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Notes of NBKR 

(November 2009) 

In November the National Bank of the Kyrgyz Republic left at the same level the weekly placement of the notes while the demand is markedly reduced. Thus during the month in all segments of the notes volume of demand fluctuated which led to some increase in volatility of yields of notes, especially 28 day notes. However, in general, for the month an overall weighted average yield of the notes fell by 0.8 percentage points and amounted to 1.4 percent including: yield of 7 day notes decreased by 0.7 percentage points amounting to 1.1 percent, 14 day notes - by 0.8 percentage points amounting to 1.4 cent, 28 day notes - by 0.8 percentage points amounting to 1.6 percent. The auctions on 91 and 182 day notes, as before, were not conducted.  

Average weekly sales as compared to October decreased by 9.2 percent amounting to 379.1 million soms, the volume of demand on average for the week fell by 42.6 per cent amounting to 497.7 million soms.  

The volume of the NBKR notes in circulation for the month decreased by 9.7 percent and amounted to 948.1 million soms. The share of commercial banks in the structure of the holders of notes of the National Bank has dropped from 93.0 to 84.8 percent. The number of banks, holders of notes of the National Bank fell by 3 banks, accounting in November to 12 banks and bank portfolio concentration index increased from 0.11 to 0.16 indicating an average level of concentration and equivalent to the presence in the market of six banks with equal shares. The proportion of institutional investors has increased from 7.0 to 15.2 percent and individual and legal entity-residents as in October did not purchase the notes of NBKR.