National Bank kept its policy rate unchanged at 9.00 percent.
The Chairman of the National Bank of the Kyrgyz Republic M.J. Turgunbaev took part in the Spring Meetings of the International Monetary Fund and the World Bank Group
From April 21 to 25, 2025, the Chairman of the National Bank of the Kyrgyz Republic M.J. Turgunbaev took part in the Spring Meetings of the IMF and the World Bank Group, which were held in Washington, USA.
At the site of the Spring Meetings of the IMF and the World Bank, bilateral meetings of the delegation of the National Bank of the Kyrgyz Republic with representatives of the IMF, foreign banks and financial institutions were held on issues of mutual cooperation, including monetary policy and ensuring financial stability.
The Chairman of the National Bank M.J. Turgunbaev also took part in a number of IMF events organized for the governors of central banks of the Middle East, Caucasus and Central Asia and in the meeting of the Swiss voting group of the IMF, which includes the Kyrgyz Republic. During these meetings the ongoing and new challenges to the global economy and priority economic policy measures of the IMF member countries were discussed.
PRESS RELEASE
of the National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic, in honor of the celebration of the significant 80th anniversary of the victory in the Great Patriotic War, from April 28, 2025 puts into circulation a silver collection coin “80th Anniversary of Great Victory” of the “Historical events” series.
The Victory Day, May 9, remains for decades a day of unity, remembrance of the dead and gratitude for the heroism and selflessness of war veterans and home front workers. More than 150,000 Kyrgyz citizens were awarded orders and medals for their courage and bravery in the Great Patriotic War. 74 people were awarded the title of the Soviet Union Hero, 34 people became holders of the Order of Glory of three degrees, and more than 8,000 Kyrgyz people were awarded the certificates of honor by the Presidium of the Supreme Soviet of Kyrgyzstan.
An irreparable duty and a tribute of deep respect to those who perished and those who survived the war must not be forgotten.
The main plot of the obverse side of the coin “80th Anniversary of Great Victory” is the image of a stylized figure “80” in the shape of a festive salute. A star is depicted in the upper part of the coin. The lower part contains an image of a bouquet of red carnations framed by a ribbon as a symbol of grief and honor to those who died in the war. The inscription: “Улуу Жеңишке - 80 жыл / 80th anniversary of Great Victory” is around the coin circumference.
The center of the reverse side of the coin contains the coat of arms of the Kyrgyz Republic framed by the numbers “2025” and “1945” against the background of soaring doves symbolizing peace and freedom. The inscription: “Кыргыз Республикасынын Улуттук банкы / National Bank of the Kyrgyz Republic” is placed around the coin circumference. The metal alloy (Ag 925), the year of coin issue “2025” and the weight of the coin (28.28 g) are specified in the lower part of the coin.
The collection coin “80th Anniversary of Great Victory” is the legal tender in the territory of the Kyrgyz Republic.
Specifications of coin
|
Name |
80th Anniversary of Great Victory |
|
Face value |
10 Som |
|
Metal (alloy) |
Ag 925 |
|
Diameter (mm) |
38.61 |
|
Weight (g) |
28.28 |
|
Quality |
Proof |
|
Issue limit (pcs) |
800 |
Each collection coin placed in an acrylic capsule and packed in a separate box with a quality certificate attached.
The collection coins are sold at the cash desks of the National Bank of the Kyrgyz Republic institutions on working days from 9.00 a.m. till 2.00 p.m., as well as via the website for sale of the numismatic values: www.numizmat.nbkr.kg. The price of collection coin is 5 200 Som.
On April 24, 2025, the Osh Regional Department of the National Bank of the Kyrgyz Republic held a planned field lecture on the financial literacy for the residents of Papan aiyl aimak of Kara-Suu district, Osh oblast, and the employees of aiyl okmotu of the mentioned aiyl aimak.
The information on the role and functions of the National Bank of the Kyrgyz Republic, the history of the origin of the national currency, stages of its development and security elements was provided during the lecture. In addition, the listeners were familiarized with the types of loans and deposits, electronic financial services. The topics on financial security and consumer protection, as well as on the rational use of money, saving behavior, financial planning, setting financial goals, making family and personal budgets were discussed.
On April 24, 2025, the employees of the Jalal-Abad Regional Department of the National Bank held a planned field lecture for high school students of the private school “Bilimkana-Jalalabad” located in Jalal-Abad city.
During the lecture, the representatives of the National Bank spoke about the activities of the National Bank, the stages of development of the national currency - som, the main security elements of the national currency banknotes, as well as the rules of exchange of old banknotes for good ones.
In addition, the information on the importance of savings, various ways of preserving and multiplying existing savings was presented.
On April 16, 2025, the National Bank of the Kyrgyz Republic, with the assistance of the Mayor’s office of Bishkek, held a seminar on the financial literacy for employees of the municipal enterprise “Bishkekteploset”.
Within the frames of the event, the participants learned about the financial literacy and got acquainted with the information on government programs to improve the financial literacy of the population.
