30th meeting of the Central (National) Banks Council of Governors of the EurAsEC countries-members was held in Kyrgyzstan 

On June 27, 2014 the 30th meeting of the Central (National) Banks Council of Governors of the EurAsEC countries-members was held in Kyrgyzstan. The anniversary meeting was attended by the members of the Council – the heads of the central (national) banks of Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan, Secretariat of the Council, the Interstate Bank, as well as guests of the Council – the representatives of the Interstate Bank in the Kyrgyz Republic and of the EurAsEC Integration Committee Secretariat.   

The Governor of the National Bank Mr. Tolkunbek Abdygulov opened the meeting. “I am very pleased to welcome you on behalf of the National Bank of the Kyrgyz Republic and myself personally. Over the years, the Council adopted a number of important decisions that formed the basis for further development of the regional economic integration of the EurAsEC countries-members in the field of banking cooperation. I would like to note the special significance of the successful activity of the Council for the Development of the contractual framework on national monetary and banking systems, monetary policy, payment and settlement system and other issues”.   

The meeting agenda included issues related the current status and trends of the currency and banking markets of the EurAsEC countries-members, the financial stability of the banking sector, analyses of data on payments between the EurAsEC countries-members and a number of other important issues.   

Following the discussion, recommendations on improving the regulatory framework and the development of activities of the central (national) banks of the EurAsEC countries-members were worked out by the members of the Council.   

In conclusion, the Governor of the National Bank transferred the right of the next meeting of the Council to the Bank of Russia’s management.  

Head of the National Bank met with the Minister of Finance of Switzerland 

Governor of the National Bank of the Kyrgyz Republic Mr. Tolkunbek Abdygulov met with a delegation of the Swiss Confederation led by Federal Councillor, Minister of Finance of Switzerland Ms. Eveline Widmer-Schlumpf. The meeting was also attended by the Minister of Economic Affairs of the Kyrgyz Republic Mr. Temir Sariev, State Secretary of the State Secretariat for International Financial Matters of Switzerland Mr. Jacques de Vattevil, Head of Economic Cooperation and Development Department of the State Secretariat for Economic Affairs Beatrice Ms. Beatrice Maser and Extraordinary and Plenipotentiary Ambassador of Switzerland in the Kyrgyz Republic Mr. Rene Holenstein.   

During the meeting, the head of the National Bank thanked for the support provided to Kyrgyzstan by Switzerland and represent the interests of Kyrgyzstan in the international financial institutions. "Kyrgyz-Swiss relations demonstrate progressive development in the field of financial and technical cooperation. Thus, the joint projects in several areas are implemented. In particular, concerning the legal framework, banking supervision, improving of monetary policy and its instruments. In addition, the National Bank of the Kyrgyz Republic is working closely with the Swiss National Bank and the State Secretariat for Economic Affairs of Switzerland (SECO). All planned projects will be implemented", - Mr. T. Abdygulov assured.   

In turn, Ms. E. Widmer-Schlumpf noted the fruitful development of relations between the countries. "Kyrgyzstan in further also can count on the support of the Swiss Government. Our relationship goes beyond the cooperation with the International Monetary Fund and the World Bank, because we realize also a number of other important projects", - she added.   

In conclusion, both sides expressed the hope for long-term cooperation between Kyrgyzstan and Switzerland.  

A seminar on “Payment systems and prospects of development of retail payments” was held in the National Bank 

This event was aimed at enhancing the knowledge of representatives of the National Bank and the financial institutions of the Kyrgyz Republic in the field of payment systems and the development of innovative forms of payments on the payment services market.  

Within the 4-day seminar for the staff of regulator, of commercial banks, microfinance institutions and CJSC “Interbank Processing Center”, the representatives of consulting company “Bankable Frontier Associates Consulting” - Brian Le Sar and Johann Bezuidenhoudt told about new ways of payment system development, implementation and the use of advanced technologies, taking into account the practices of foreign countries.  

Particular emphasis was placed on topics such as the regulation of the legal framework in the field of payment systems and interoperability (interoperability) of systems, principles of clearing payments and settlement, the development of mobile banking and mobile money operators audit and electronic money issue.  

Seminar participants showed an active interest in the development of innovative forms of payments through mobile, electronic money and other relevant topics, ask questions, share their views and shared their impressions.  

Thus, according to the Head of analysis and development of payment systems Division of the Payment Systems Department of the NBKR Mr. Aibek Sultanaliev, seminar was very interesting and helpful, allowed to cover a wide range of issues and problems in the formation and development of the national payment system, implementation and management of innovative instruments and technologies. “Along with the high quality of presentations and handouts, I would like to mention a very thoughtful and informative practical part of the workshop and work with cases. On behalf of my colleagues and myself I express my gratitude to the organizers of the event, the “Bankable Frontier Associates Consulting” company’s consultants for an interesting seminar and an opportunity to improve knowledge and professional level in the field of payment systems” – he concluded.  

“Engaging to the seminar of international experts as the National Institute on payment systems was very informative and useful practice. Currently, there is a growing demand of the population in the country for advanced technologies that allow the population to realize instant payments and remotely manage their funds while significantly reducing time and maintenance costs. In this regard, the study of international experience on mobile payments, implementation of innovations will allow Kyrgyzstan to prioritize and quickly implement new technologies. For our company, which has an extensive branch network, the introduction of new instruments will improve the penetration of financial services in remote regions of the country”, - the representative of company “Finca” Ms. Asseta Krasnozhonova said.  

In turn, the chief specialist of the Group of operators and payment organizations of the Payment Systems Department of the National Bank Mr. Anton Bredikhin noted that the topics raised by the lecturers are most relevant to the National Bank in connection with the acquisition of new functions to regulate the operators of payment systems and the development of legal and regulatory framework for issuance of electronic money. “The consultants showed a high level of proficiency in the subject. Acquired knowledge will be very useful in my work and will undoubtedly find further practical application”, - he told.  

30 people trained during the workshop. The event was organized by the National Bank of the Kyrgyz Republic with technical assistance of the European Bank for Reconstruction and Development. 

Licenses/certificates have been issued to the following non-bank financial institutions and exchange offices: 

Certificate of accounting registration of LLC MCC “Kemin” № 485 dated June 30, 2014 for micro-crediting of individuals and legal entities. Legal address: 51, S. DaniyarovSt., Shabdan village, Kemindistrict, Chui region. 

Certificate of accounting registration of LLC MCC “Ayu Finance” № 486 dated June 30, 2014 for micro-crediting of individuals and legal entities. Legal address: 126, ToktogulSt., Bishkek. 

Certificate of accounting registration of LLC MCC “Tumar Finance” № 487 dated July 11, 2014 for micro-crediting of individuals and legal entities. Legal address: app. 1, 242, ToktogulSt., Bishkek. 

Interbank payments