Administration of the National Bank and the commercial banks of the Kyrgyz Republic discussed the main trends in the development of banking sector of the country  

A traditional banking round-table conference, organized by the National Bank of the Kyrgyz Republic together with the Union of Banks of Kyrgyzstan, was held in the Issyk-Kul region. The event was attended by the heads of commercial banks, President of the Union of Banks of Kyrgyzstan, as well as the administration of the National Bank of the Kyrgyz Republic represented of the Chairman and members of the Management Board.  

In opening the ceremony, the Chairman of the NBKR T. Abdygulov noted that joint events held with market players are an essential step of the National Bank to strengthen the banking system, which is currently among the priority tasks for the regulator. "In this regard, said T. Abdygulov,-the most important for us is to improve the analysis of the financial status of banks and timely regulatory response. Moreover, efforts must be directed towards development of a regulatory framework with a view to enhancing and strengthening the banking sector, improving corporate governance principles and management culture in the banks".  

T. Abdygulov emphasized that activities carried out by the National Bank on improvement of legislation are currently aimed at increasing the responsibility of managers and shareholders, improving the internal control system, providing the protection of the bank clients’ interests and enhancing capabilities of banks in all directions. Particular attention of the NBKR is paid to the measures aimed at developing microfinance institutions and increasing competition in the market of financial services.  

In the course of this event the participants - heads of the commercial banks and the NBKR discussed topical issues and solutions to the major challenges, which the banking and microfinance sectors currently face. Moreover, they discussed issues associated with new monetary policy instruments, new rules for the payment systems operation and, of course, the market players being regulated by the NBKR.  

Moreover, participants of the round-table conference raised the issues of providing the population with an access to financial resources, focused attention on the need to introduce new banking products and promote financial literacy among the population.  

Summarizing the results of this meeting where more than 30 topical issues of the banking sector were discussed, the head of the NBKR thanked participants of the round-table conference for the constructive dialogue.  

All joint decisions taken during this event will be reflected in the traditional resolution of the round-table conference, which the parties are planning to sign within the next two weeks.  

FOR REFERENCE USE  

The banking round-table conference is held annually by the NBKR together with "Union of Banks of Kyrgyzstan" ALE (Association of Legal Entities). The main objective of the event is to promote cooperation of the NBKR with the members of the Union of Banks of Kyrgyzstan and state bodies, as well as the search for joint solutions to the problems of the financial and banking sectors.