In the practical part, the participants discussed the issues of maintaining a personal budget, making savings, the need for borrowing, investment instruments, financial security measures, and were also provided with the information on electronic resources to improve the financial literacy.
The event was held in the form of an active discussion, during which participants were able to get answers to their questions.
About 50 people took part in the seminar.
On April 15, 2025, the Office of Foreign Assets Control (OFAC) of the US Department of Treasury conducted an online training on compliance with US sanctions requirements.
The training provided detailed explanations of the US sanctions policy, including measures to mitigate sanctions risks, screening and monitoring of transactions for sanctions, and the risks of cooperation with sanctioned banks and persons.
The training was attended by about 100 participants, including employees of the National Bank of the Kyrgyz Republic, heads of compliance and control services of almost all commercial banks, the Association of Legal Entities “Union of Banks of Kyrgyzstan”, the Ministry of Economy and Commerce of the Kyrgyz Republic, the Ministry of Finance of the Kyrgyz Republic, the Ministry of Foreign Affairs of the Kyrgyz Republic, and the State Financial Intelligence Service under the Ministry of Finance of the Kyrgyz Republic.
On April 15, 2025, within the frames of the events dedicated to the Global Money Week – 2025, the representatives of the Talas Regional Department of the National Bank of the Kyrgyz Republic held a guest lecture for high school students of the secondary school named after A. Usenbaev in Aral village of Manas district, Talas oblast.
During the lecture, the information was presented on the history of the formation of the national currency - the Kyrgyz som, on the need and importance of financial planning and increasing financial literacy of the population, as well as on the development of payments and transfers with the use of QR codes, on precautions against telephone fraud.
From April 11 to April 15, 2025, within the frames of the Global Money Week-2025 under the slogan “Think before you follow, wise money tomorrow”, the open days and lectures on the stages of development of the national currency, protective elements of the national currency, savings were organized in the Numismatic Museum of the Osh Regional Department of the National Bank for students of startup projects of the Osh State University, for students of the Aga Khan School and private school “Novator” of Osh city. The students and schoolchildren were also shown numismatic exhibits.
In addition, guest lectures on the stages of development of the national currency, protective elements of the national currency, loans, deposits, savings, as well as on measures to prevent the involvement of young people in financial fraud were held for students of STEM Innovation College under the Osh State University, for students of secondary schools No. 91 named after E. Alykulov and No. 88 named after M. Zairov of Papan village of Kara-Suu district.
The number of participants amounted to more than 300 people.
From April 8 to April 15, 2025, within the frames of the Global Money Week-2025, the employees of the Jalal-Abad Regional Department of the National Bank held field lectures for high school students of the innovative school-lyceum No. 14 named after S. Davletov, Kyrgyz-Turkish Lyceum named after Kurmanbek Baatyr and for students of the 1st and 2nd years of the International University named after K. Sh. Toktomamatov located in Jalal-Abad city.
During the lecture, the representatives of the National Bank spoke about personal money management, the structure of family income and expenditures, financial risk management, understanding the goals and benefits of savings.
On April 15, 2025, the National Bank held a seminar “The role and functions of the National Bank” for the students of the direction “Economics” of the International Kuwait University.
During the seminar students were provided with the information on the role and functions of the National Bank of the Kyrgyz Republic, in particular the implementation of monetary policy, regulation of banking activities and supervisory functions, as well as the basics of Islamic principles of finance in the Kyrgyz Republic.
At the end of the seminar, the students visited the numismatic museum of the National Bank.
From April 8 to April 14, 2025, within the frames of the events of the Global Money Week - 2025, the representatives of the Naryn Regional Department of the National Bank of the Kyrgyz Republic held lectures on financial literacy for employees of medical institutions of At-Bashy, Ak-Tala districts and for students of secondary school named after A. Taabaldiev of Jerge-Tal village, secondary school named after B. Bekzhanov of Orto-Nura village, secondary school named after O.Toktosunov of Dobolu village, Naryn district.
During the lecture, medical workers and students were provided with the information on the ways to preserve and multiply existing savings, financial security and the stages of development of the national currency.
On April 8-11, 2025, within the frames of the events dedicated to the Global Money Week-2025, the representatives of the Issyk-Kul Regional Department of the National Bank of the Kyrgyz Republic held guest lectures for high school students of Karakol city, where they presented the information about financial literacy, the history of formation of the national currency - the Kyrgyz som, national QR standards and rules of making payments with the use of two-dimensional barcode symbols (QR code), as well as about financial frauds.
In addition, the exhibition of numismatic values of the National Bank of the Kyrgyz Republic was organized.
On April 8 to April 11, 2025, within the frames of the events dedicated to the Global Money Week – 2025, the employees of the Representative Office of the National Bank of the Kyrgyz Republic in Batken oblast held guest lectures for high school students of secondary schools named after V.I. Lenin, S. Aitmatov, A. Imarov-Kyzyl Topu and for students of the Batken State University.
