On June 13, 2012, a resolution “On the Development Trends of the Commercial Banks System of the Kyrgyz Republic for the 1st Quarter of 2012” was adopted at a meeting of the Board of the NBKR. 

The NBRK: Microfinance institutions (MFIs) carrying out their activities should follow the main purpose of the Law which is to provide affordable microfinance services to fight poverty, increase employment, promote entrepreneurship and social mobilization of the population in the Kyrgyz Republic. 

The National Bank of the Kyrgyz Republic guided by the Regulation “On Preventive Measures and Sanctions Applied by the National Bank of the Kyrgyz Republic with Regard to Microfinance Institutions” has suspended the certificate of registration of individual MFIs (describe in full) from 21/05/2012 to 01/07/2012 for non-compliance with Article 2 of the Law “On Microfinance Institutions in the Kyrgyz Republic” until their activities are brought into compliance with the requirements of the legislation of the Kyrgyz Republic. A report on the execution of the specified requirements for MFIs (describe in full) must be submitted to the National Bank of the Kyrgyz Republic by June 25, 2012.   

According to the Law of the Kyrgyz Republic “On Microfinance Institutions in the Kyrgyz Republic,” MFIs organize and conduct their activities within the jurisdiction granted to them by the Law, regulations of the National Bank and other legislation of the Kyrgyz Republic. At the same time, in carrying out their activities, MFIs should follow the main purpose of the Law which is to provide affordable microfinance services to fight poverty, increase employment, and promote entrepreneurship and social mobilization of the population in the Kyrgyz Republic. 

According to the legislation of the KR, including regulations of the NBKR, the National Bank as the authority supervising and regulating financial institutions (commercial banks, MFIs, MCCs/MCAs, credit unions) is assigned to take appropriate measures against supervised institutions and is responsible to ensure compliance with the law in their activities. Also, the Law “On the National Bank of the Kyrgyz Republic” stipulates responsibility for stability and safety of the banking system and NBFIs, licensed and regulated by the National Bank. In particular, in accordance with the above Regulations, the National Bank has the right to apply sanctions, including a revocation of the certificate of registration of microcredit companies and microcredit agencies in the event of violations of laws and regulations. 

As the supervisory authority, the National Bank of the Kyrgyz Republic, which, in addition to supervisory functions, in accordance with the legislation of the Kyrgyz Republic, exercises supervisory functions in compliance with antitrust laws with respect to banks and other regulated financial institutions, requires to reveal the real cost of loans, justify interest rates used by MFIs, and bring the activities of MFIs in accordance with the legislation of the Kyrgyz Republic. 

Validity of certificates of registration of the said MFIs will be resumed after activities are brought into compliance with the legislation of the Kyrgyz Republic. 

The closed tender for external audit of financial statements of the NBKR is completed. 

In accordance with Article 9 of the Law “On the National Bank of the Kyrgyz Republic”, the closed tender for the selection of an external auditor of the NBKR’s financial statements was held in the National Bank on May 28, 2012. 

In order to ensure transparency, objectivity and competitive selection of audit firms, the tender commission included five members of the Parliament, representing all factions of the KR Jogorku Kenesh, in addition to representatives of the NBKR.  

The tender was conducted among audit firms which have international reputation with at least five year experience of the audit of the central (national) banks. 

Four audit firms that are included in the top ten internationally recognized audit firms participated in the tender: Deloitte, KPMG, Grant Thornton and BDO. 

The tender for the selection of an external auditor of the NBKR for 2012 took place in two stages: 

- a pre-tender meeting for the commission opening of technical bids 

- a meeting during which the winner and vice-winner audit firm is selected based on the evaluation of technical and financial bids 

On July 12, 2012, based on the tender results, the meeting of the Jogorku Kenesh Committee on economic and fiscal policy approved the KPMG Bishkek international audit firm for audit of the NBKR financial statements. 

KPMG is an international network of firms providing audit, tax and consulting services. KPMG has up to145.000 employees working in 153 countries around the world. As of 2011, the annual income of firms, members of the KPMG ELLP, amounted to 22.7 million U.S. dollars. 

