On May 30, 2014 at the meeting of the Board of the National Bank of the Kyrgyz Republic the following issues were considered and respective resolutions were adopted: 

· "On introduction of additions to the Resolution of the National Bank of the Kyrgyz Republic Board "On approval of new edition of Regulation "On classification of assets and corresponding reserve allocations for covering of potential losses and damages" dated July 21, 2004 No. 18/3 (No. 24/7);  

· "On approval of the "Instruction on order of observance of limits of open currency positions by the microfinance companies" (No. 24/8); 

· "On approval of the "Instruction on order of observance of limits of open currency positions by the credit unions" (No. 24/9); 

· "On introduction of amendments and additions to some Resolutions of the National Bank of the Kyrgyz Republic" (No. 24/10); 

· "On approval of the guidance of regulation of the microfinance companies activities operating according to the Islamic principles of banking and finance" (No. 24/11); 

· "On introduction of amendments and additions to the Resolution of the National Bank of the Kyrgyz Republic Board "On approval of the Regulation "On operations conducted by the microfinance institutions and credit unions Islamic principles of banking and finance" dated October 26, 2011 No. 60/8 (No. 24/12). 

Jogorku Kenesh of the Kyrgyz Republic elected Tolkunbek Abdygulov as Governor of the National Bank of the Kyrgyz Republic  

On May 29, 2014 at the plenary session of the Jogorku Kenesh of the Kyrgyz Republic the deputies elected by the majority (84 of 88) Mr. Tolkunbek Abdygulov as the Governor of the National Bank of the Kyrgyz Republic on the proposal of the President of the Kyrgyz Republic.  

Abdygulov T.S. served as Acting head of the National Bank of the Kyrgyz Republic from May 7, 2014. A decree on his appointment to the post of acting Governor of the National Bank was signed by the President of the Kyrgyz Republic Almazbek Atambaev.  

Abdygulov T. began the duties of the Governor of the National Bank of the Kyrgyz Republic on May 30, 2014. His term is 7 years.  

Speaking at a session of the Jogorku Kenesh of the Kyrgyz Republic, Tolkunbek Abdygulov noted the following: "My work will focus on the effective organization of the National Bank activities to perform its basic tasks to reduce and maintain the general level of prices, maintain purchasing power of the national currency, provide stability and security of banking and payment systems. National Bank will also adhere to the key targets set out in the National Strategy for Sustainable Development. We are talking about the banking sector and the entire monetary system. National Bank will continue to change the basis of monetary policy, will improve the quality of inflation forecasting in the short and medium term. To improve transparency of conducted monetary policy it will be intensified the work with the public - in order to create adequate inflation expectations among the population it will optimized the information policy of the National Bank.  

As for the behavior on the currency market, the National Bank will adhere to adopted by Kyrgyzstan floating exchange rate policy, participating on the foreign exchange market only to prevent sharp fluctuations in the exchange rate.  

Under appropriate conditions on the markets, the National Bank will continue to accumulate international reserves to the amount required to cover at least 3 - 4 months of imports. Purchasing of gold on the domestic market will be continued. Management of international reserves will be based on the basic principles of maintaining liquidity and safety of reserve assets.  

In order to maintain stability and integrity of the banking system, to strengthen the work in the field of credit expansion and an increase in financial intermediation, it will be continued the work on the development of a competitive environment, confidence in the banking sector, as well as the implementation the principles of early intervention on the basis of risk-based supervision and enforcement of integrated assessment of commercial banks activities, including management assessment and internal control systems.  

National Bank will help to solve another important complex task, which now faces the banking and microfinance sector. This is a decline in interest rates on loans. Regulations to protect consumers of financial institutions and the implementation of responsible lending will be strengthened. Banks and other financial credit institutions should not only disclose the full value of loans and provide transparent credit work, but also should reconsider the relationship between lenders and borrowers in the direction of establishing partnerships between them. These measures were included in the draft of the Banking Code. Program on improving the financial literacy of population developed jointly with the Government will be an additional mechanism to increase the trust between banking institutions and the population".  

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

LLC "Ismail" (license No. 5131 of June 3, 2014 for exchange operations with foreign currency). Letter on registration No. 3122. Legal address: Tolstoy Street, Bishkek.  

LLC "Mani strim" (license No. 5132 of June 5, 2014 for exchange operations with foreign currency). Letter on registration No. 3123. Legal address: office 1, 150, Abdrakhmanov Street, Bishkek.  

Interbank payments