Ms Zina Asankojoeva leaves the post of the Chairman of the National Bank of the Kyrgyz Republic  

The Chairman of the National Bank appealed to the Jogorku Kenesh of the Kyrgyz Republic with a personal statement on early dismissal. In comments of this issue Ms. Zina Asankojoeva said: "I am leaving the post of the Chairman of the National Bank due to existing family reasons. For the past three years jointly with a large professional team of the National Bank we have achieved a great deal: the inflation rate did not exceed the stated targets, indicators of monetization of the economy have increased, the assets of commercial banks have increased almost twice, the deposits have increased by more than half, the volume of credits of the banks and non-banking institutions has reached more than 80 billion soms, having increased twice, interest rates are falling, approach to monetary policy is reforming, research activities are enabled, measures on improving oversight were realized.  

I appreciate the contribution of each employee of the bank and I hope that they will continue the course of reforms started. I believe that the financial system of Kyrgyzstan has a good future. A long way was passed, it is important do not stop at what has been accomplished. Many thanks to everybody for your cooperation."  

Ms. Zina Asankojoeva worked in the National Bank at first as a Deputy Chairman and then as a Head of the National Bank for more than three years. During her leadership there were initiated radical reforms in the National Bank. For the first time the monetary policy base was changed (from targeting of monetary aggregates - to targeting of interest rates), new instruments were introduced (credit of refinancing, "overnight" deposits, etc.), a number of bills relating to banking, microfinance and payment systems were developed.  

New legislation in the field of microfinance institutions has improved supervision and regulation of microfinance institutions, allowed to start work on lowering of interest rates, extending at the same time the spectrum of operations of microfinance institutions and largely protecting the rights of consumers of financial services. For example, restrictions on the size of the fines on the borrowers for not fulfilling their contract terms were imposed, the requirements for full disclosure of the cost of credit were established and others.  

The National Bank initiated the development of a National program on improving the financial literacy of population, research works on current issues of economic and financial systems began to carry out in the National Bank and Center for economic Researches was established. The National Bank started to engage independent experts to discuss the economic situation in the country and use their advices in defining the future direction of monetary policy. The International high-level conference dedicated to the 20th anniversary of the national currency was held, where the experience of countries of the Central Asia and the Caucasus on overcoming the difficulties of the transition period and the challenges facing these countries were discussed. The conference was attended by the representatives of 17 countries and 11 international organizations. The results of this conference were highly appreciated by the international community. There was reached an agreement on the second and third stages of reforms, which must be hold at the moment. On the initiative of Ms. Zina Asankojoeva the National Bank resumed buying of gold in the domestic market and increased the proportion of gold in international reserves to 8.6 percent. Currently, the amount of gold is more than 3.5 tons, whereas prior to 2011 the amount of gold on the balance sheet of the National Bank has remained unchanged since 1997 and was about 2.58 tons. Gold and foreign exchange reserves exceeded 2 billion in terms of dollar. In order to diversify risks the Chinese yuan, Singapore dollar, Norwegian and Swedish krona were included in the bank’s assets.  

Total currency portfolio of international reserves of Kyrgyzstan currently includes 12 currencies. The official exchange rates of the US dollar, Euro, Russian ruble and the Kazakh tenge against the Kyrgyz som began to set daily. This facilitates rapid and real reflection of the situation on the currency market, improvement of payment and settlement relations of businesses in foreign currency.  

In order to ensure the security and stability of the payment system a draft Law of the Kyrgyz Republic "On the payment system of the Kyrgyz Republic" was developed, which is adopted by the Jogorku Kenesh in three readings. A draft Banking Code of the Kyrgyz Republic - codified normative legal act, was prepared and submitted to the Jogorku Kenesh of the Kyrgyz Republic. Adoption of the Banking Code will allow streamlining the structure of the banking legislation, to clarify the legal status of members of banking relationships, systematize and harmonize all banking laws and to eliminate inconsistencies, conflicts and contradictions. 

REFERENCE: 

Asankojoeva Zina Mukaevna 

She has higher education and qualification - "economist".  

She began her career in the banking system, then the Kyrgyz Republican Bank of the State Bank of the USSR, the legal successor of which is the National Bank of the Kyrgyz Republic, as a Head of Accounting and Reporting Department. Since 1994 she worked in the Office of the Government of the Kyrgyz Republic as a Head of the Department of Finance and Credit policy, then - in the Finance Department of the Office of the Prime Minister of the Kyrgyz Republic as a Head of department. She was transferred to the post of Head of Financial and Economic Department of the Office of the Government of the Kyrgyz Republic, and then served as a Head of the Department of Finance and Credit policy.  

From November, 2009 to May, 2010 she worked as a Head of the Department of government decisions expertise. From May to August, 2010 she was Head of the Department of Finance and Credit policy of the Office of the Provisional Government of the Kyrgyz Republic. From August to December, 2010 she held the position of Head of the Department of Finance and Credit policy of the Administration of the President of the Kyrgyz Republic.  