KPMG in Kyrgyzstan has been engaged in audit activity since 2003. The company provides audit and consulting services on financial matters to a large number of banks and financial organizations in the country, as well as to businesses in leading economic sectors such as mining, petroleum, and food industry, telecommunications, etc. 

The license No. 0008, GK series as of September 24, 2003. The certificate of state re-registration of a legal entity No. 19461-3300-000 (IU) as of April 18, 2007. 

Licenses/certificates are issued to the following NBFIs and foreign exchange offices: 

§ Private Entrepreneur Salima Kochkonovna Tashybekova (the license No. 4981 as of 11/06/2012 for conducting exchange operations with foreign currency in cash), the registration No. 3005. Registered address: 146 Abdrakhmanov Street, Bishkek. 

§ Private Entrepreneur Samat Asanbayevich Minbayev (the license No. 4982 as of 12/06/2012 for conducting exchange operations with foreign currency in cash). Registered address: no number (Baysal Store), Toktogul st., Karakol, Issyk-Kul region. 

§ Private Entrepreneur Rustam Khabibovich Yusupov (the license No. 4983 as of 12/06/2012 for conducting exchange operations with foreign currency in cash). Registered address: 145 Lenin st., Karakol, Issyk-Kul region. 

§ Private Entrepreneur Daniyar Batyrkanovich Joobazarov (the license No. 4984 as of 13/06/2012 for conducting exchange operations with foreign currency in cash), the registration No. 3006. Registered address: Ar-Bat Exchange Bureau, 144 Abdrakhmanov st., Bishkek. 

§ Private Entrepreneur Marat Nurlanovich Asylbekov (the license No. 4985 as of 13/06/2012 for conducting exchange operations with foreign currency in cash), the registration No. 3007. Registered address: 150 Abdrakhmanov st., Bishkek. 

§ Private Entrepreneur Aleksandr Aleksandrovich Sarap (the license No. 4986 as of 13/06/2012 for conducting exchange operations with foreign currency in cash), the registration No. 3008. Registered address: 84 Toktogul st., apt. 2, Bishkek. 

§ Private Entrepreneur Altynbek Anarbekovich Kudukeyev (the license No. 4987 as of 13/06/2012 for conducting exchange operations with foreign currency in cash), the registration No. 3009. Registered address: 164 Moskovskaya st., Bishkek. 

§ Private Entrepreneur Gulsima Salimyanovna Chekusheva (the license No. 4988 as of 14/06/2012 for conducting exchange operations with foreign currency in cash). Registered address: central market, no number, Gagarin st., Pulgon Village, Kadamjaisky District. 

§ Private Entrepreneur Saidakhmat Batirovich Kuzibayev (the license No. 4989 as of 14/06/2012 for conducting exchange operations with foreign currency in cash). Registered address: central market, no number, Gagarin st., Pulgon Village, Kadamjaisky District. 

§ Private Entrepreneur Shavkatbek Karimjanovich Sadykov (the license No. 4990 as of 14/06/2012 for conducting exchange operations with foreign currency in cash). Registered address: Room 9, Aisle 1, Eliza Market, Kochkor-Ata Village, Jalal-Abad region. 

§ Private Entrepreneur AAVA Invest LLC (the license No. 4991 as of 15/06/2012 for conducting exchange operations with foreign currency in cash), the registration No. 3010. Registered address: 196-24 Chui ave., Bishkek. 

Certificates/licenses of the following NBFIs are revoked/annulled: 

1. The certificate of registration of the Aktilek-Balykchy Microcredit Agency Institution No. 189 as of 15/03/2010 for microcredit for individuals and legal entities has been annulled on 12/06/2012 according to the minutes of the General Meeting of Founders as of 12/06/2012 and the statement of the MCA as of 12/06/2012. Registered address: no number, Komsomolskaya st., Balykchy, Issyk-Kul region. 

2. The certificate of registration of the Jannat-Credit Microcredit Company LLC No. 289 as of 11/05/2010 for microcredit for individuals and legal entities has been annulled on 14/06/2012 according to the decision of the Founder as of 14/06/2012 and the statement of the MCC as of 14/06/2012. Registered address: 68 Toktosunov st., Balykchy, Issyk-Kul region. 

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