During the lecture, the representatives of the National Bank spoke about the wise use and spending of money, financial planning, setting financial goals, making family and personal budgets, protecting finances from possible risks, as well as analyzed situations on various financial issues.
In addition, the information was presented on the events to develop QR codes in the Kyrgyz Republic, national QR standards and rules for making payments using two-dimensional barcode symbols (QR code), as well as precautions against fraudsters.
On April 4, 2025, with the assistance of the British Embassy in the Kyrgyz Republic, the British law firm Fieldfisher held a training webinar on UK sanctions.
The webinar provided an overview of UK sanctions covering financial, trade, transport and tourism measures, as well as an update on recent developments in UK sanctions legislation, including the expansion of powers to impose sanctions on foreign financial institutions.
The event was attended by the employees of the Ministry of Economy and Commerce of the Kyrgyz Republic, the National Bank of the Kyrgyz Republic and commercial banks.
From April 8 to April 10, 2025, within the frames of the Global Money Week - 2025 under the slogan “Think before you follow, wise money tomorrow”, the employees of the Osh Regional Department of the National Bank of the Kyrgyz Republic held the guest lectures.
The participants of the lectures were students of secondary school No. 38 named after S. Eshmatov of Uzgen district, students of the Uzgen International Institute of Technology and Education named after B. Murzubraimov of Uzgen city, students of the boarding school-lyceum “Nookat Bilimkanasy” of Nookat district and the educational complex named after M. Gaparov of Nookat town, as well as residents of the ayil aimak “Tilektesh” of Alai district and students of secondary school No. 1 named after M. Adyshov of Alai district.
During the lecture, the information was presented on the stages of development of the national currency, protective elements of the national currency, what is a loan, deposit, savings, as well as measures to prevent youth involvement in financial fraud.
The number of participants of the guest lectures amounted to about 500 people.
On April 9-10, 2025, within the frames of the events dedicated to the Global Money Week – 2025, the representatives of the Talas Regional Department of the National Bank of the Kyrgyz Republic held guest lectures for high school students of the secondary school named after M. Chaldanbaev of Bakaiyr village, Aitmatov district and Urmaral secondary school of Urmaral village, Bakai-Ata district, Talas oblast.
During the lecture, the information was presented on the history of the formation of the national currency - the Kyrgyz som, the need and importance of financial planning and improving the financial literacy of the population, as well as the development of payments and transfers using QR codes, and precautions against telephone fraud.
The representatives of the Talas Regional Department of the National Bank of the Kyrgyz Republic within the frames of the events dedicated to the Global Money Week - 2025, on April 8, 2025, held a guest lecture for high school students of the secondary school named after Eshmambet uulu B. of Kyzyl-Tuu village, Talas district, Talas oblast.
During the lecture, the information was presented on the history of the formation of the national currency - the Kyrgyz som, the need and importance of financial planning and improving the financial literacy of the population, as well as the development of payments and transfers using QR codes, and precautions against telephone fraud.
The Global Money Week 2025 was headed by the Financial Fair
On April 8, 2025, within the frames of the Global Money Week, the National Bank of the Kyrgyz Republic held the financial fair in the National Historical Museum of the Kyrgyz Republic. It was attended by the representatives of the Ministry of Culture, Information and Youth Policy of the Kyrgyz Republic, the Ministry of Internal Affairs of the Kyrgyz Republic, the Agency for Protection of Deposits of the Kyrgyz Republic, the Union of Banks of Kyrgyzstan, the State Insurance Organization, commercial banks, microfinance and other organizations.
During the financial fair the participants - teachers and students of the universities, young people, secondary school students, residents and guests of Bishkek were provided with the presentations “Financial literacy: what is it and why is it needed?”, “Prevention of youth involvement in financial fraud”, “Financial security”, “How insurance helps to reduce financial risks?”, “Social conformism and financial security”.
At the financial fair, commercial banks and financial organizations presented the information on basic banking services: opening bank accounts and payment cards of commercial banks, as well as consultations on the questions that arose.
In addition, interactive games, competitions and quizzes were held. Active participants of the fair, as well as winners of competitions and quizzes were awarded with special prizes.
About 600 people took part in the financial fair.
Global Money Week - 2025 in Kyrgyzstan
On April 8, 2025, Kyrgyzstan will launch the annual financial literacy campaign Global Money Week under the slogan “Think before you follow, wise money tomorrow”, the relevance of which is due to help young people to search for and find the reliable information about financial instruments in the information space.
Within the frames of the Global Money Week, from April 8 to 15, various events will be held in all regions of the country in cooperation with government authorities, commercial banks, representatives of insurance companies and educational institutions: open classes, training seminars/lectures, open days and excursions to commercial banks, interactive games/competitions and quizzes. During the events, the information will be presented on financial security, developing money management skills and making smart financial decisions.
The plan of events: https://www.finsabat.kg/news/527, held within the framework of the Global Money Week is posted on the official website of the National Bank www.nbkr.kg and on the website www.finsabat.kg.
