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The following issues were discussed at the meeting of the Board of the National Bank of the Kyrgyz Republic on September 25, 2013 and relative resolutions were adopted: 

· "Regulation on minimum requirements on credit risk management in conducting transactions in accordance with the Islamic principles of financing" (№ 35\13 as of September 25, 2013) 

· "Regulation on minimum requirements on credit risk management in microfinance organizations not attracting deposits" (№ 35\14 as of September 25, 2013) 

· "On introducing amendments to the Decree of the Board of NBKR № 46\3 as of November 29, 2012. "On the work plan of NBKR for 2013" (№ 35\15 as of September 25, 2013) 

· "On introducing amendments to some normative legal acts of the National Bank of KR related to measures taken" (№ 35\ as of September 25, 2013) 

· "On introducing amendments to some normative legal acts of the National Bank of the Kyrgyz Republic regulating the activity of microfinance organizations" (№ 35\17 as of September 25m 2013) 

· "On introducing amendments to some normative legal acts of the National Bank of the Kyrgyz Republic (№ 35\19 as of September 25, 2013) 

 

 

The Swiss government and World Bank will assist the Kyrgyz Republic in reforming the financial sector  

The government of Switzerland, the World Bank and the National Bank of the Kyrgyz republic signed a Memorandum of Understanding to create a Trust Fund on the development of the financial sector through which the Kyrgyz Republic will receive technical assistance to implement reforms in the financial sector.  

The Trust Fund on the development of the financial sector will support further elaboration of the legal and regulatory and supervisory basis of the banking activities, microfinance organizations and credit unions. Besides, the project aims at increasing the inspectorate capacity of the National Bank of the Kyrgyz Republic which in turn will result in strengthening the financial stability of the sector.  

For the purpose of the Trust Fund, the government of Switzerland allocates financing in the amount of more than one million US Dollars. Administration and monitoring of the activities within the framework of the Trust Fund will be carried out by the World Bank.  

"We are glad to join the efforts with the World Bank to provide the technical assistance to the government of the Kyrgyz Republic for further advancement of the reforms in the financial sector of the republic, - stated Mr. Laurent Guye, the Ambassador of the Embassy of Switzerland in the Kyrgyz Republic. - Our support will promote to strengthen the National Bank as a regulatory and supervisory body of the banking sector, thus, promoting consolidation of viable financial markets".  

There is a direct link between the development of the financial sector and accelerated economic growth. Adequately operating financial system ensures credible and acceptable payment services, makes beneficial and credible deposits accessible and opens access to short and long term financing to the businesses, - stated World Bank Country Manager for the Kyrgyz Republic, Mr. Alex Kremer. - Trust Fund for the development of the financial sector will help the country to ensure the efficient and stable operation of financial systems, as well as the allocation of resources to these important goals as increased productivity, poverty reduction, promotion of equal opportunities". 

"The National Bank of the Kyrgyz Republic highly values the support ​​provided by the Government of Switzerland and the World Bank. Creation of the Trust Fund will contribute to addressing important objectives of the National Bank as increasing the stability of the financial sector and the management in financial institutions.We will direct efforts to strengthen the independence, efficiency and capacity of the banking supervision services along with the modernization of the systems of information and communication technologies", - notes the Deputy Chairman of the National Bank of Zair Chokoev. 

Project activities under the Trust Fund will complement the assistance provided by the World Bank of the Kyrgyz Republic in the amount of 8.85 million dollars under the Financial Sector Development Project, which aims at strengthening the stability of the financial sector and improved access to financial services. 

 

For information  

The Swiss government supports the development of the Kyrgyz Republic and promotes the implementation of projects in the health sector, private sector development, public sector reform, as well as infrastructural projects. Since 1993, Switzerland has allocated more than 270 million Swiss francs to Kyrgyzstan in the form of technical, financial and humanitarian assistance. For more information, please visit the following web page: www.swisscoop.kg 

The main mission of the World Bank is reduction of poverty, promotion of economic growth and fostering an increased quality of life. 45% of assistance provided by the World Bank to the Kyrgyz Republic is in the form of grants. The remaining 55% have a form of highly concessional loans, interest free and only at 0.75% service charge. The loans are payable in 40 years, including a 10-year grace period, while grants require no refunding. The financial assistance provided to the Kyrgyz Republic since 1992 amounts to more than $ 1 billion in the form of grants and highly concessional loans. For more information on World Bank activities in the Kyrgyz Republic, please visit the following web page: www.worldbank.org.kg 

 

For additional information, please, contact:  

The Swiss Embassy in the Kyrgyz Republic: Tursunai Chodurova, +996 312 301036, tursunai.chodurova@eda.admin.ch  

World Bank Country Office in the Kyrgyz Republic: Dinara Akmatbekova, + 996 312 6252 35, dakmatbekova@worldbank.org 

The National Bank of the Kyrgyz Republic: Sophia Balakina, +996 312 66 91 89, sbalakina@nbkr.kg 

 

 

 

Licenses/certificates have been issued to the following non-financial credit institutions and exchange offices: 

· LLC "Iygilik-Chui" (license №5110 as of September 27, 2013 for the right to carry out exchange in cash foreign currency). Legal address: Tokmok city (central market) 

 

Licenses/certificates of the following non-financial credit institutions were withdrawn: 

· Certificate on accounting registration of the LLC MCC "ADB - Credit" No. 110 as of February 15, 2008 for micro-crediting of physical and legal entities was cancelled from September 23, 2013. Self-liquidation in accordance with the resolution of the founder as of September 20, 2013. Legal address: Torgoev Street, Karakol town, Issyk-Kul oblast (intersection of Karl Marx Street, pharmacy "Adilet"). 

· Certificate on accounting registration of the LLC MCC "Abdymanap Ata" under No. 341 as of February 21, 2011 for micro-crediting of physical and legal entities was cancelled from September 25, 2013 according to the Minutes No. 4 of the general meeting of the founders "On termination of the activity of MCC". Legal address: 267-105, Chui Prospect, Bishkek. 

· Certificate on accounting registration of the LLC MCC "BB Success" under No. 465 as of July 26, 2012 for micro-crediting of physical and legal entities was withdrawn from September 23, 2013 due to systemic violations of normative acts. Legal address: Boronchiev Street, Tokmok city, Chui oblast. 

 

Interbank payments 

 

Interbank Payment Systems (IPS) indicators 

 

Total IPS 

Clearing system 

Gross system 

Volume, 

KGS 

Q-ty, 

Pc. 

Volume, 

KGS 

Q-ty, 

pcs 

Volume, 

KGS 

Q-ty, 

pcs 

Indicators for the period from September 23 to 27, 2013 (Reporting period) 

Absolute Value 

19 998 437 831.97 

62 582 

1 915 532 044,24 

58 850 

18 082 905 787,73 

3 732 

Share in IPS payments (%)  

100.0 

100.0 

9.6 

94.0 

90.4 

6.0 

including 

(%) :  

  

  

  

  

  

  

Net positions of the Common Interbank Processing Center 

0.03 

1.1 

0.3 

1.1 

0.0 

0.0 

Outgoing to the Central Treasury  

17.0 

15.9 

32.8 

16.8 

15.3 

1.3 

Incoming to the Central Treasury  

14.4 

36.2 

18.2 

38.1 

14.0 

6.0 

Outgoing to the Social Fund  

0.02 

0.6 

0.2 

0.6 

0.0 

0.0 

Incoming to the Social Fund  

1.2 

11.8 

12.5 

12.6 

0.0 

0.0 

Average weekly indicators for the last month 

Absolute Value  

16 068 639 772.55 

51 994 

1 722 834 575.50 

48 756 

14 345 805 197.05 

3 238 

Deviation of indicators for the reporting period from average weekly indicators for the last month 

Absolute Value  

3 929 798 059.42 

10 588 

192 697 468.74 

10 094 

3 737 100 590.68 

495 

24.5 

20.4 

11.2 

20.7 

26.1 

15.3 

 

Elcart System indicators 

 

 

As of  

20.09.2013 

27.09.2013 

The total number of issued cards  

(excluding reissued)  

219 081 

220 664 

Number of POS-terminals:  

- in banks  

- in sale outlets  

1165 

648 

517 

1170 

653 

517 

Number of ATMs  

295 

297