ь Current situation in the foreign currency market is characterized by relative stability. The National Bank doesnt anticipate any sharp changes in exchange rate of the national currency in relation to the US dollar. Foreign exchange policy has still corresponded to the floating exchange rate regime adopted by the Kyrgyz Republic, which implies exchange rate formation through market mechanisms, that is, based on demand and supply of foreign currency. As demand and supply of foreign currency changes permanently subject to different factors, the exchange rate changes as well.  

From the beginning of 2011 to February 15, 2011, the US dollar official exchange rate increased by 32 tiyin from Som 47.1244 to Som 47.4491 per the US dollar, that is, by 0.69%. Meanwhile, the US dollar net sale by the National Bank amounted to cashless USD 46.70 mln in the interbank foreign currency market. In the comparable period of 2010, net sale of foreign currency amounted to USD 33.65 mln, USD official exchange rate increased by 71 tiyin from Som 44.0917 to Som 44.7979 per the US dollar, that is, by 1.6%.  

The National Bank performed transactions in the foreign exchange market out of international reserves; at present, their volume covers both the current volume of demand for foreign currency and the potential one. As of February 15, 2011, the volume of international reserves of the National Bank made USD 718.97 mln.  



ь The National Bank frequently informed the public about the activity of former OJSC “AziaUniversalBank” (AUB). Nevertheless, several mass media continued providing unreliable data concerning this bank in their publications. In this regard, the NBKR informs that: 

On April 8, 2010, temporary administration regime was introduced into the OJSC AUB with view of insuring safe custody of assets and setting up control.  

Within temporary administration regime there was defined that actually no any corporate securities were recorded in the banks balance sheet. This caused losses and substantial damages in the amount of more than Som 3 bln. Due to criminal prosecution of top officers of this bank and non-compliance with economic standards and minimum capital requirements, from June 4, 2010, temporary administration regime was discontinued in the OJSC AUB, and conservation regime was introduced in execution of the KR Law On Conservation, Liquidation and Bankruptcy of Banks.  

Inspection of the OJSC AUB activity launched by the temporary administrator and continued by the banks conservators showed that data provided up to April 2010 was unreliable. Information provided by the OJSC AUB about funnel of USD 240 mln on April 7, 2010, was not confirmed. The funds were funneled regularly during the previous years, that is, actually, the bank was insolvent still long before April 2010. The activities carried out by the General Prosecutors Office allowed to inspect in more detail the operation of this bank and define that financial accounting submitted by the bank was consciously fraudulent.  

Fictitious transactions for securities purchase were oriented at funneling monetary funds, including governmental ones, outside of the country. Besides, there were revealed financial records that contained an abundance of unconfirmed (“phony”) transactions; this was the sign of money laundering. Automated banking system “Bank ++” was deliberately used by the OJSC AUB for large-scale manipulations and performing doubtful transactions during the long period of time with the purpose of non-disclosure of actual activity and real state of the bank. This system was controllable only by the banks management, which intentionally ignored requirements of the Kyrgyz Republic legislation applied to money laundering control.  

The results of independent detective audit confirmed the facts that testified to fraudulent and criminal activity of the bank as well as falsification of balance sheet and zero value of stocks as of the time of both introducing temporary administration and nationalization of the OJSC “AUB”.  

On October 27, the Judicial Board on Administrative and Economic Affairs of the Bishkek Municipal Court took a decision, according to which the OJSC “AUB” was acknowledged insolvent, and the bankruptcy proceedings were initiated as well as the Agency on Banks Reorganization and Debt Restructuring (DEBRA) was appointed to be the special administrator of the OJSC “AUB”. 

On December 14, 2010, according to the decision of the Bishkek Inter-District Court, there was defined a method of special administration of the OJSC “AUB” restructuring of the OJSC “AUB” by way of establishing a new bank. In execution of this court decision, the special administrator established the OJSC “Zalkar-Bank”, which performed banking activity within the limits of the legislation.  



ь In connection with several publications in mass media, the National Bank of the Kyrgyz Republic provides the following data concerning the CJSC “Manas Bank”. 

