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The following issues were considered and relevant decrees were adopted on December 17, 2014 at the meeting of the Board of the National Bank of the Kyrgyz Republic:  

 

· “On the notice of appeal of “Bagdan” LLC (No. 55/1) 

· “On Kyrgyz Credit Bank” (No. 55/2) 

· “On main trends of the monetary policy of the National Bank for mid-term period” (No.55/3) 

 

NBKR have not introduced any restrictions for selling foreign currency for the commercial banks and exchange offices.  

The National Bank of the Kyrgyz Republic have not introduced any restrictions for selling cash foreign currency and had not recommended to any of the commercial banks such restrictions.  

The National Bank asks the population not to panic and refrain from any transactions in the currency market based on unconfirmed intelligence or data received from not reliable sources.  

The National Bank addresses to the mass media with the request not to publish unconfirmed information as any negative message creates additional nervousness among the population and business structures and creates false agiotage.  

The National Bank regularly traces the situation in the domestic as well as external financial markets. NBKR will take necessary measures, if necessary.  

 

The head of the National Bank met with the representatives of the Exchange Office Association “Alliance”  

Mr. Tolkunbek Abdygulov, Chairman of the National Bank of the Kyrgyz Republic, Mr. Nurbek Zhenish, Deputy Chairman and Mr. Bakyt Choibekov, Chairman of the Association as well as other representatives took part in the meeting.  

The main aim of the meeting was to discuss the current situation in the currency market of the country and interaction of non-bank financial institutions and the regulator in resolving the issue of stabilization of the national currency.  

NBKR: There are no objective reasons for increasing the USD rate in the country  

“There are no objective factors for decreasing the national currency rate; there are rather speculative attacks for som”, noted the Chairman of the National Bank of the Kyrgyz Republic Mr. Tolkunbek Abdygulov at todays press-conference when commenting on the USD rate increase.  

According to his words, the National Bank carefully traces the situation both within the country as well as the economy of main partner countries. “Kyrgyzstan and Russia, although are linked with trade partnership relations, there is no direct impact of the exchange rate in Russia on the exchange rate of Kyrgyzstan” noted the chairman.  

“After a three-week of quiet conditions, the pressure on weakening of the national currency has started. There are no objective factors for that. To date, the banking system has more than 250 million dollars, about 30% of this amount represented in cash dollars”, - said Mr. Tolkunbek Abdygulov. 

He also informed journalists that yesterday, on December 17 the National Bank carried out another consignment. “We made a consignment in 2 million USD in cash. This showed that there is a speculative attack on the national currency. In other words, yesterday the National Bank sold at the rate of 57.8 KGS through two state banks: “Ayil Bank” and “RSK Bank”. All this cash was sold out within 3-4 hours by exchange offices. Thus, they earned money within very short time”- said Mr. Tolkunbek Abdygulov. 

 

Head of the National Bank pointed out that this situation raises suspicion and forces to take structural measures. “Perhaps, in the future we will not have exchange offices, but only representatives of commercial banks. We should not allow that the exchange offices impact on the national currency in the pursuit of profit. Today, I had a meeting with representatives of commercial banks on the situation in the foreign exchange market, and we have developed a plan of action to stabilize, which started to be implemented from today. Results will be visible in the near future”, - said the head of the National Bank.  

Also, according to Mr. Tolkunbek Abdygulov, from the beginning of the year, the National Bank made interventions for 42 times on the sale and on the purchase of US dollars. 

“Net sales of USD amounted to 464 million USD, including 5.6 million cash. In general, from the beginning of the year up to December 18, the USD rate rose to 17.10%”, - he concluded. 

After the information provided by the chairman of the National Bank, the media representatives were given the opportunity to ask questions. In particular, the journalists were interested in the inflation forecasts related to the growth of the US currency; measures undertaken by the National Bank to stabilize the foreign exchange market; dynamics of remittances from migrants; the volume of foreign exchange reserves of the country; the possibilities of introducing a single currency when joining the Customs Union, the dynamics of deposits in national currency, etc. 

