About changes in the procedure for discount rate determination  

Discount rate of the National Bank of the Kyrgyz Republic (hereinafter referred to as the NBKR discount rate) is an instrument used as a major benchmark in determining value of monetary resources in the economy. For the purposes of further improvement of its efficiency as one of the monetary policy instruments, on December 20, 2013, the NBKR Board adopted resolution №51/9 “On discount rate of the National Bank of the Kyrgyz Republic”*, which will become effective since March 1, 2014. According to this resolution, the procedure of discount rate determination shall be altered with reference to average value of 28-day NBKR notes of the last 4 auctions for directory determination thereof by the NBKR Board on the basis of analysis and forecasting of economic situation.  

The discount rate determined by the decision of the NBKR Board will serve as a signal for commercial banks about the course of monetary policy. The level of interest rate, rather than the volumes of monetary base and money stock will be operational benchmark for the National Bank.  

Decisions on the level of discount rate will be taken by the NBKR Board on a monthly basis. The NBKR will be primarily focused on inflation forecasts in determining the level of discount rate.   

Alteration of the procedure for determining the NBKR discount rate is due to adoption of new fundamental principles of monetary policy and is aimed at improvement of channels for transfer of its impact to the economy as a whole.   

This resolution is placed on the official web-site of the NBKR, in the subsection “Resolutions of the Board of the National Bank of the Kyrgyz Republic”, section “Banking legislation”.  

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

Certificate of accounting registration of PF MCA “Alliance Credit” №206 dated December 27, 2013 for micro-crediting of individuals and legal entities. Legal address: 207, Chui ave., Bishkek.  

Certificate of accounting registration of LLC MCC “Credit Solutions” № 478 dated December 24, 2013 for micro-crediting of individuals and legal entities. Legal address: 29, Proletarskaya str., Bishkek.  

Certificates/license of the following non-bank financial institutions have been cancelled /revoked: 

Since December 24, 2013, certificate of accounting registration of LLC MCC “Baibol-Alarcha” № 67 dated February 19, 2007 for micro-crediting of individuals and legal entities. Self-liquidation according to the decision of the founder № 10 dated December 18, 2013. Legal address: 16, Asanaliev str., Bishkek.  

Interbank payments