The year 2024 has come to an end — a year, like any other, full of events. Some experienced ups, others experienced downs, and some faced endless deadlines and the eternal "when will I finally get a break?!" After all this, it’s clear that we can't do without a psychologist. So, the Akchabar editorial team decided to take a closer look at how affordable psychologist sessions became in 2024. Spoiler alert: you worried for nothing, because from a global economic perspective, life here has actually improved.

As a benchmark, we took $100 per session with a specialist in the U.S. — a convenient indicator that helps assess how the exchange rate of the national currency impacts citizens' well-being. How is this connected? Despite increasing its own exports, Kyrgyzstan remains an import-dependent country. Therefore, the strengthening or weakening of the KGS directly affects our ability to purchase dollar-linked services or goods.

In December 2023, the exchange rate of the US dollar was 89 KGS, but by the end of 2024, it had strengthened to 87 KGS per dollar. This means the dollar became 2.24% cheaper for us. During mid-year lows, the dollar even dropped to 84.74 KGS. However, an excessively low dollar isn’t ideal either, which is why the regulator had to step in.

Thus, if $100 cost 8,900 KGS a year ago, it now costs 8,700 KGS. This means that a session with a specialist from the U.S. would have been cheaper for Kyrgyz citizens.

Kyrgyzstan is not the only country in the Eurasian Economic Union that managed to maintain its position. At the beginning of 2024, the exchange rate of the dollar to the Armenian dram was 405.2 per dollar, and by the end of the year, the dram had slightly strengthened to 396.06 drams per dollar. As a result, a psychologist session, based on U.S. rates, would have cost 2.25% less than at the start of the year.

But in Belarus the story turned out to be the opposite. In 2023, the exchange rate of the Belarusian ruble was 3.1932 per dollar, but in 2024, it weakened to 3.4216 rubles per dollar. As a result, the services of a foreign specialist effectively became 7% more expensive. Previously, $100 would have cost 319.32 Belarusian rubles, but now it’s 342.16 rubles.

In Kazakhstan, as in Belarus, the national currency depreciated. In 2023, the Kazakh tenge was valued at 457.63 per dollar, but by 2024, its exchange rate had risen to 514 tenge per dollar. This means that psychologists charging U.S.-level rates also became more expensive in Kazakhstan. By 12% or an additional 51,400 tenge. Overall, achieving peace of mind now costs a bit more in Kazakhstan. But if it’s worth it, why not?

Despite concerns among Russians about the rapidly increasing dollar exchange rate (which, at one point, exceeded 100 rubles), the situation there is slightly better. In 2023, the ruble-to-dollar exchange rate was 91.969, and in 2024, it rose to 99.6125 rubles per dollar. This represents an 8% increase in the currency's cost. Accordingly, while a $100 psychologist session previously cost 9,196.9 rubles, it would now require 9,961.25 rubles.

The year 2024 revealed mixed economic trends among the EAEU countries: Kyrgyzstan and Armenia strengthened their currencies, while Kazakhstan, Belarus and Russia experienced currency depreciation, making dollar-linked services more expensive. However, it's important to remember that the cost of a psychologist varies across the union. In Kyrgyzstan, not only did the price for a U.S.-based specialist drop, but the average cost of a session within the country is also over 40% lower.