ь The NBKR Board meeting was arranged on November 28, 2008. In the course of this meeting the issue “On major directions of the monetary policy of the National Bank of the Kyrgyz Republic for 2009-2011” was regarded (No.43/1).
ь On November 26, 2008, the NBKR Board discussed the results of the monetary policy for January-September 2008 and drafts of the monetary program for the following period.
In the course of the Board meeting, it was noted that the existing moderate tough monetary policy and measures performed by the Government led to reduction of the inflation rate in recent months: thus in July there was no price increase, in August there was noted a disinflation in the amount of 0.3 percent and in September and October the inflation rate constituted 0.7 percent and 0.9 percent correspondingly. Inflation risks decreased but still present. Inflation acceleration in the past year was promoted by external price shock and performance of the moderate tough monetary policy was assigned for non-admission of sharp rise in prices for other components of consumer goods basket. As per results of the year, the inflation rate is expected to be on the level of the past year.
As in the past year, the major instruments on the open market transactions were notes and repo-transactions. The notes sale volume for the period of January-September 2008 constituted 12420.7 million soms whereas in the corresponding period of 2007, this rate was 1014.3 million soms. Notes sale volume increase was accompanied by the bank rate increase of the National Bank of the Kyrgyz Republic. The National Bank of the Kyrgyz Republic performed inverse repo-transactions for the sum of 1269.2 million soms that is 2.2 times less than in the corresponding period of the previous year (2817.1 million soms).
In order to withdraw excess liquidity, the National bank of the Kyrgyz Republic continued performance of the inverse swap-transactions using US dollars. The volume of such transactions constituted 1993.9 million soms that is 3.5 times higher than in the corresponding period of the previous year (548.9 million soms).
Monetary base increase for the period of January-September 2008 constituted 10.7 percent, whereas in the corresponding period of 2007 it was 20.2 percent. Excess reserves of commercial banks decreased from 1825.4 to 1770.4 million soms whereas the concentration rate was still rather high.
In the banking system, there was a growth tendency for assets and capital of commercial banks; as a result the indices, characterizing the level of financial intermediation by the end of September 2008, were formed in the following way: assets to GDP – 29.9 percent; credits to GDP – 14.9 percent; deposits to GDP – 14.4 percent. The overall deposits volume in the acting commercial banks increased by 13.6 percent and constituted 26.6 billion soms. The credit portfolio of commercial banks increased by 23.5 percent and constituted 25.8 billion soms by the end of September.
In was noted that the deficit of current account increased from 9.7 percent to GDP in the period of January-September 2007 to 11.9 percent to GDP in the period of January-September 2008. The overall transfers volume increased by 33.7 percent in reference to the corresponding period of 2007 and constituted 975.0 million US dollars. Reserve assets of the National Bank of the Kyrgyz Republic gave security for import of goods and services for 2.9 months. There was a smooth increase of USD exchange rate against KGS. International financial crisis also had an affect on the exchange rate.
There was a turn-down in some economy sectors, such as building-and-construction, production-and-procurement of electric energy, gas and water, mineral resource industry. Growth rates decrease was noted in the sphere of goods transportation, postal and electrical communication services, and retail trade. There was also a reduction in the sphere of investments absorption into the fixed assets.
Economy of the republic is under the negative influence of the energy sector problems and the world financial crisis. The National Bank of the Kyrgyz Republic need to balance between inflation risks and risks of the economic growth rates decrease. If there is a stable tendency for the inflation rate decrease, the National Bank of the Kyrgyz Republic will start a gradual lightening of the monetary policy, the rates of which will also depend on the economic growth rates decrease. The Board of the National Bank of the Kyrgyz Republic noted that in 2009, the monetary policy realization will be complicated by a high level of uncertainty with regard to development of the external economy sector.