Reference:
The Global Money Week (GMW) is an annual large-scale campaign held since 2012 in 176 countries around the world. The goal of the campaign is to provide access to quality financial education for children and young people to provide information on money issues for further making smart financial decisions that will improve their future financial well-being and sustainability.
In Kyrgyzstan, the Global Money Week has been held since 2015, with the National Bank acting as the coordinator of the campaign.
On March 25, 2025, within the framework of the financial literacy program, the employees of the Issyk-Kul Regional Department of the National Bank of the Kyrgyz Republic held guest lectures for senior classes of the Kirov Secondary School in Ak-Suu village of Issyk-Kul oblast.
During the lecture, the information was provided on the history of the formation of the national currency - the Kyrgyz som, on making payments using QR codes, as well as on financial fraud.
For non-compliance with the requirements for maintaining the minimum threshold level from the required reserves stipulated by the regulatory legal acts of the National Bank of the Kyrgyz Republic (during the base period – from February 24 to March 23, 2025), a fine in the amount of KGS 86 943.2 was imposed on one commercial bank.
On March 14, 2025, the Commissioner for the Prevention of Corruption held a lecture in the National Bank of the Kyrgyz Republic on preventing a conflict of interests by the employees of the National Bank when performing their official duties.
During the lecture, the employees of the National Bank were familiarized with the requirements of the current legislation in the field of regulating a conflict of interests.
On February 28, 2025, the National Bank held a seminar for students of the Theology Faculty of the Kyrgyz State University named after I. Arabaev.
During the seminar, the students were provided with the information on the Islamic principles of finance in the Kyrgyz Republic, as well as the basics of financial literacy.
Upon completion of the seminar, the students visited the numismatic museum of the National Bank.
In connection with the appearance and sale of the so-called “souvenir” banknotes of the national currency with the inscription “not a means of payment” on the territory of the Republic, the National Bank of the Kyrgyz Republic informs the following:
According to Article 304 of the Code of the Kyrgyz Republic on Offenses, the use and reproduction of images of banknotes (coins) of the national currency or any semi-finished products of their images (in one or more colors), which by their properties (size, color, image) can be accepted in payment circulation for original banknotes of the national currency of the Kyrgyz Republic, shall entail the imposition of a fine on individuals in the amount of 55 estimated indicators, on legal entities – 170 estimated indicators.
The “souvenir” banknotes of the national currency sold on the territory of the Republic are the exact copies of original banknotes of the national currency, which by color, image and size are accepted for original banknotes.
“Souvenir” banknotes
The inscription “not a means of payment” on the “souvenir” banknotes does not exempt sellers and manufacturers of such banknotes from liability.
If the “souvenir” banknotes are found in cash circulation, they are classified as counterfeit. According to Article 233 of the Criminal Code of the Kyrgyz Republic, the manufacture for the purpose of sale or storage for the purpose of sale, as well as the sale of counterfeit banknotes is punished by a fine of 1,000 to 2,000 estimated indicators or imprisonment for up to five years.
The same acts committed on a large scale by a group of persons or by a group of persons by prior agreement are punished by imprisonment for a term of five to eight years.
On February 25, 2025, the meeting of partners – organizers of the Global Money Week-2025 in Kyrgyzstan (GMW-2025) was held at the National Bank of the Kyrgyz Republic. The concepts of events in honor of GMW-2025 were agreed upon at the meeting with the participation of commercial banks, non-bank financial and credit organizations and representatives of the insurance market.
The slogan of GMW-2025 is “Think before you follow, wise money tomorrow”. The relevance of this slogan is related to the need to help young people to search and find reliable information about financial instruments in the information space.
Within the frames of the campaign, the plan of activities (contests, lessons, lectures, quizzes/trainings, and other events) organized by partners in all regions of the country will be posted on the official website of the National Bank at www.nbkr.kg and www.finsabat.kg, as well as on the pages in social networks.
On February 24, 2025, the Osh Regional Department of the National Bank of the Kyrgyz Republic held a scheduled field lecture on financial literacy for activists of aiyl aimaks (rural districts) and employees of Toloikon aiyl okmotu (Toloikon local council) of Osh city.
The information on the role and functions of the National Bank of the Kyrgyz Republic, the history of the origin of the national currency, its development stages and security signs was presented at the lecture. The audience learned about the types of loans and deposits, investments, electronic financial services; topics on financial security and consumer protection were discussed, as well as on the rational use of funds, savings behavior, financial planning, setting financial goals, and drawing up family and personal budgets.
National Bank kept its policy rate unchanged at 9.00 percent.
On February 6, 2025, the employees of the Jalal-Abad Regional Department of the National Bank held a scheduled field lecture for the students of the 3rd and 4th years of the Economics Faculty of the International University named after K. Sh. Toktomamatov located in Jalal-Abad.
During the lecture, the representatives of the National Bank spoke about the key aspects of financial literacy, the activities of the National Bank and the main instruments of monetary policy.
