ь The National Bank of the Kyrgyz Republic informs about the following: on the 6th of August of the present year OJSC “AsiaUniversalBank” filed a bill to the court for taking the corresponding decision due to initiation of special administering procedure. Hearing of the case was assigned to August 19, however, the hearing was not held and was transferred to August 27. In accordance with the legislation of the Kyrgyz Republic any actions concerning the given bank can be undertaken only after taking of judicial decision.
As it has already been informed: restructuring of the bank with the purposes of fulfillment of OJSC “AUB” obligations to depositors and other creditors in the procedure prescribed by the law is being planned within the frames of holding of special administering procedure. Restructuring envisages different variants of creditors’ interests guarantee not excluding satisfaction of their requirements so far as carrying out measures within the frames of special administering.
Laid-up mode is preserved in OJSC “AsiaUniversalBank” before passing court judgment about initiation of bankruptcy proceeding and special administering procedure.
The National Bank, as it has been repeatedly noted, pays the attention of depositors-individuals for the fact that the obligations to them will be fully implemented with the exception of persons connected with OJSC “AsiaUniversalBank”.
ь On August 11, 2010 the Board of the National Bank of the Kyrgyz Republic considered the report of monetary policy for the first half of 2010.
Significant decrease of liquidity in the banking system occurred in the second quarter due to the consequences of political events. The National Bank decreased by late June the volume of NBKR Notes in circulation by 200 million soms with the purposes of provision of liquidity and stability of the banking system functioning. The growth of the accounting rate, beginning in April and reaching 3.5 percent in May, ceased in June and by the end of the month the rate decreased by 2.7 percent. In spite of the fall of liquidity level in the banking system in the second quarter, average daily volume of excess reserves of commercial banks was at relatively high level as a whole for the first half of the year.
In the first half of the year the increment of consumer prices made 4.1 percent (June 2010 / December 2009), in year terms the inflation made 3.6 percent (June 2010 / June 2009).
The trend of weakening of Som relative US Dollar preserved during the first half of the year. The National Bank carried out operations by selling non-cash Dollars at the interbank foreign exchanges for leveling disbalance between demand and supply of foreign currency. As a whole for the first half of 2010 the volume of net sales of NBKR of US Dollars at the interbank foreign exchanges made 140.2 million US Dollars, official exchange rate of US Dollar relative Som increased by 6.5 percent, by 46.9746 Som/US Dollars.
The attention was paid for the fact that the real economic growth in 5 percent for the first half of the year was stipulated mainly by the growth of industrial production and active gold mining, as well as by the effect of “low base” of the last year. Without considering the enterprises of gold minefield “Kumtor”, the real growth of GDP made 1.5 percent. The deficit of the state budget made 1.3 billion soms or 1.6 percent relative to GDP. Preliminary data of external sector of the economy showed increase of the volume of foreign trade turnover by 11.8 percent, by that export increased by 28.7 percent and import – by 2.9 percent. Increase of money transfers was fixed.
Decrease of the level of cumulative assets, capital, depository base occurred in the banking sector. Aggregate credit portfolio in Som equivalent increased and credits given in foreign currency in nominal terms decreased. With the purposes of banking sector support in the conditions of resource base falling for crediting the National Bank decreased the rate of mandatory reserves from 9.5 to 8.0 percent and the size of basic rate of the Special Fund for Banking Refinancing (SFBR) from 8 to 7 percent. Besides, a single correction coefficient for determining the size of interest rate by credit funds of SFBR at the level 1 was fixed. Thus, the cost of resources of SFBR for commercial banks made 7 percent, and for end-use borrowers – from 12 percent (mortgage lending) to 17 percent (microfinancing).
Agreements with the donors about financial aid for the support of the budget achieved by the results of the international conference of donors “Emergency aid of KR: reconstruction and agreement”, held in Bishkek city on July 27, 2010, as well as by the results of work with country mission of IMF, were discussed during consideration of the report about monetary policy.
The members of the Board exchanged opinions concerning prognoses of the main macroeconomic indicators and results of monetary policy. Current estimates showed: decrease of real GDP by about 2.5-3.5 percent, mainly due to decrease in the sphere of trade and agriculture, is expected by the results of 2010. At the same time there is a threat of deterioration of the situation in the real sector due to lingering economic rehabilitation as a result of June events in the South. According to the estimates of the Ministry of Economic Regulation the fall of real GDP in the current year can make 5.4 percent. Growth of prices for bread and flour having begun due to expected losses of output yield in Russia and Kazakhstan because of unfavorable weather conditions was called one of the main factors of inflation risks. Measures on the part of state administration bodies on non-admission of speculative actions at the market of socially significant food products are required for decreasing the given risk.
In the context of discussions the following opinion was expressed: demand for money in the current year will be supported due to receiving of external financial aid and carrying out of Parliamentary election campaign. The Board expressed concerns over financing sources of budget deficit. This year regularity of expenses of budget funds due to expected receipt of financial aid from the international donors becomes the most urgent. The Board emphasized that in the current conditions it was necessary to strengthen the measures of budget discipline, optimize and increase transparency of Government expenditures as the policy of budget expansion carried out by the Government could become a key factor of inflation risks next year.
According to the results of held discussion the members of the Board approved the report about monetary policy for the first half of this year.
