The National Bank held a traditional Expert Forum 

A meeting of the Expert Forum organized regularly by the National Bank of the Kyrgyz Republic was held on March 29, 2013. Besides the National Bank representatives experts from financial institutions, international organizations and universities participated in the forum. They discussed current economic situation in the country and also the results of the monetary policy for the first quarter of 2013 and its future directions. 

Seyilbek Urustemov, a head of the National Bank Economic Department, while opening the event reported on the economic indicators of the country. Growth of the economy and recovery of industry is being observed from the beginning of 2013. In January-February the country's GDP grew by 8%, the growth was mainly achieved by reactivation of production at Kumtor. According to current estimates of the NBKR the GDP per a year in general may comprise about 8%. Non-food inflation eased slightly but remains in the range close to ten percent level. In the absence of shocks, the total inflation for the year can be within single digits. As for the sector of public finances, it was noted that the budget deficit is estimated by 16.9 billion soms or 4.8% of GDP, where external sources were identified as resources to finance the budget. According to preliminary data of the trade balance, for the first two months of this year compared to the same period of last year, exports declined by 15.4% and imports grew by 8.7%. 

S. Urustemov reported that the Board of the National Bank decided to maintain the direction of monetary policy unchanged. It was noted that a distinguishing feature of the first quarter of this year is the balance of supply and demand in the interbank foreign exchange market. The National Bank in this regard did not perform currency intervention during this period. The National Bank expanded its line of monetary policy instruments on refinancing commercial banks by introducing credit auction. 

The forum highlighted the key challenges that pose risks to the development of national economy. During the discussion, the participants exchanged their views on forecasting macroeconomic parameters, fiscal policy, interest rates on loans and other issues. The independent experts suggested, as one of the recommendations to reduce further the level of dollarization, to consider the possibility of differentiating the reserve depending on the currency structure of liabilities of commercial banks. The experts stressed the necessity to coordinate measures of economic policy, monetary and tax policies between the executive authorities and the National Bank. Representatives of the National Bank informed that such work is carried out on an ongoing basis. Each year the Government and the National Bank release a Joint Statement on economic policy. Representatives of the Ministry of Finance and the National Bank meet twice a month within the bounds of Interagency Coordinating Council where they coordinate short-term measures of monetary and tax policies. 

The NBKR Expert Forum is normally held once a quarter. Its main purpose is to develop recommendations by independent economists aimed at ensuring macroeconomic stability in the country on the basis of discussions of acute macroeconomic topics with an emphasis on monetary policy issues. 

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

Private Entrepreneur Myrzaliev S.S., exchange office (license No. 4878 dd. 27.03.2012 to conduct exchange operations with foreign currency in cash), registration No. 3078. Legal address: Bishkek, 284 Kurmanzhan Datka Street; 

El-Invest Microcredit Agency (accounting registration certificate No. 205 dd. 02.04.2013 to provide micro loans to individuals and legal entities). Legal address: Bishkek, 86-38 Narvskaya Street. 

Starting from 01.04.2013 annulled the license of a Private Entrepreneur Stepanenko I.A. No. 4825 dd. 29.12.2011 to conduct exchange operations with foreign currency in cash due to liquidation. Legal address: Bishkek, 119 Shopokov Street.  

Interbank payments