Mr. Nurbek Zhenish, the Deputy Chairman and Mr. Seyilbek Urustemov, Head of Economic Department of the National Bank also participated in the press-conference. 

 

Students of the Kyrgyz State University after I. Arabaev visited the numismatic museum of the National Bank of the Kyrgyz Republic   

  

Third year students of the Institute of Economics and Management of the Kyrgyz State University after I.Arabaev on December 17 visited the numismatic museum of the National Bank of the Kyrgyz Republic.  

The excursion in the museum was held by Bermet Usubalieva, the leading specialist of the Documentation Management and Communications Department of the National Bank of the Kyrgyz Republic.  

The students learnt the history of money starting from the occurrence of the first payment instruments in the history of mankind up to the contemporary coins and banknotes during the excursion.   

The students were shown the exhibits in the form of coins and monetary symbols of different countries and historical epoch, contemporary bank-notes as well as collectors coins of the National Bank of the Kyrgyz Republic with the picture of historical figures, architectural buildings, flora and fauna.    

The future economists were actively asking questions related to the national currency. However, the particular attention was given to the collectors coins of the Kyrgyz Republic. They were reviewing with great pleasure the silver, golden, cooper-nickel coins, were asking about the technologies of their production and peculiarities of their design.   

The students were satisfied with the excursion and expressed their gratitude to the National Bank of the Kyrgyz Republic for the given opportunity of learning new and interesting information.   

 

Licenses/certificates were issued to the following non-financial credit institutions and exchange offices: 

 

· 1. “Online Plus” LLC (License No. 5188 as of December 15, 2014 giving the right to conduct exchange operations in cash foreign currency). Registration number of the exchange office is 3190. Legal address: 95 Bokonbaev Street, Bishkek city. 

· 2. “Kondor” LLC (License No. 5189 as of December 18, 2014 giving the right to conduct exchange operations in cash foreign currency). Registration number of the exchange office is 3191. Legal address: Apt., 27, 182 Abdrahmanov Street, Bishkek city. 

· 3. “Nuris-Finance” LLC (License No. 5190 as of December 18, 2014 giving the right to conduct exchange operations in cash foreign currency). Registration number of the exchange office is 3192. Legal address: Apt., 14/1, 4 Den Sayopin Street, Bishkek city. 

· 4. “MSJ Company” LLC (License No. 5191 as of December 18, 2014 giving the right to conduct exchange operations in cash foreign currency). Registration number of the exchange office is 3193. Legal address: 100 Ahunbaev Street, Bishkek city. 

 

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 15 to December 22, 2014 (reporting period) 

Absolute Value 

28 459 643 625,56 

74 293 

2 074 454 670,19 

67 839 

26 385 188 955,37 

6 454 

Share in IPS payments (%)  

100,0 

100,0 

7,3 

91,3 

92,7 

8,7 

including 

(%):   

  

  

  

  

  

  

Net positions of the Common Interbank Processing Center 

0,1 

1,2 

1,5 

1,3 

0,0 

0,0 

Outgoing to the Central Treasury   

10,1 

9,7 

20,8 

10,6 

9,3 

0,9 

Incoming to the Central Treasury  

11,3 

49,1 

24,0 

53,5 

10,3 

2,9 

Outgoing to the Social Fund   

0,1 

0,9 

0,9 

1,0 

0,0 

0,0 

Incoming to the Social Fund  

0,3 

5,8 

3,8 

6,4 

0,0 

0,0 

Average weekly indicators for the last month 

Absolute Value   

27 812 484 023,60 

66 885 

1 886 883 340,51 

61 476 

25 925 600 683,09 

5 409 

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

Absolute Value   

647 159 601,96 

7 408 

187 571 329,68 

6 363 

459 588 272,28 

1 045 

2,3 

11,1 

9,9 

10,4 

1,8 

19,3 

1.  

2.  

Elcart System indicators 

As of   

12.12.2014 

19.12.2014 

The total number of issued cards   

(excluding reissued)  

354 387 

357 205 

Number of POS-terminals:  

- in banks   

- in sale outlets   

 

1485 

768 

717 

 

1495 

768 

727 

Number of ATMs  

426 

428 

 

 

 

3.