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Governor of the National Bank of the Kyrgyz Republic gave an interview to the journalists of the leading news agencies   

Governor of the National Bank of the Kyrgyz Republic Mr. Tolkunbek Abdygulov today, on August 29, 2014, met with the reporters of online publications: "24.kg"; "Tazabek"; "Reuters"; "Vechernii Bishkek"; "Kabar"; "KirTAG".   

 During the conversation, which lasted more than two hours, the head of the National Bank responded to dozens of questions from the media, describing the current situation in the foreign exchange and financial markets of the country, changes in the monetary policy of the NBKR, the international reserves, including the NBKR plans to increase share of the gold in the gold-currency reserves, the risks to the national payment system, migrant remittances and much more.   

During the interview of the Governor the journalists also brought up a subject of Kyrgyzstans entry into the Customs Union and the sanctions imposed by the EU countries and the USA to Russia. First of all, the interviewers were interested in the possible consequences in the case of the impact of these events on the economy of the Kyrgyz Republic, dependence on the situation in the international arena of the NBKR monetary policy.   

At the meeting state and prospects of microfinance were discussed no less actively. In particular there was a speech about the appearance of new players on the market of the country.   

Mr. Tolkunbek Abdygulov told about current state of laws developed by the NBKR and caused a public outcry. In particular, they talked about the Banking Code and the Law "On the payment system of the Kyrgyz Republic".  

At the end of the conversation the journalists asked the head of the National Bank on plans for the introduction of innovations in the principles and methods of the banks work, as well as his personal strategic and priority tasks, as the head of the NBKR.  

 

Press-release of the Meeting of Board of the National Bank of the Kyrgyz Republic on the issue of discount rate   

On August 25, 2014 a medium-term forecasts of the main macroeconomic indicators was considered at the meeting of the Board of the National Bank of the Kyrgyz Republic. During the discussion it was noted that the assumption of medium-term economic trends outlined in the Report on Monetary Policy (Inflation report) on May are preserved. The observed slowdown in economic growth in the countries major trading partners will continue in the reporting period. This, in turn, will be reflected on the decline in external demand and on the reduction in remittances. Also there are maintained the expectations of capital outflows from emerging markets. Assumptions of the price situation on world commodity markets have been slightly modified upward. Also May predictive estimates are supplemented with factors manifested on June-August 2014. These factors include increasing of tariffs for housing and communal services, adverse climatic conditions in the country in this year, the acceleration of growth in prices for gasoline and diesel in the domestic market, as well as a more rapid decline in domestic demand. As a consequence, the net effect of these factors can affect the acceleration of inflation processes in the near future. To achieve and maintain in the medium term perspective the inflation within the quantitative targets of monetary policy the National Bank of the Kyrgyz Republic will take the appropriate actions.   

Thus, taking into account the ratio of inflation risks and risks of reduction in external demand, it was taken a decision to leave the discount rate unchanged at 6.50 percent.   

The next meeting of the Board of the National Bank of the Kyrgyz Republic, which will address the question of the value of the discount rate, is scheduled for September 29, 2014.  

Licenses/certificates are issued to the following currency exchange offices: 

1) LLC “Shabdan Company” (license No. 5144 as of August 25, 2014 for conducting exchange operations with foreign currency). Registered address: 5, Pervomaiskaya St., Kara-Balta, Jaiyl district, Chui region. 

2) LLC “Ulan-Ular” (license No. 5145 as of August 28, 2014 for conducting exchange operations with foreign currency). Legal address: 32, Chui, Bishkek. 

3) LLC “Maanai-Asil” (license No. 5146 as of August 28, 2014 for conducting exchange operations with foreign currency). Legal address: app. 35, b. 41, mrd. Alamedin-1, Bishkek 

 

Licenses of the following non-financial credit institutions were cancelled: 

1) Since August 28, 2014 the license of the LAC pawnshop “Trust-M”, No. 4763 as of 05.10.2011g for conducting exchange operations with foreign currency. According to the application provided by the LAC pawnshop “Trust-M” on self-liquidation of the exchange office from August 28, 2014. Legal address: 288, Kurmanjan Datka St., Bishkek.  

2) Since August 25, 2014 the license of financial cooperative CU “Er-Tol”, No. 508 as of February 21, 2006, according to the minutes of the general meeting of members FC CU “Er-tol” on self-liquidation from August 13, 2014. Legal address: 287, Lenin St., Osh, Osh region.  

 

Interbank payments 

Interbank Payment Systems (IPS) indicators 

 

Total IPS 

including 

Clearing system 

Gross system 

Volume,  

KGS 

Q-ty,  

pcs 

Volume,  

KGS 

Q-ty,  

pcs 

Volume,  

KGS 

Q-ty,  

pcs 

Indicators for the period from August 25 to August 30, 2014 (reporting period) 

Absolute Value 

30 346 588 108,59 

114 750 

2 335 429 825,41 

108 277 

28 011 158 283,18 

6 473 

Share in IPS payments (%)  

100,0 

100,0 

7,7 

94,4 

92,3 

5,6 

including  

(%):  

  

  

  

  

  

  

Net positions of the Common Interbank Processing Center  

0,1 

0,7 

1,0 

0,8 

0,0 

0,0 

Outgoing to the Central Treasury  

16,4 

11,3 

34,3 

11,9 

14,9 

1,2 

Incoming to the Central Treasury  

12,3 

55,6 

18,9 

58,7 

11,7 

2,3 

Outgoing to the Social Fund  

0,02 

0,2 

0,2 

0,3 

0,0 

0,0 

Incoming to the Social Fund 

0,9 

7,7 

11,5 

8,2 

0,0 

0,0 

Average weekly indicators for the last month 

Absolute Value 

36 016 219 398,63 

75 160 

2 032 055 965,98 

69 715 

33 984 163 432,66 

5 445 

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

Absolute Value 

-5 669 631 290,04 

39 590 

303 373 859,44 

38 562 

-5 973 005 149,48 

1 028 

-15,7 

52,7 

14,9 

55,3 

-17,6 

18,9 

  

 

 

Elcart System indicators 

As of 

22.08.2014 

29.08.2014 

The total number of issued cards (excluding reissued)  

 

319 222 

   

 

320 791 

   

Number of POS-terminals:  

- in banks  

- in sale outlets   

 

1404 

758 

644 

 

1409 

761 

648 

Number of ATMs 

390 

395