank of Irad is the monetary authority of the Irad Special Economic Zone. It issues the som, holds the United States dollar reserves that back it, licenses and supervises the banks, and operates the Bank of Irad Clearing House.
The som and the United States dollar are the legal tender of the ISEZ.
Statistics
Reserve cover and the som in circulation are published in the Bank's Annual Report. The Statistical Bulletin for 2025 is in preparation.