In January 2011 she was appointed as a Deputy Chairman of the National Bank.  

Since July 2011 she was elected to the post of the Chairman of the National Bank.  

Valuable practical experience of Ms. Zina Asankojoeva in the administrative sphere, active social position, as well as experience in leadership positions helped in promotion of reforms of the National Bank of the Kyrgyz Republic and the development of the financial and banking system of the Republic as a whole. 

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

Certificate of registration of LLC MCC "Urkor" under No.15 as of November 14, 2003 for micro-crediting of physical and legal entities was annulled on April 14, 2014. The decision of the general meeting of April 1, 2014 on liquidation is available. Legal address: Bld., 24-64, Akiyeva Street, Bishkek, the Kyrgyz Republic.  

Certificate of registration of LLC MCC "JAK" under No.267 as of February 4, 2010 for micro-crediting of physical and legal entities was annulled on April 14, 2014. Decision of the founder of April 14, 2014 is available. Legal address: 17 Sagynbay Orozbakov uluu, 12 appt., Naryn city, Naryn oblast. 

Certificate of registration of LLC MCC "JABA and N" under No.292 as of May 31, 2010 for micro-crediting of physical and legal entities was annulled on April 14, 2014. Self-liquidation according to the minutes of the general meeting under No.1 as of March 25, 2014. Legal address: 113 Lenina Street, Naryn city, Naryn oblast.  

Certificate of registration of LLC MCC "Emir and K" under No.352 as of March 30, 2011 for micro-crediting of physical and legal entities was withdrawn on April 14, 2014. Decision of the founder as of April 14, 2014 is available. Legal address: 24 Tuleberdiev Street, Naryn city, Naryn oblast. 

Certificate of registration of LLC MCC "Naryn TRUST" under No.365 as of April 29, 2011 for micro-crediting of physical and legal entities was annulled on April 14, 2014. Decision of the founder as of April 14, 2014 is available. Legal address: Kulumbaev Street, Bld., 39, Appt., 20, Naryn city, Naryn oblast. 

Certificate of registration of LLC MCC "Bai Bol Zhumgal" under No.372 as of June 8, 2011 for micro-crediting of physical and legal entities was annulled on April 14, 2014. Decision of the founder as of April 10, 2014. Legal address: Matyev Street, Zhumgal rayon, Chaek village, Naryn oblast (near the building Djumgal rayon administration). 

Certificate of registration of the LLC MCC "GREEN CAPITAL" under No. 424 as of January 11, 2012 for micro-crediting of physical and legal entities was annulled on 14 April 2014. Minutes of the general meeting as of March 31, 2014 is available. Legal address: Tolstoy Street 2A-60, Bishkek, the Kyrgyz Republic.  

Certificate of registration of LLC MCC "Jyldyz + H" under No. 431 as of February 3, 2012 for micro-crediting of physical and legal entities was annulled on April 14, 2014. Decision of the founder as of April 10, 2014 is available. Legal address: Matyev Street 100, Appt., 11, Chaek village, Naryn oblast. 

Certificate of registration of LLC MCC "Dosmat Finance" under No. 457 as of May 17, 2012 for micro- crediting of physical and legal entities was annulled on April 14, 2014. Decision of the founder LLC MCC "Dosmat Finance" as of April 10, 2014 is available. Statement of the founder LLC MCC "Dosmat Finance" as of April 11, 2014. Legal address: Manasa Street, Uzgen city, Osh oblast. 

Certificate of registration of LLC MCC "Bereke -Invest" under No.459 as of June 6, 2012 for micro-crediting of physical and legal entities was annulled on April 14, 2014. Decision of the founder as of April 10, 2014 is available. Legal address: 155 Matyev Street, Zhumgal rayon, Chaek village, Naryn oblast. 

Certificate of registration as of LLC MCC "Brothers" (Brothers) under No.23 as of September 2, 2004 for micro-crediting of physical and legal entities was annulled on April 17, 2014. Decision under No.4 of the founders of LLC MCC "Brothers" on self-liquidation of the company is available. Legal address: Manas Street, Uzgen city, Osh oblast.  

License of the individual entrepreneur Mambetova Nuruyla under No. 4918 as of April 23, 2012 is annulled on April 14, 2014. Statement of the head Mambetova as of April 14, 2014 on the reduction of working capital. Legal address: Turutaly market, exchange office No. 10, Kara-Suu rayon, Osh oblast. 

License of the individual entrepreneur Kokuev Sadykjan under No. 4787 as of November 4, 2011 was annulled on April 14, 2014. Statement of Kokuev as of April 11, 2014 is available. Legal address: Karasu, Turataly market, 0 line, container 20, Osh oblast. 

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