NBKR's news


Date: 14.05.2019
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International Monetary Funds technical assistance mission  

began its work at the National Bank 

 

On May 13, 2019, Nurbek Jenish, Deputy Chairman of the National Bank of the Kyrgyz Republic, met with the technical mission of the International Monetary Fund (IMF). 

The purpose of the visit of the IMF technical mission is to assess the IMF and the Swiss State Secretariat for Economic Affairs (SECO) technical assistance projects in the areas of the monetary policy framework and supervision and regulation of the financial sector.  

The visit of the IMF technical mission will last until May 20, 2019. 

 


Date: 19.04.2019
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The National Bank of the Kyrgyz Republic and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with the support of the Islamic Development Bank, are jointly conducting AAOIFI CIPA training program from 17-27 April 2019 in the following areas: AAOIFI Shariah Standards and Financial Accounting and Reporting (FAR).  

The AAOIFI Shariah Standards program covers the Shariah Fundamentals of Islamic Finance, Trade-based Contracts (Murabaha, Salam, etc.), Equity-based Contracts (Musharaka, Mudaraba), Ijarah contract, Investment Sukuk, Takaful and other services of Islamic bank. Accounting concepts, recognition and classification of Islamic contracts, key differences between AAOIFI and IFRS and other themes will be considered during the AAOIFI Financial Accounting and Reporting module. 

The AAOIFI CIPA training program includes the participation of the representatives of the National bank, financial and credit organizations and Islamic University of Kyrgyzstan.  

For reference:  

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions. 

CIPA stands for Certified Islamic Professional Accountant and it is one of the two flagship qualifications which is offered by the AAOIFI. 

 

 

 


Date: 10.04.2019
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With respect to the signed on April 5, 2019 the Framework Agreement for USD 150 million between the Kyrgyz Republic and the International Islamic Trade Finance Corporation (ITFC), commercial banks and microfinance organizations of the country, with the support of the National Bank, started activities for the implementation of the approved amount. ITFC has approved USD 4 million line of finance in favor of two financial institutions operating in the Kyrgyz Republic. It is planned that financial and credit organizations of the Kyrgyz Republic will continue further work aimed at establishing partnership relations with the ITFC and disbursement of the amount in accordance with the terms of the agreement. 

Understanding about this agreement was reached during the first visit of the ITFC mission to the Kyrgyz Republic in September 2018. The delegation of the mission met with Tolkunbek Abdygulov, the Chairman of the National Bank (the IsDB Alternate Governor for Kyrgyz Republic). The participants in the meeting discussed cooperation and the signing of the Framework agreement between the ITFC and the Kyrgyz Republic. The ITFC mission with the National Bank representatives had meeting with commercial banks and microfinance organizations of the Kyrgyz Republic on financing facilities for the trade development. 

The second visit of the ITFC delegation was held from January 28 to February 1, 2019 in Bishkek. ITFC, with the participation of the National Bank, had meeting with government bodies, commercial banks and microfinance organizations of the Kyrgyz Republic to discuss the financing from ITFC.  

 

For reference: The International Islamic Trade Finance Corporation (ITFC) is an entity within the Islamic Development Bank (IDB) Group. Its primary focus is to encourage intra-trade among Organization of Islamic Cooperation (OIC) Member Countries. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.». 

 


Date: 19.03.2019
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Executive Director of the International Monetary Fund Mr. Paul Inderbinen arrived in Kyrgyzstan on a working visit 

 

On March 17, 2019, the Executive Director of the International Monetary Fund (IMF) Mr. Paul Inderbinen arrived in the Kyrgyz Republic on a working visit.  

Since November 2018, Mr. Inderbinen has chaired the “Swiss group” of the IMF countries, which consists of Azerbaijan, Kazakhstan, Kyrgyzstan, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan, and Uzbekistan. 

The purpose of the visit of the IMF Executive Director is to discuss the prospects of the Kyrgyz Republic's cooperation with the IMF. Within the framework of the visit, meetings will be held with the representatives of the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic

The visit of representatives of the IMF will last until March 20, 2019. 

 

 

 


Date: 12.03.2019
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The National Bank of the Kyrgyz Republic and the International Islamic Trade Finance Corporation (ITFC, member of Islamic Development Bank Group) are jointly conducting a Workshop on Trade Finance Solutions for Financial Institutions operating in the Kyrgyz Republic on 12-13 March 2019. The Chairman of the National Bank in his welcome speech expressed appreciation of the ITFC initiative for the Workshop and noted that this event will increase participants awareness about the Islamic finance and its availability of funding. The Chairman also noted that the National Bank as a regulator intends to continue relevant policies for further development and safe operation of the Islamic banking sector, including the improvement of the regulatory framework and cooperation with international organizations such as IFSB and AAOIFI . 

Fundamentals and principles of Islamic finance, differences between Islamic and conventional banks, Islamic finance and investment products, Islamic finance modes of trading, ITFC trade finance solutions and other issues will be discussed during the Workshop. 

The Workshop will include representatives of commercial banks, financial institutions and government bodies.  

For reference:  

The International Islamic Trade Finance Corporation (ITFC) is an entity within the Islamic Development Bank (IDB) Group. Its primary focus is to encourage intra-trade among Organization of Islamic Cooperation (OIC) Member Countries. The Corporation helps businesses in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools in order to help them compete successfully in the global market.  

The Islamic Financial Services Board (IFSB) is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry. Members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organizations, and institutions offering Islamic financial services.  

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions.