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On December 20, 2013 the Board of the National Bank considered the following issues and made the following resolutions:  

· "On amendments to the state payment turnover classifier" (No.51/2). 

· "On the issuance and distribution of collectible coins "Great Kyrgyz Khanate" of a series of "Epoch of Kyrgyz Khanate" (No.51/11). 

· "On the report of the financial stability of KR" (No.51/1). 

· "On main developments in the banking sector for the period of 2014-2017" (No.51/8). 

 

 

On December 23, 2013 the Board of the National Bank of the Kyrgyz Republic considered the following issues and made the following resolutions:  

· On amendments to the resolution of the Board of NBKR No. 46/11 as of November 18, 2009 "On approval of the regulation "On legal acts of NBKR" and Instructions on the analysis of the regulatory effect of the normative acts of NBKR" (No. 52/2). 

· "On approval of the "Instructions on conducting inspectorate audits of the activities of MFIs that attract no deposits" (No.52/6). 

· "On approval of the "Regulation on minimum requirements on management of credit risks in credit unions implementing transactions in accordance with the Islamic principles of financing" (No. 52/7). 

· "On amendments to some normative acts of NBKR on the issues of licensing of non-financial credit institutions" (No. 52/8). 

· "On amendments to some normative acts of NBKR (No. 52/9). 

 

 

 

Heads of NBKR and commercial banks of Kyrgyzstan discussed developments of the banking sector of the country.  

 

Main developments of the banking sector of Kyrgyzstan for 2014-2017 as well as the issues of the transition of the National Bank of the Kyrgyz Republic to the new instruments of monetary credit policy were discussed at the meeting with the participation of the representatives of the National Bank of the Kyrgyz Republic and the Union of Banks of Kyrgyzstan. 

 

A roundtable was conducted under the chairmanship of Ms Zina Asankojoeva, the head of NBKR with the participation of the heads of commercial banks. The Union of Banks of KR was represented by Mr Anvar Abdraev, the head of the Union.  

 

Ms Zina Asankojoeva noted in her opening speech that the project of the main developments of the banking sector developed by the National Bank with the participation of the Union of Banks and commercial banks reflects the key reforms aimed at implementation of the National Strategy on Sustainable Development of the Kyrgyz Republic as well as the goals of the Programme of the Government of the Kyrgyz Republic for the transition to sustainable development for 2013-2017. "The project implementation will promote the development of the competition in the banking market, creating favorable conditions for the reduction of interest rates on loans granted by banks. It is expected that if the economic and political stability in the country is maintained, the contribution of the banking sector in the economy will increase. At the same time, the share of assets to GDP will reach 46%, whereas loans and deposits to GDP will constitute 17.8% and 18.7 % respectively. The weighted average interest rates on loans in the banking system will decrease as was noted by the head of the National Bank of the Kyrgyz Republic. 

 

Referring to the topic of transition to a new model of monetary policy, the central banks chairman of the republic noted that the National Bank has been actively working on this. "The objective of monetary policy remains the same as before, that is to achieve and maintain price stability. But the work will aim to make the interest rate channel becomes effective. In 2014 it is planned to introduce some changes in the structure of the instruments of monetary policy. In particular, the mechanism of determination of the discount rate will be changed and new tools as additional deposit "overnight" and "7-day loans" will be introduced". 

 

The National Bank to focus on the countrys development targets that will enhance the role of the banking sector in the development of the real economy, improve service quality and build confidence in the banking system in general encourages when developing business strategies of the banks for the coming four years. At the same time, special attention should be given to the fight against corruption. Central Bank together with the commercial banks need to take measures to combat corruption in the banking sector and to counter the use of laundering schemes, noted Ms Zina Asankojoeva. 

 

In turn, Mr Abdraev, head of the Union of Banks of Kyrgyzstan, said that currently the main issue of the banking sector is to restore confidence in banks and improve qualitative and quantitative indicators. He also raised the issue of getting the rating of the country and rating of the banks. "This will allow domestic banks to be promoted to the international level", he noted, stressing on the effectiveness of such meetings held in a constructive format. 

 

The heads of commercial banks raised topical issues related to the banking sector and discussed various problems and ways to solve them. In particular, problems mainly related to the issues of provision of wide public access to financial resources, the need to introduce new banking products, development of payment systems and promotion of financial literacy. 

 

Wrapping up the results of the meeting, the head of National Bank thanked the participants of the roundtable for a constructive dialogue and suggested to hold such traditional events on a quarterly basis. 

 

The next meeting is scheduled for February 2014.  

 

Interbank payments 

 

Interbank Payment Systems (IPS) indicators 

 

Total IPS 

Including 

Clearing system 

Gross system 

Volume, 

KGS 

Q-ty, 

Pc. 

Volume, 

KGS 

Q-ty, 

Pc. 

Volume, 

KGS 

Q-ty, 

Pc. 

Indicators for the period from December 16 to 20, 2013 (reporting period) 

Absolute Value 

17 866 800 376.73 

60 331 

1 938 119 124.87 

56 620 

15 928 681 251.86 

3 711 

Share in IPS payments (%)  

100.0 

100.0 

10.8 

93.8 

89.2 

6.2 

including 

(%):  

  

  

  

  

  

  

Net positions of the Common Interbank Processing Center 

0.1 

1.3 

0.7 

1.4 

0.0 

0.0 

Outgoing to the Central Treasury  

15.3 

15.5 

27.0 

16.4 

13.9 

1.1 

Incoming to the Central Treasury  

23.5 

36.3 

20.4 

38.4 

23.9 

4.1 

Outgoing to the Social Fund  

0.1 

0.9 

0.5 

0.9 

0.0 

0.0 

Incoming to the Social Fund  

1.0 

14.8 

8.9 

15.8 

0.0 

0.0 

Average weekly indicators for the last month 

Absolute Value  

73 154 824 016.63 

250 186 

7 783 914 169.87 

234 306 

65 370 909 846.76 

15 880 

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

Absolute Value  

1 240 704 009.31 

3 471 

169 047 722.63 

3 369 

1 071 656 286.69 

102 

7.5 

6.1 

9.6 

6.3 

7.2 

2.8 

 

Elcart System indicators 

As of  

13.12.2013 

20.12.2013 

The total number of issued cards  

(excluding reissued)  

242 100 

244 507 

Number of POS-terminals:  

- in banks  

- in sale outlets  

1227 

673 

554 

1232 

676 

556 

Number of ATMs  

330 

332