In addition, an interactive game “Savings” was held with teachers and students. During the game, the participants got acquainted with such concepts as family budget, financial planning, understanding of the goals and benefits of savings, which is especially important for making decisions aimed at improving the quality of life.
On February 4, 2025, the Commissioner for the Prevention of Corruption held a lecture for the employees of the National Bank in connection with the adoption of the Law of the Kyrgyz Republic “On Amendments to Certain Legislative Acts of the Kyrgyz Republic in the Field of Combating Corruption”
During the lecture, the employees were familiarized with the innovations in the anti-corruption legislation of the Kyrgyz Republic.
From January 28 to February 2, 2025, the National Bank of the Kyrgyz Republic took part in the annual World Money Fair, Berlin, Germany.
The purpose of the National Bank’s participation in the World Money Fair was to present and popularize the history and culture of Kyrgyzstan through the national currency.
The exposition of the National Bank at the exhibition was represented by banknotes and collectible coins of the national currency reflecting the historical and cultural heritage of Kyrgyzstan, issued in such series as “Historical Events”, “The Epoch of the Kyrgyz Khaganate”, “Historical and Architectural Monuments of Kyrgyzstan”, “Kyrgyz Customs and Rituals”, “National Musical Instruments”, “National Sports and Folk Games”, “World Nomad Games”, “Red Book of Kyrgyzstan”. In total, more than 30 different exhibits of banknotes and coins of the national currency were presented at the exhibition.
As in previous years, collectible coins and banknotes of the national currency were of great interest not only among numismatist collectors, but also among experts in the field of numismatics, as well as visitors to the exhibition – lovers of exclusive products.
Chairman of the National Bank of the Kyrgyz Republic took part in the IMF briefing
From January 27 to 30, 2025, the Chairman of the National Bank of the Kyrgyz Republic Melis Turgunbaev participated in the high-level briefing organized by the IMF.
The briefing was devoted to the discussion of key aspects of monetary and exchange rate policies, issues of regulation of the financial market and payment systems, strengthening the institutional framework and protective mechanisms of the central bank, as well as the main areas of technical cooperation between the National Bank and the IMF.
Within the framework of the briefing, the Chairman of the National Bank, Turgunbaev M., had an official meeting with the Managing Director of the IMF, Mrs. Georgieva K. During the meeting the parties discussed the latest trends and challenges in the world economy, the prospects of development of the monetary policy of the National Bank and further directions of joint cooperation.
National Bank kept its policy rate unchanged at 9.00 percent.
About the situation in the banking sector
In view of the information spread about the imposition of sanctions against one of the commercial banks of the Kyrgyz Republic, the National Bank of the Kyrgyz Republic informs as follows.
At present, the banking sector is stable, adequately capitalized and has sufficient liquidity and resistance to various external risks. The commercial banks operate under normal conditions and provide banking services to customers on a continuous basis. The situation in the domestic foreign exchange market remains stable.
The National Bank is carrying out relevant work to minimize the negative impact of sanctions on the banking system of the Kyrgyz Republic and to ensure financial stability of the country.
If necessary, the National Bank of the Kyrgyz Republic is ready to employ additional measures and instruments to preserve sustainability and stability of the banking system and protect the interests of depositors and creditors.
On December 27, 2024, the meeting of the representatives of mass media, teachers of higher educational institutions and couches of financial literacy of Osh city was held in the Osh Regional Department of the National Bank of the Kyrgyz Republic.
The results of the activities on increasing financial literacy of the population conducted in 2024 and the plan of informational and educational activities among the population of the region for next year were discussed during the meeting. The partners were also expressed gratitude for cooperation.
On December 20, 2024, the meeting of the representatives of mass media and couches of financial literacy of Talas oblast was held in the Talas Regional Department of the National Bank of the Kyrgyz Republic.
The results of the activities on increasing financial literacy of the population conducted in 2024 and the plan of informational and educational activities among the population of the region for next year were discussed during the meeting.
On December 10, 2024, the Osh Regional Department of the National Bank of the Kyrgyz Republic held a scheduled field lecture on financial literacy for the locals of Kok-Zhar aiyl aimak, Nookat district, Osh oblast.
The lecture provided information on the role and functions of the National Bank, the history of the national currency, the stages of its development and security features, the development of payments and transfers using QR codes, as well as the rational use of money, saving behavior, financial planning, setting financial goals, making family and personal budgets.
On December 5, 2024, a scheduled meeting with partner organizations supporting activities aimed at increasing financial literacy among the country’s population (hereinafter referred to as the “Activities”) was held in the Jalal-Abad Regional Department of the National Bank of the Kyrgyz Republic.
The meeting was attended by employees of the Office of the Plenipotentiary Representative of the President of the Kyrgyz Republic in Jalal-Abad oblast, the Jalal-Abad Mayor’s office, higher educational institutions, and the Jalal-Abad City Department of Education.
During the meeting, the results of the activities held in 2024 were discussed and gratitude was expressed to the partners.
In addition, the plan of activities for 2025 was presented.