On April 7, 2010, the Board Chairman of this bank left the country. On April 8, 2010, the rest banks management made a request to the National Bank to protect the bank due to the emerged threat of the banks plunder. The NBKR introduced temporary administration to the CJSC “Manas Bank” and provided security to the bank in cooperation with the National Security Service.  

During the period of temporary administration in the CJSC “Manas Bank”, the National Bank made inspections as a result of which there were detected multiple violations that testified to the fact that the bank was involved in unhealthy banking practice. In its turn, the General Prosecutors Office conducted investigative actions, which confirmed the conclusions of the NBKR supervisory inspection.  

The General Prosecutors Office initiated criminal proceedings in relation to the principal shareholder of the CJSC “Manas Bank”, Belokon V., and the following officers: Kostyrin S. A., Kachnova Yu. A., Lase A. Yu., and Verbitsky E. I. In this regard, in compliance with Article 8 of the Kyrgyz Republic Law On Conservation, Liquidation and Bankruptcy of Banks, the National Bank was obliged to introduce the conservation regime in the case of initiating a criminal case in relation to any officer of a commercial bank. On January 31, 2011, the National Bank introduced conservation regime in the CJSC “Manas Bank” guided by the mentioned article of the given law.  

During the period of temporary administration regime and conservation regime, the NBKR permanently offered the principal shareholder of the bank to take actions oriented at rehabilitation and strengthening of financial state of the bank; nevertheless, he failed to carry out additional capitalization and failed to take the rest actions. The National Bank is willing to hold open and transparent negotiations with the principle shareholder.  



News of the Non-Bank Financial Institutions 


The National Banks of the Kyrgyz Republic issued licenses (certificates) to the following non-bank financial institutions (NBFI): 

1. LLC MCC “KoKy financial corporation” (certificate on accounting registration No. 340 dated 16.02.2011 for micro-crediting individuals and legal entities). Legal address: apart18., 105 Isanov St, Bishkek; 

2. PE Juzbaev Taalaibek Kadyrovich (license No. 4562 dated 14.02.2011 for conducting cash foreign exchange transactions). Registration number of the exchange office: 2667. Legal address: 1 Chimkentskaya St, Bishkek; 

3. PE Tabaldieva Janylkan Satybaldievna (license No. 4563 dated 16.02.2011 2011 for conducting cash foreign exchange transactions). Registration number of the exchange office: 2668. Legal address: apart. 12, 2 Den-Syaopin St, Bishkek; 


From 14.02.2011 the license No. 451 dated 13.04.2004 issued to the Credit Union “Besh-Badam-Yug” was revoked pursuant to the General Meeting Minutes of the participants of CU “Besh-Badam-Yug” dated 10.02.2011 and application of Mamyrova A., the CU Board Chairman, dated 11.02.2011. Legal address: apart. 2, 39 Nizami St, Osh, Osh Oblast.  



Inter-bank payments 

Indices of inter-bank payment systems (IPS) 


Total IPS 


Clearing system  

Gross system  













Indices from the period of February 14, 2011 February 18, 2011 (reporting period)  

Absolute value for a week   

7 705 067 953,85 

22 945 

1 060 561 634,92 

20 575 

6 644 506 318,93 

2 370 

Share of IPS payments (%)  







including (%):  

Net positions of the Single Interbank Processing Center  







Outgoing to the Central Treasurer's Office  







Incoming from the Central Treasurer's Office  







Outgoing to the Social Fund  







Incoming from the Social Fund  







Average weekly indices for the previous month  

Absolute Value  

6 462 096 672,04 

16 923 

876 666 993,53 

15 058 

5 585 429 678,51 

1 865 

Indexes deviations of the reporting period from the weekly average indexes of the previous month   


1 242 971 281,81 

6 022 

183 894 641,39 

5 517 

1 059 076 640,42 










Indices of “Elcart” system* 


As of 

11.02.2011 г. 

18.02.2011 г. 

Number of cards in circulation (exclusive of the re-issued cards)  

104 696 

105 026 

Number of pos-terminals:  

- in banks  

- in trade centers   







Number of automated teller machines