Return back

ь Press-conference on monetary policy of the first six months took place in the Information Agency “Kabar” on July 18, 2008. Chokoyev Z.L and Bokontayev K.K. being the Deputies of the Chairman of the National Bank of the Kyrgyz Republic participated in the press-conference. Press-conference participants informed the publicity about results of monetary policy, results of banking and payment systems activity for the reporting period and answered all journalists questions.  

Thus, in accordance with the Kyrgyz Republic National Statistic Committee data, the index of consumer costs constituted 115.2% from the beginning of the year (from December 2007 to June 2008), whereas in the corresponding period of 2007 this index constituted 104.6%. In June 2007 the index of consumer costs increased by 4.3 percentage points in comparison with May 2008.  

Table No.: index of consumer costs in the Kyrgyz Republic  

(in percentage to December of the past year) 

 

June 

 

2007 

2008 

 

 

 

Index of consumer costs 

104,6 

115,2 

Goods 

104,9 

114,9 

Food products and soft drinks 

106,9 

120,4 

Alcohol beverages and tobacco products 

101,7 

109,1 

Nonfood goods 

102,9 

106,8 

Services 

101,6 

117,9 

In January-June 2008, in accordance with the National Bank of the Kyrgyz Republic assessments, the influence of non-monetary factors constituted 81.4%, monetary factors 11.0% and inflationary expectations 7.6%.  

The maximum price increase was noted on the market of food products where prices increased by 20.4% within the period under review, including horticultural production 30.0%, sugar and confectionery products 22.8%, oil and fats 15.7% and dairy products 6.2%. There was also price increase for bakery and cereal products by 23.3%, including price increase for wheat flour of the first choice by 26.2%. The major reason for price increase for this group of products is price increase for cereal crops and flour in the world markets. Prices for alcohol beverages and tobacco products increased by 9.1%.  

Price index for nonfood goods constituted 6.8% in the first six months of 2008. The maximum price increase was noted for gas by 32.6% as a result of selling price increase in Uzbekistan from the beginning of this year. Moreover the price for petroleum, oil, lubricants also increased: for diesel fuel by 48.4% and for gasoline by 18.3%.  

Price increase for paid services constituted 17.9% due to price increase for transportation services as well as medical care and education services.  

Monetary base of January-June 2008 increased by 958.7 million soms (+3.0%) and constituted 32 534.6 million soms by June 30, 2008 (by January 2008 it constituted 31 575.9 million soms). Within the period of January-June 2007, monetary base increased by 11.8%.  

By the end of June 2008, the general reserves of commercial banks constituted 4 116.6 million soms increasing by 2.6 percent from the beginning of the year. In the corresponding period of 2007, general reserves increased by 4.1 percent.  

Gross international reserves constituted 1 231.3 million US dollars by the end of June 2008 (1 176.6 million US dollars by January 1, 2008). Increase for the period of January-June 2008 constituted 54.7 million US dollars.  

Money stock М2Х in the period of January-June 2008, increased by 3 628.7 million soms (+8.4%) and constituted 46 646.6 million soms (М2Х by January 1, 2008 constituted 43 018.0 million soms).  

Exchange rate of US dollar increased by 1.21 percent and by July 1, 2008 it constituted 35.9283 KGS/USD. Within the period of January-June 2007, the USD exchange rate against KGS decreased by 0.46 percent and constituted 37.9501 KGS/USD 

Credit portfolio of acting commercial banks within the period of January-June 2008, increased by 18.46 percent and constituted 24 699.0 million soms (within the period of January-June 2007, the credit portfolio increased by 62.47 and constituted 18 440.6 million soms). In May, credit portfolio value in the national currency increased by 1.52 percentage points and constituted 22.82% by June 1, 2008. An average rate of interest on newly issued credits in the national currency constituted 25.42 percent within the period of January-June 2008 (increase by 2.47 percentage points in comparison with the corresponding period of 2007). In May, credit portfolio value in a foreign currency increased by 0.60 percentage points and constituted 20.25% by June 1, 2008 (increase by 1.83 percentage points in comparison with the corresponding period of 2007). 

Deposits volume in the acting commercial banks increased by 13.50 percent and constituted 26 607.5 million soms by the end of June 2008 (within the period of January-June 2008, the volume of deposits increased by 20.07 percent and constituted 20 179.6 million soms). In May, depositary base value increased by 1.05 percentage points and constituted 5.70 percent by June 1, 2008. An average rate of interest on newly accepted deposits in the national currency within the period of January-June 2008, in comparison with the corresponding period of 2007, increased by 0.39 percentage points and constituted 2.56 percent. In May, depositary base value in a foreign currency increased by 0.05 percentage points and constituted 2.24 percent by June 1, 2008. An average rate of interest on newly accepted deposits in a foreign currency within the period of January-June 2008, in comparison with the corresponding period of 2007, increased by 0.03 percentage points and constituted 0.79 percent. Moreover, an average rate of interest on newly accepted fixed deposits in the national currency, in comparison with January-June 2007, increased by 0.40 percentage points and constituted 7.18 percent whereas on newly accepted fixed deposits in a foreign currency it increased by 0.50 percentage points and constituted 5.21 percent.  

