On July 25th, 2012, the meeting of the Board of the National Bank of the Kyrgyz Republic addressed the following issues and adopted appropriate resolutions. 

· The Resolution of the Board of the NBKR No. 30\14 “On the Regulation “On licensing, reorganization, liquidation of the “Credit Unions Financial Company OJSC.” 

ь Chairman of the NBKR Zina Asankojoyeva met with Jцrg Frieden, Executive Director of the World Bank in Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan and Uzbekistan. 

The purpose of the meeting was to discuss the projects implemented by the World Bank in the Kyrgyz Republic. In particular, the participants discussed a joint project of the World Bank and the NBKR, “Modernization of the Payment and Banking System,” the implementation of which began in September 2004 according to the loan agreement between the KR Government and the World Bank. The loan amount under this agreement amounted to SDR 6.1 million (about 9.0 million U.S. dollars), of which the National Bank of the Kyrgyz Republic has been allocated a loan of 7.6 million U.S. dollars. On July 1, 2012, the National Bank disbursed 6.4 million U.S. dollars, or 84.2% of allocated funds. 

A representative of the World Bank raised the issue about the date of ratification by parliament of Kyrgyzstan of another important project for the development of the financial sector of the Kyrgyz Republic approved by the Board of Directors of the World Bank in March of this year. As part of this agreement, a grant in the amount of 1.5 million U.S. dollars is planned to be provided to strengthen the supervisory framework of the NBKR. 

REFERENCE 

The World Bank (International Bank for Reconstruction and Development and the International Development Association) was created in conjunction with the International Monetary Fund (IMF), according to the resolution of the Bretton Woods International UN Conference in 1944. Since 1946, the World Bank has operated as a specialized financial institution of the United Nations with headquarters in Washington, DC and with offices in 100 countries, including offices in the Kyrgyz Republic.  

The objective of the World Bank is to reduce poverty and improve living standards.  

Alexander Kremer has been the head of the World Bank Office in the Kyrgyz Republic since August 2010. The Manager of the Bank from the Kyrgyz Republic is the Vice-Prime Minister of the Kyrgyz Republic on economics and investments. 

Since 1992, the World Bank has approved loans to Kyrgyzstan on 48 projects worth 1,066 million U.S. dollars. Loans were granted on favorable terms: for 40 years, with a ten-year grace period at a rate of 0.75% per annum. Grant element constituted 45%. 

As of May 31, 2012, state external debt of the Kyrgyz Republic to the World Bank is 657.3 million U.S. dollars. 

As of now, the World Bank finances 20 projects in the Kyrgyz Republic.  

NBKR: There was no pressure by the National Bank on ex-Chairman of the Board of Directors of FinansKreditBank CJSB OJSC M. Ghafari. 

Detention and release from detention of individuals, holding positions in financial and credit institutions, are beyond the scope of the NBKR’s activities and are the responsibility of law enforcement agencies only. 

The introduction of direct supervision in FinansKreditBank CJSB OJSC was due to the fact that, in violation of Article 30 of the KR Law “On National Bank of the KR,” new shareholders FKB CJSB OJSC did not provide the NBKR with complete information of the origin of their funds to buy shares of the Kyrgyz bank. 

The NBKR, as an independent government agency, is responsible for maintaining the stability of the banking system of the Kyrgyz Republic and is obliged to protect the interests of users of financial services. 

All actions of the National Bank in relation to commercial banks, including FKB CJSB OJSC, are carried out exclusively under the legislation of the Kyrgyz Republic.  

ь “The National Bank of the Kyrgyz Republic informs commercial banks, micro-finance companies, credit unions and foreign exchange offices that the NBKR Board has adopted a Resolution No. 28/8 as of July 4, 2012 “On amendments to some regulations of the National Bank of the Kyrgyz Republic.” These amendments establish, in particular, the requiremenst to provide the room in which there are no audio or video recorders to the members of the National Bank at the time of inspection. Please ensure strict compliance with the requirements of the National Bank, said in addition to individual legal acts of the NBKR.”   

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

1. Private Entrepreneur Rasim Mustafa ogly Abasov (the license No. 5024 as of 23/07/2012 for conducting exchange operations with foreign currency in cash), registration No. 3027. Registered address: 125 Chui ave., Bishkek. 

2. Private Entrepreneur Oleg Victorovich Chentsov (the license No. 5025 as of 23/07/2012 for conducting exchange operations with foreign currency in cash), registration No. 3028. Registered address: 124 Kievskaya st., Bishkek. 

3. Colibri LLC (the license No. 5026 as of 23/07/2012 for conducting exchange operations with foreign currency in cash), registration No. 3029. Registered address: 38 a Molodaya Gvardiya ave., Bishkek. 

4. Private Entrepreneur Argen Japarovich Sadyrov (the license No. 5027 as of 25/07/2012 for conducting exchange operations with foreign currency in cash). Registered address: street with no name (at the intersection of Gorky st.), Karakol, Issyk-Kul region. 

5. Private Entrepreneur Anvarbek Turgunovich Gaipov (the license No. 5028 as of 27/07/2012 for conducting exchange operations with foreign currency in cash). Registered address: Aybek Bazary LLC (Central Gate), Asanaliyev st., Kyzyl-Kiya, Batken region. 

6. BB Uspeh MCC LLC (the certificate of registration No. 465 as of 27/07/2012 for microfinancing of individuals and companies). Registered address: 30 Boronchiyev st., Tokmok, Chui region. 

Certificates of the following NBFIs are annulled/revoked: 

1. The certificate of registration of the Rysbek Ata Aikol Microcredit Agency OJSC No. 188 as of 12/03/2010 has been annulled on 26/07/2012 according to the decision No. 3 of the Talas Regional Department of the National Bank of the Kyrgyz Republic. Registered address: 1 Sultan uulu Kamchybek, Kopuro-Bazar village, Talassky district, Talas region. 

1. The certificate of registration of the Milena Credit Microcredit Company LLC No. 318 as of 21/09/2010 for microcredit for individuals and legal entities has been annulled on 27/07/2012 according to the decision of the Founder No. 2 as of 25/07/2012. Registered address: 56 Shelukhin st., Grigorievka village, Issyk-Kulsky district, Issyk-Kul region. 

Interbank Payments 

Elcart System Indicators.