The National Bank of the Kyrgyz Republic issued licenses/certificates to the following non-banking financial institutions and exchange offices:
1. Limited Liability Company MCC "Kreditnyi Dvor" (Account Registration Certificate No.179 dated December 1, 2008 for micro crediting individuals and legal entities). Legal address: 148, L.Tolstogo Str., Bishkek;
2. Limited Liability Company MCC "Finans" (Account Registration Certificate No.180 dated December 1, 2008 for micro crediting individuals and legal entities). Legal address: 179-6, Toktogula Str., Bishkek;
3. Limited Liability Company MCC "Gel-al kredit" (Account Registration Certificate No.181 dated December 1, 2008 for micro crediting individuals and legal entities). Legal address: 33/1, Ibraimova Str., Bishkek;
4. Limited Liability Company MCC "Inayat Dirham" (Account Registration Certificate No.182 dated December 1, 2008 for micro crediting individuals and legal entities). Legal address: 214, Manasa Str., Kyzyl-Suu village, Jeti-Oguz rayon, Issyk-Kul oblast;
5. Additional Responsibility Society pawn office «Altynai plus» (license No.378 dated December 5, 2008 for conducting operations on granting short-term credits secured by movable property (pawn)). Legal address: Central market, Jalalabat, Jalalabat oblast;
6. PE Sultanaliev Bagysh Akkabakovich (License No 3813 dated December 4, 2008 for conducting cash foreign exchange transactions). Registration number of exchange office: 2073. Legal address: 182-27, Abdrahmanova Str., Bishkek;
7. PE Keleshov Ali Nuraddinovich (License No 3814 dated December 4, 2008 for conducting cash foreign exchange transactions). Registration number of exchange office: 2074. Legal address: Trade Center “Beta Stores”, 150, Chui Avenue, Bishkek;
8. PE Kasymaliev Turarbek Joldoshbekovich (License No 3815 dated December 4, 2008 for conducting cash foreign exchange transactions). Registration number of exchange office: 2075. Legal address: 146, Abdrahmanova Str., Bishkek;
9. PE Sabirov Tahir Rahimjanovich (License No 3816 dated December 4, 2008 for conducting cash foreign exchange transactions). Registration number of exchange office: 2076. Legal address: 119-17, Abdrahmanova Str., Bishkek;
10. LLC “Afina Plus” (License No 3817 dated December 4, 2008 for conducting cash foreign exchange transactions). Registration number of exchange office: 2077. Legal address: 8, Kulatova Str., Bishkek;
11. PE Mamatkorimov Bahtier Shuhratovich (License No 3818 dated December 5, 2008 for conducting cash foreign exchange transactions). Legal address: Bazarnaya Str., Osh, Osh oblast.
The NBKR revoked certificates/licenses from the following NBFI:
1. Licence No.513 dated April 14, 2006 has been revoked from the Credit Union “Iman Jumgal” from December 1, 2008 on the basis of the minutes of general meeting on self-liquidating of the Credit Union “Iman Jumgal” that took place on March 12, 2008. Legal address: 4, Modubaeva Str., Kyzyl-Jyldyz village, Jumgal rayon, Naryn oblast;
2. Licence No.219 dated April 25, 2005 has been revoked from the Credit Union “Iman Jumgal” from December 2, 2008 on the basis of resolution of the Supervision Committee No.26/1 dated December 2, 2008 for noncompliance with the legislation of the Kyrgyz Republic and statutory regulations of the National Bank of the Kyrgyz Republic. Legal address: 96. Frunze Str., Sokuluk village, Chui oblast;
3. Licence No.332 dated August 3, 2007 has been revoked from the Additional Responsibility Society pawn office “Fianit-Kredit” from December 4, 2008 on the basis of the NBKR Resolution No. 64-0 dated December 4, 2008 for impeding and delay in the procedure of pawn office audit. Legal address: 162, Chui Avenue, Bishkek.
Interbank payments
|
Indexes of the Interbank Payment Systems (IPS) |
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|
|
Total IPS |
including |
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|
Clearing system |
Gross system |
|||||
|
volume million soms |
quantity items |
volume million soms |
quantity items |
volume million soms |
quantity items |
|
|
Indexes for the period from December 1, 2008 to December 5, 2008 (reporting period) |
||||||
|
Absolute Value |
9 758,3 |
71 676 |
1 359,7 |
69 619 |
8 398,6 |
2 057 |
|
Share in IPS payments (%) |
100,0 |
100,0 |
13,9 |
97,1 |
86,1 |
2,9 |
|
including (%): |
|
|
|
|
|
|
|
Net positions of Common Interbank Processing Center |
0,10 |
0,4 |
0,7 |
0,4 |
0,0 |
0,0 |
|
Outgoing to the Central Treasurer's Office |
18,0 |
10,6 |
25,5 |
10,8 |
16,8 |
2,3 |
|
Incoming from the Central Treasurer's Office |
10,8 |
52,0 |
17,4 |
53,5 |
9,8 |
1,4 |
|
Outgoing to the Social Fund |
0,3 |
1,4 |
2,2 |
1,4 |
0,0 |
0,0 |
|
Incoming from the Social Fund |
1,4 |
5,9 |
10,1 |
6,0 |
0,0 |
0,0 |
|
Average weekly indexes for the previous month |
||||||
|
Absolute Value |
9 632,3 |
61 536 |
1 169,6 |
59 575 |
8 462,7 |
1 961 |
|
Indexes deviations of the reporting period from the weekly average indexes of the previous month |
||||||
|
|
126,1 |
10 140 |
190,1 |
10 044 |
-64,1 |
96 |
|
% |
1,3 |
16,5 |
16,3 |
16,9 |
-0,8 |
4,9 |