Employees of the National Bank of the Kyrgyz Republic will receive professional retraining in Russia 

 It was agreed that the NBKR employees will receive training by Professional Retraining Programs of the Bank of Russia. The agreement was signed on August 2, 2012. According to this document the cooperation in NBKR personnel training will be implemented by retraining programs of the Bank of Russia in two directions: "Commercial bank administrator - bank manager" and "Commercial bank inspector - bank manager." 

Two specialists of the National Bank of the Kyrgyz Republic, a department head and a chief inspector, have already been sent to Moscow to a training regarding reforms of the supervisory unit NBKR. Two more specialists will receive retraining. 

The training is focused on systematizing the knowledge of modern banking business and transforming this knowledge into practice of professional specialists of the supervisory unit. The training is conducted on the basis of the Financial University under the Government of the Russian Federation. Number of training programs, period of implementation as well as the number of specialist is identified by the hosting party. 

The NBKR management held negotiations with the IMF 

At the meeting the international financial institution was represented by the head of delegation of the Middle East and Central Asia Department Christian Beddies, the economist of IMF mission David Amaglobeli and the IMF Resident Representative in Kyrgyzstan Koba Gvenetadze and others. 

A purpose of the meeting was to discuss implementation of the economic program of the Government of the Kyrgyz Republic, supported by the IMF extended financing facility. Representatives of the International Monetary Fund had defined areas for providing technical assistance to the National Bank of the Kyrgyz Republic, in particular, assistance in reserve management and inflation modeling. Currently the question on providing assistance to the National Bank on the above issues, according to Christian Beddies, has been positively resolved. 

The National Bank’s president Zina Asankozhoeva has reported that mutual understanding was reached on all issues discussed during the IMF’s visit to Kyrgyzstan. "We hope that the third review of the program implementation will be successfully completed and the IMF’s Board of Directors will approve it in early December, which means that Kyrgyzstan will receive funds by the end of this year. This will enable the Ministry of Finance of the Kyrgyz Republic to finance part of the budget deficit through assistance received. Also it will be a good sign for other donors and they will continue providing financial support to our country," said the head of the National Bank. 

            Kyrgyzstan needs a comprehensive national program to improve financial literacy of the population. 

This was declared by the NBKR’s President Zina Asankozhoeva at a meeting with World Bank representatives. She noted that the National Bank is aware of the problem of low level funding of majority of Kyrgyzstan population and see the solution only at the national level. The National Bank’s President has addressed to the World Bank asking to provide counseling and financial assistance in developing a national strategy of improvement of population’s financial literacy. 

Brett Coleman, a senior financial sector development expert and a team manager of financial and banking sector in Europe and Central Asia World Bank, noted: "Experience of implementing similar programs in other countries has shown that the most effective are only those projects that are based on data about actual level of knowledge of the population and provide information on specific financial products. We can advise Kyrgyzstan to start the work from diagnostics, which will identify the needs of citizens in such information and will clarify who will be involved in development and, most importantly, in implementation of the national program. This is the National Bank, and the Government, and the local government and financial sector - banks and NBFIs." 

According to Brett Coleman, one of the main questions to be asked from the population during preliminary survey of the level of financial literacy is whether the Kyrgyz citizens know their rights when they deal with financial institutions. Brett Coleman assured the National Bank’s President that the World Bank will support the study, which anticipates development of a national strategy of improving financial literacy. 

Besides the topic on national program of improving financial literacy of citizens, the National Bank at the meeting with the World Bank management has also raised questions related to the Kyrgyz financial sector development project and strengthening deposit protection system. 

Licenses issued to the following Non-bank Financial Institutions and currency exchange offices: 

1. Private Entrepreneur Toktorov Chynarbek Arzymatovich (license No. 5057 dd. 01.10.2012 to conduct exchange operations with foreign currency in cash). Legal address: Zhalal-Abad region, Zhalal-Abad, Central market; 

2. Private Entrepreneur Bakirova Roza Dolatovna (license No. 5058 dd. 01.10.2012 to conduct exchange operations with foreign currency in cash). Legal address: Zhalal-Abad region, Kochkor-Ata, Central market; 

3. Private Entrepreneur Igamberdiev Saibdzhan Khalildzhanovich (license No. 5059 dd. 01.10.2012 to conduct exchange operations with foreign currency in cash). Legal address: Zhalal-Abad region, Zhalal-Abad, Central market; 

4. Private Entrepreneur Emilbaev Baktybek Aalyevich (license No. 5060 dd. 03.10.2012 to conduct exchange operations with foreign currency in cash). Legal address: Issyk-Kul region, Karakol, Toktogul Street w/o No. (opposite to cafй Caravan); 

Annulled certificates of the following Non-bank Financial Institutions:  

1. Starting from 01.10.2012 annulled accounting registration certificate No.175 dd. 21.11.2008 of Kyrgyz Credit Microcredit Company on the basis of Shareholder’s Resolution w/o No. dd. 21.09.2012 due to the financial difficulties and absence of management. Legal address: Naryn region, Naryn, 6-5 Razzakov Street. 

2. Starting from 05.10.2012 annulled accounting registration certificate No.136 dd. 30.05.2008 of BNK Microcredit Company on the basis of Company participants’ resolution w/o No. dd. 04.10.2012 due to the financial difficulties. Legal address: Bishkek, 29-29 Beishenaliev Street. 

Inter-bank payments 

Elcard system indicators