News of non-bank financial institutions
The National Bank of the Kyrgyz Republic issued licenses (certificates) for the following non-banking financial institutions (NBFI):
1. Public Fund MCA “Nurtok” (certificate on accounting registration N°194 dated 18.08.2010 for microcrediting of individuals and legal entities). Legal address: w/o No, Tsentralnaya str., Eriktuu village, Jayilsky region, Chui oblast.
2. Ltd. MCC “Credit center” (certificate on accounting registration N°308 dated 20.08.2010 for microcrediting of individuals and legal entities). Legal address: 65, Jayil Baatyr, Kara-Balta, Jayilsky region, Chui oblast.
3. Ltd. MCC “Altyn-Nur” (certificate on accounting registration N°307 dated 18.08.2010 for microcrediting of individuals and legal entities). Legal address: 30, Sholokhov str., Kant town, Issyk-Ata region, Chui oblast.
4. Private Enterprise Korchagin Vasiliy Pavlovich (license N°4470 dated 18.08.2010 for the right for swap operations with foreign currency in cash), registration number of exchange office – 2594. Legal address: 148-1, Abdrakhmanov str., Bishkek city.
5. Additional Responsibility Society pawn office “Kairat” (license N°4469 dated 17.08.2010 for the right for swap operations with foreign currency in cash), registration numbers and addresses of exchange offices:
· N° 2581 - 204, Abdrakhmanov str., Bishkek city;
· N° 2582 - 146 а, Ibraimov str., Bishkek city;
· N° 2583 - 70, Ibraimov str., Bishkek city;
· N° 2584 - 52, Chui avenue, Bishkek city;
· N° 2585 - 40, Togolok Moldo str., Bishkek city;
· N° 2586 - 174, Chui avenue, Bishkek city;
· N° 2587 - 60, Elebayev str., Bishkek city;
· N° 2588 - 36, Mederov str., Bishkek city;
· N° 2589 - 173, Akhunbayev str., Bishkek city;
· N° 2590 - 6/2, Baitik Baatyr str., Bishkek city;
· N° 2591 - 3/1, Suerkulov str., Bishkek city;
· N° 2592 - 2/1, Jukeev/Pudovkin str., Bishkek city;
· N° 2593 - 7/1, B.Yunusaliyev str., Bishkek city.
Private Enterprise Manatbekov Avaz Kadyrovich (license N°4468 dated 17.08.2010 for the right for swap operations with foreign currency in cash). Legal address: w/o No, K. Marx, Karakol str., Issyk-Kul oblast.
From 12.08.2010 the credit union “Currency” was withdrawn a license N°432 dated 29.04.2003 on the ground of the Decree of the Committee on Supervision of the National Bank dated 12.08.2010. Legal address: 120, Gorky str., Bishkek city.
Inter-bank payments
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Indices of Interbank payment systems (IPS) |
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|
|
Total IPS |
в том числе |
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|
Clearing system |
Gross system |
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|
Volume, KGS million |
Quantity, items |
Volume, KGS million |
Quantity, items |
Volume, KGS million |
Quantity, items |
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|
Indices from the period of August 16, 2010 – August 20, 2010 (reporting period) |
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|
Absolute value for a week |
8 660 444 984,14 |
19 799 |
1 169 303 173,56 |
17 672 |
7 491 141 810,58 |
2 127 |
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|
Share of IPS payments (%) |
100,0 |
100,0 |
13,5 |
89,3 |
86,5 |
10,7 |
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|
including (%): |
|
|
|
|
|
|
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|
Net positions of the Single Interbank Processing Center |
0,1 |
1,9 |
1,1 |
2,1 |
0,0 |
0,0 |
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|
Outgoing to the Central Treasurer's Office |
19,6 |
14,7 |
17,0 |
15,7 |
20,0 |
5,7 |
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|
Incoming from the Central Treasurer's Office |
22,2 |
20,0 |
17,7 |
22,1 |
23,0 |
2,4 |
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|
Outgoing to the Social Fund |
0,01 |
0,2 |
0,1 |
0,2 |
0,0 |
0,0 |
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|
Incoming from the Social Fund |
0,3 |
5,9 |
2,6 |
6,6 |
0,0 |
0,0 |
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|
Average weekly indices for the previous month |
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|
Absolute Value |
7 974 422 166,50 |
23 895 |
1 157 077 466,16 |
21 736 |
6 817 344 700,35 |
2 160 |
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Indexes deviations of the reporting period from the weekly average indexes of the previous month |
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|
Absolute Value |
686 022 817,64 |
-4 096 |
12 225 707,40 |
-4 064 |
673 797 110,23 |
-33 |
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|
% |
8,6 |
-17,1 |
1,1 |
-18,7 |
9,9 |
-1,5 |
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Indices of “Elcart” system*
|
As of |
August 13, 2010 |
August 20, 2010 |
|
Number of cards in circulation (exclusive of the re-issued cards) |
98 251 |
98 622 |
|
Number of pos-terminals: - in banks - in trade centers |
531 452 79 |
572 469 103 |
|
Number of automated teller machines |
141 |
142 |
|
Payment terminals “Master platezhey” (Master of payments) |
0 |
0 |
*According to CJSC “Inter-bank processing center”, at present all 22 commercial banks are connected to the Single Inter-bank Processing Center.