In accordance with the preliminary data of the State Customs Committee as well as the NBKR estimations, the export surplus of the Kyrgyz Republic was negative within the period of January-June 2008 and constituted 832.1 million US dollars against 410.8 million dollars of the corresponding period in 2007. The external turnover in FOB prices within the period of January-June 2008 constituted 1828.3 million US dollars, increasing by 31.3% in comparison with the rate of the corresponding period in 2007. Trade turnover with the CIS countries increased by 38.2 percent and with non-CIS countries by 22.9 percent. Trade turnover growth became possible mainly due to increase of import transactions volume, which constituted 47.5% whereas export transactions volume increased only by 1.4 percent.  

By July 10, 2008, the number of issued local cards include: “Alay-Card” system 21 427, “Demir 24” system 10 095, Visa Electron 9 836 and “Elcart” national system 22 894. 

 

 

News of non-banking financial and credit institutions 

 

The National Bank of the Kyrgyz Republic issued licenses/certificates to the following non-banking financial institutions and exchange offices: 

 

1. Limited Liability Company MCC "Tsentralnoaziatskiy Kreditnyi Tsentr" (Account Registration Certificate No.143 dated July 7, 2008 for micro crediting individuals and legal entities). Legal address: 35-34, Erkindik avenue, Bishkek city;  

2. PE Anarbaev Shavkat Tashtemirovich (License No, 3692 dated July 07, 2008 for conducting cash foreign exchange transactions). Legal address: Central Market, Jalalabat, Jalalabat oblast;  

3. PE Kasymov Nozimzhon Nasurdinovich (License No, 3691 dated July 10, 2008 for conducting cash foreign exchange transactions). Legal address: Central Market, Jalalabat, Jalalabat oblast; 

4. PE Yakubov Faruh Erkinovich (License No, 3690 dated July 10, 2008 for conducting cash foreign exchange transactions). Legal address: Central Market, Jalalabat, Jalalabat oblast; 

5. PE Telegenov Turganbek Ahmetalievich (License No, 3689 dated July 10, 2008 for conducting cash foreign exchange transactions). Legal address: 77, Sovetskaya Str. Cholponata, Issyk-Kul oblast (in the post office); 

6. PE Tekespaeva Nuria Baiyshovna (License No, 3688 dated July 8, 2008 for conducting cash foreign exchange transactions). Legal address: 97, Sovetskaya Str., Cholponata, Issyk-Kul oblast (“Zodiac” casino); 

7. PE Turahodjaev Ahmadhuzha (License No, 3687 dated July 7, 2008 for conducting cash foreign exchange transactions). Legal address: Nurahunova Str., Karasuu, Osh oblast.  

 

Certificate on accounting registration of SF MCA “Ak Peyil-Talas” No.2 dated January 28, 2003 is regarded to be revoked from July 07, 2008 due to non-performance of credit issuance for more than 1 year. Legal address: 116-12, Manasa Str., Talas, Talas oblast.  

 

Interbank payments 

 

Indexes of the Interbank Payment Systems (IPS) 

  

Total IPS 

including 

Clearing system 

Gross system 

million soms 

items 

million soms 

items 

million soms 

items 

Indexes for the period from July 14, 2008 to July 18, 2008 (reporting period) 

Absolute Value  

8 906,2 

79 354 

1 256,1 

77 408 

7 650,1 

1 946 

Share in IPS payments (%) 

100,0 

100,0 

14,1 

97,5 

85,9 

2,5 

including (%): 

  

  

  

  

  

  

Net positions of Common Interbank Processing Center 

0,03 

0,2 

0,2 

0,2 

0,0 

0,0 

Outgoing to the Central Treasurer's Office 

14,1 

4,5 

12,0 

4,6 

14,4 

2,8 

Incoming from the Central Treasurer's Office 

18,4 

72,0 

24,3 

73,7 

17,4 

3,4 

Outgoing to the Social Fund 

0,03 

0,1 

0,2 

0,1 

0,0 

0,0 

Incoming from the Social Fund 

1,2 

2,5 

8,5 

2,6 

0,0 

0,0 

 

Absolute Value 

7 501,7 

30 287,3 

1 146,0 

28 660,0 

6 355,7 

1 627,3 

Indexes deviations of the reporting period from the weekly average indexes of the previous month  

 

1 404,5 

49067 

110,1 

48748 

1 294,4 

319 

18,7 

162,0 

9,6 

170,1 

20,4 

19,6