The Chairman of the National Bank of the Kyrgyz Republic Met with the Representatives of NIBAF
On December 5, 2024, Melis Turgunbaev, the Chairman of the National Bank of the Kyrgyz Republic, met with the representatives of the National Institute of Banking and Finance (NIBAF).
The NIBAF delegation included Irshad Ahmad Aijaz, the Chairman of the Shariah Board of the State Bank of Pakistan and Securities and Exchange Commission of Pakistan, Muhammad Arish Usmani, the Head of Islamic Finance Policy Department of the State Bank of Pakistan, Muhammad Nadjib Khan, the Member of the Working Committee on Awareness and Capacity Building, and Chaudhry Tabraiz Anwar, the Deputy Director of NIBAF.
During the meeting they discussed the latest trends and future prospects for the development of Islamic finance principles in the Kyrgyz Republic, necessary measures for further promotion of Islamic finance principles and capacity building of specialists involved in this area.
Reference: NIBAF (National Institute of Banking and Finance) is a subsidiary of the Central Bank of Pakistan. NIBAF is a leading institute for training specialists of central and commercial banks and financial institutions.
In connection with the information spread in the media that citizens are facing problems when making non-cash payments and transfers, the National Bank of the Kyrgyz Republic informs the following.
The National Bank is continuously working to create and develop the appropriate infrastructure for the development of the payment system. To ensure intersystem integration (interoperability) of payments and transfers using a QR code, the National ELQR standard was developed. For the convenience of citizens, a number of projects using the national payment card “Elkart” have also been implemented.
At the same time, supervisory functions are carried out on an ongoing basis to ensure high-quality and uninterrupted provision of payment services to users.
In addition, the software is periodically updated to improve services and enhance security.
However, there are occasional technical failures of banking equipment and other abnormal situations related to power outages, problems with Internet connection/mobile communications, network attacks and cyberattacks, failures on the side of service providers to which the payment is sent (utility companies, State Tax Service, “Tulpar”, etc.), as well as failures in the operation of terminal devices themselves. These external factors are beyond the control of commercial banks, but they have a significant impact on the operation of platforms and services, causing failures and slowdown of transactions.
The National Bank takes appropriate measures when detecting violations in commercial banks. Thus, from the beginning of the year to December 1, 2024, 189 orders to eliminate violations, 92 warnings were sent to banks and 5 fines were imposed.
A Large-Scale Seminar on Islamic Principles of Finance is being Held in Kyrgyzstan
From November 11 to December 5, 2024, a large-scale seminar is being held in Kyrgyzstan. Within the framework of this seminar more than 300 specialists of the National Bank and financial and credit organizations of the Kyrgyz Republic will be trained in the areas of “Islamic Banking”, “Shariah Governance” and “Supervision of Financial and Credit organizations”.
The information on the key rules of Islamic banking and finance, the latest developments in this area, as well as the establishment of interaction and business relations with the attracted specialists is presented within the framework of the seminar.
The seminar is conducted by the internationally recognized training center NIBAF (National Institute of Banking and Finance), a subsidiary of the State Bank of Pakistan. NIBAF is a leading institute for training specialists of central and commercial banks, as well as financial institutions. NIBAF trainers and lecturers are experts in banking, financial market and academic community.
Holding such a large-scale event in Kyrgyzstan was possible due to the support of the IDB KGZ-1018 project. The IDB KGZ-1018 project is aimed at supporting the National Bank in developing a regulatory and supervisory system in accordance with the Sharia standards and building the capacity of specialists to develop Islamic banking in the Kyrgyz Republic.
It should be noted that the IDB has played a key role in the development of Islamic finance in the Kyrgyz Republic by participating in the launch of the pilot project to introduce Islamic financing principles in the country, as well as providing technical assistance, training and consultations.
Reference: The Islamic Development Bank (IDB) is an international financial organization, the main purpose of which is to improve the level of economic and social development in the IDB member countries by participating in the financing of projects and programs.
The Kyrgyz Republic became a member of the IDB in November 1993. From the moment of Kyrgyzstan’s accession to the IDB and to date, assistance projects have been implemented and continue to be implemented in such diverse sectors as banking, transport and communications, energy, industry and mining, as well as social infrastructure.
On November 28, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Nesterenko Natalia Nikolaevna, submitted by OJSC “O!Bank” for the position of Chief Accountant - Director of Accounting, Financial and Regulatory Reporting Department of OJSC “O!Bank”.
PRESS RELEASE
of the National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic, in order to popularise the oral folk arts, to preserve and promote the cultural heritage of the Kyrgyz people, from December 2, 2024 puts into circulation a gold collection coin “Aikol Manas”.
The epic of Manas, which occupies a special place in the world treasury of oral folk arts, is among the most important symbols of the spiritual heritage of the Kyrgyz people. The epic tells the story of the life and campaigns of the great warrior Manas, who possessed boundless courage and united all Kyrgyz tribes for independence of their native lands, freedom of their people and political unity.
The main plot of the obverse side of the “Aikol Manas” coin is the image of the hero Manas, dressed in armour, riding on his war horse Akkula against the background of snow-white mountains Ala-Too. The inscription “Айкөл Манас / Aikol Manas” is in the upper part of the coin. The right part of the coin displays the metal alloy (Au 999) and the weight of the coin (15.55 g). The denomination of the coin (200) and the graphical sign of som (C) are shown in the lower part of the coin.
The reverse side of the coin contains the coat of arms of the Kyrgyz Republic framed by stylised images of the national ornaments symbolising Kyrgyz warriors. The inscription “Кыргыз Республикасынын Улуттук банкы / Национальный банк Кыргызской Республики” (National Bank of the Kyrgyz Republic) is placed around the coin circumference. The year coin issue “2024” is specified in the lower part of the coin.
The collection coin “Aikol Manas” is the legal tender in the territory of the Kyrgyz Republic.
Specifications of coin
|
Name |
Aikol Manas |
|
Face value |
200 Som |
|
Metal (alloy) |
Au 999 |
|
Diameter (mm) |
25.00 |
|
Weight (g) |
15.55 |
|
Quality |
proof |
|
Issue limit (pieces) |
1000 |
Each collection coin placed in an acrylic capsule and packed in a separate box with a quality certificate attached.
The collection coins are sold at the cash desks of the National Bank institutions on working days from 9.00 a.m. till 2.00 p.m., as well as through the website for sale of the numismatic values: www.numizmat.nbkr.kg. The price of collection coin is 123 400 Som.
National Bank kept its policy rate unchanged at 9.00 percent
On November 21, 2024, the Naryn Regional Department of the National Bank held a scheduled meeting with partner organizations on conducting information and educational activities among the population.
The meeting was attended by representatives of the Naryn State University, Naryn Regional Library, Naryn City Library, Naryn City Education Department and Naryn District Education Department.
During the meeting, the results of activities to improve financial literacy of the population, conducted in 2024, were discussed and the plan of information and educational activities among the population for the next year was presented.
On November 21, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Jolochiev Suyorkul Moldogazievich, submitted by CJSC “EcoIslamikBank” for the position of Deputy Head of Internal Audit Service of CJSC “EcoIslamikBank”.
On November 20, 2024, the National Bank of the Kyrgyz Republic convened a meeting with the relevant ministries and agencies of the Kyrgyz Republic to discuss Phase II of the project for testing the prototype of the Digital Som platform in the context of state and social payments. This initiative is part of implementing the Action Plan of the Cabinet of Ministers of the Kyrgyz Republic for the National Development Program of the Kyrgyz Republic until 2026.
During the meeting, the National Bank presented a draft architecture for the implementation of the «Balaga Suyunchu» (a one-time payment upon the birth of a child) project on the Digital Som platform. An agreement was reached to continue joint implementation of the project with technical specialists.
The National Bank States: Commercial Banks and Exchange Bureaus have no Right to Refuse in Accepting Old-Pattern Dollars
Due to numerous applications of citizens that certain commercial banks and exchange bureaus refuse to accept old-pattern US Dollars (so-called “white” Dollars), the National Bank of the Kyrgyz Republic informs as follows.
According to the Regulations “On the Procedure for Conducting Exchange Transactions with Foreign Currency in Cash in the Kyrgyz Republic”, when buying, selling or exchanging foreign currency, banks and exchange bureaus do not have the right to impose any restrictions and set different rates depending on the value and year of issue of currency that has not lost the status of a payment means (More detailed information is contained in the Regulations).
If you have encountered an unjustified refusal to exchange currency, you can apply to the National Bank for taking appropriate measures to protect consumer rights. Contacts: +996 (312) 61 04 86, +996 (312) 31 29 48, mail@nbkr.kg. WhatsApp channel: 0501 89 00 00.
“White” Dollars are US Dollars issued from 1996 to 2006, as they are distinguished by a lighter shade.
1. On November 12, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Kalieva Arailym Nazarovna submitted by Open Joint-Stock Company “Keremet Bank” for the position of the Deputy Chairman of the Management Board of OJSC “Keremet Bank”.
2. On November 12, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Kurzhey Tatiana Yevgenievna submitted by Open Joint-Stock Company “Keremet Bank” for the position of the Chairman of the Management Board of OJSC “Keremet Bank”.
On November 5, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Onei Chagatai Dzhan submitted by Open Joint-Stock Company “Keremet Bank” for the position of the Board of Directors’ member of OJSC “Keremet Bank”.
On November 1, 2024, within the frames of the World Savings Day 2024 the Jalal-Abad Regional Department of the National Bank of the Kyrgyz Republic (hereinafter - the “Regional Department”) held a lecture for teachers and 1-2 year students of the Jalal-Abad State University named after B. Osmonov.
During the lecture, employees of the Regional Department told how to learn to properly manage their own money, about planning their own and family budgets, different ways to store and multiply existing savings.
In addition, the participants were informed on the activities of the National Bank, the stages of development of the national currency - the Som and the rules to exchange worn-out banknotes for good ones.
A numismatic exhibition of collectible coins issued by the National Bank was organized for the participants of the lecture, and information on the sale and repurchase of gold minted bars was provided.
Memorandum on the Establishment of the Council of Central Banks of the OTS Member States signed
Within the framework of the 11th Summit of the Organization of Turkic States (OTS) in Bishkek, the Memorandum “On Establishment of the Council of Central (National) Banks of the Member States of the Organization of Turkic States” was signed.
The Memorandum was signed by the Chairman of the National Bank of the Kyrgyz Republic Melis Turgunbaev, the Chairman of the Central Bank of the Republic of Azerbaijan Taleh Kazimov, the Chairman of the National Bank of the Republic of Kazakhstan Timur Suleimenov, the Chairman of the Central Bank of the Republic of Turkey Fatih Karakhan and the Chairman of the Central Bank of the Republic of Uzbekistan Mamarizo Nurmuratov.
Establishment of the Council of Central (National) Banks of the OTS member states is aimed at strengthening effective cooperation between the central banks, holding joint consultations and studies for the purpose of sharing experience in the field of monetary policy, financial stability, development of payment systems, financial technologies, etc.
Memorandum of Understanding signed between the National Bank of the Kyrgyz Republic and the Finance Office of the Presidency of the Republic of Turkey
On November 5, 2024, within the framework of the official visit of the President of the Republic of Turkey R.T. Erdogan to the Kyrgyz Republic, a Memorandum of Understanding was signed between the National Bank of the Kyrgyz Republic and the Finance Office of the Presidency of the Republic of Turkey.
This Memorandum is aimed at establishing cooperation between the parties in the field of financial technologies, as well as providing an opportunity to exchange experience and knowledge in this field, including a program for advanced training of specialists.
1. The National Bank of the Kyrgyz Republic has made a decision to approve the candidacy of Mangitov Arman Akhtureevich submitted by Open Joint-Stock Company “O!Bank” for the position of an independent member of the Board of Directors of OJSC “O!Bank” on October 31, 2024;
2. The National Bank of the Kyrgyz Republic has made a decision to approve the candidacy of Chakibaev Emil Akzholtoevich submitted by Open Joint-Stock Company “Capital Bank” for the position of the Board of Directors of OJSC “Capital Bank” on October 31, 2024.
On October 28-29, 2024, within the frames of the World Savings Day 2024 the Issyk-Kul Regional Department of the National Bank of the Kyrgyz Republic presented to the residents of Karakol city a numismatic exhibition of collectible coins issued by the National Bank.
At the exhibition, employees of the Issyk-Kul Regional Department of the National Bank told about the history of the national currency formation, stages of development and its protective elements, about the numismatic values of the National Bank of the Kyrgyz Republic. Also, the lecture was held and videos were shown on the following topics: “How banknotes are destroyed”, “Careful attitude to the national currency” and “Financial literacy”.
In addition, on October 31, 2024, employees of the Issyk-Kul Regional Department of the National Bank held a field lecture for students of School No. 1 in Karakol city, Issyk-Kul oblast. During the lecture, the students of the lyceum learned about the importance of savings, various ways of storing and multiplying existing savings.
Within the frames of the World Savings Day event, open days were organized, and lectures were held in the numismatic museum of the Osh Regional Department of the National Bank for students of the Institute of Economics and Management of the Osh Technological University named after M. M. Adyshev, students of the Financial and Legal College under the Osh State University and school students of the Establishment of Educational Complex “Eureka” in the city Osh.
During the lecture students and school students were shown unique coins, information about the history of the national currency, stages of its development, protective features, development of payments and transfers using QR codes, as well as about rational use of funds, savings behavior, financial planning, setting financial goals, making family and personal budgets was presented.
In addition, field lectures about the history of the national currency, stages of its development and protective features, financial planning, setting financial goals, as well as making family and personal budgets were held for students of Secondary School No. 21 named after A.S. Pushkin and the school-gymnasium “Olimp”. In total, 220 people attended the World Savings Day, among them 61 students, 148 school students and 11 teachers.
On October 28-30, 2024, within the frameworks of the events dedicated to the World Savings Day 2024, representatives of the Talas Regional Department of the National Bank of the Kyrgyz Republic held guest lectures for high students of secondary schools named after K. Kaiymov of Talas district, named after Ch. Aitmatov of Aitmatov district and named after B. Junusov of Bakai-Ata district.
During the lecture, students were informed about the importance of savings, various ways to store and multiply existing savings.
In addition, information on the activities of the National Bank, the stages of development of the national currency - the Som and the rules to exchange worn-out banknotes for good ones was presented.
On October 30-31, 2024, within the frames of the World Savings Day events, the Representative Office of the National Bank of the Kyrgyz Republic in Batken oblast held field lectures for students of secondary schools named after J. Bokonbaev and S. Aitmatov in the city of Batken.
During the lecture, information on the history of the national currency formation, careful attitude and saving of money, the culture of savings, as well as on digitalization of banking services and expansion of their use was presented.