On August 17, 2012, the meeting of the National Bank of the Kyrgyz Republic considered the following issues and adopted appropriate resolutions:
· The Resolution of the NBKR Board No. 34/2 “On issuance of collectible coins of “Historical Events,” “The Red Book of Kyrgyzstan” and “The National Musical Instruments” series;”
· The Resolution of the NBKR Board No. 34/3 “On amendments and additions to the Regulation on clearing settlement in the Kyrgyz Republic, approved by the decision of the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic No. 420/21/4 as of September 9, 2005;”
· The Resolution of the NBKR Board No. 34/4 “On amendments and additions to some legislative acts of the National Bank of the Kyrgyz Republic.” Amendments and additions are made to the Rules of money transfers trough money transfer systems and to the Deposits Operation Guide in terms of money transfers without opening an account and entering agency and other agreements;
· The Resolution of the NBKR Board No. 34/5 “On additions to the Regulation on the requirements for the accounting charts of accounts in commercial banks and other financial institutions of the Kyrgyz Republic.”
On 17 August, 2012, the National Bank of the Kyrgyz Republic shall issue four types of collectible coins: “Historic Events” series gold and silver coins dedicated to the 200th anniversary of Kurmanjan Datka, the Snow Leopard silver coin of “The Red Book of Kyrgyzstan” series, and “Komuz” nickel silver coin of “National Musical Instruments” series.
Given the outstanding contribution of the historical figure, Kurmanjan Datka, the Presidential Decree declared 2011 to be the Year of Kurmanjan Datka. In this regard, the National Bank issues gold and silver collective coins “200 years to Kurmanjan Datka.”
The main idea of gold and silver collectible coins dedicated to the 200th anniversary Kurmanjan Datka is her portrait on the background of national ornament. 2 large crystals Swarovski are inserted on silver coins®.
The snow leopard is portrayed on the stylized mountain peak background of the obverse of the Snow Leopard silver coin. The coin is made with inserts of 2 Swarovski crystals ®.
The main idea of the obverse of the Komuz nickel silver coin is the image komuzist, a man who brilliantly plays komuz.
Coin specification
|
Coin name |
Nominal value |
Metal (standard) |
Weight |
Diameter |
Quality |
Circulation (pcs.) |
|
200 years to Kurmanjan Datka |
100 som |
gold 999° |
7.78 g |
22.60 mm |
“proof” |
1 000 |
|
200 years to Kurmanjan Datka |
10 som |
silver 925° |
28.28 g |
38.6 mm |
2 000 |
|
|
Snow Leopard |
3 000 |
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|
Komuz |
5 som |
nickel silver |
14.35 g |
33 mm |
“brilliantuncirculated” |
3 000 |
All collectible coins have the status of a legal instrument of payment on the territory of the Kyrgyz Republic.
REFERENCE PAMPHLET
Of the buyer of the precious metal coins
To protect the surface of the coin from the touch of hands and mechanical damage, coins are packaged in clear acrylic capsules that provide safe examination and demonstration of the coin. To extract a coin from the capsule in case of necessity, use special gloves or soft-tipped tweezers.
It is strongly recommended to avoid touching the coin with hands as fingerprints left on the surface (especially on the mirror surface) are virtually impossible to remove. Even in the event of a successful cleaning up of fingertips, it is possible that sebaceous residue invisible at first glance will enter into a chemical reaction with the composition of the coin surface, and later there will be oxidation spots on that place.
Pay attention to the fact that the surface of silver coins will inevitably oxidize. As a result, there will be yellowish film, patina, gradually appearing on it.
The condition of appearance of coins also depends on the conditions of their storage. It is recommended to store coins in a dry place without any light and temperature extremes.
All NBKR gold and silver coins have “proof” higher international quality, that is, coins have a perfectly flat mirror surface and are embossed with sharp details. Proper handling of coins especially “proof” quality coined requires certain skills, but at the same time is the key for saving the great appearance of coins for a long time.
The regular meeting of the Expert Forum of the NBKR was held
On August 7, the third meeting of the Expert Forum of the NBKR, which brought together experts representing Jogorku Kenesh of the Kyrgyz Republic, representatives of the National Bank, the financial institutions of the Kyrgyz Republic, international organizations, academia and the media.
At the meeting of the Expert Forum, participants were resented information of the National Bank of the Kyrgyz Republic on the economic situation in the Kyrgyz Republic in the 2nd quarter of 2012 and the current monetary policy. Experts noted the unfavorable background in the global and domestic economy and offered the National Bank of the Kyrgyz Republic to adhere to chosen monetary targets.
The discount rate of the NBKR has decreased since the beginning of the year from 13.61% to 5.16%.
In Kyrgyzstan, in contrast to the theory presented in economics textbooks, and the advanced economies, the relationship between the discount rate of the National Bank of the Kyrgyz Republic and the interest rates of the financial market can be traced poorly. The economists of the NBKR explain this fact by a low level of development of the financial market of the country. In fact, for example, the ratio of total assets of insurance companies, pension and investment funds and stock exchanges to GDP at the end of 2011 constituted 0.3 percent. Assets of commercial banks in this background look substantial - 24 percent to GDP, but, nevertheless, remain at the much lower level than in developed countries. In these circumstances, the possibilities of monetary policy are, obviously, limited, but do not detract the role of the monetary policy pursued by the National Bank of the Kyrgyz Republic and aimed at maintaining price stability as an important condition for ensuring macroeconomic stability, the stability of the dynamics of interest rates and other market indicators.
As known, the interest rate of commercial banks is formed in accordance with supply and demand in the market. Upon setting the interest rate on loans, commercial banks are guided by their own interest rate policy, which takes into account the accompanying administrative costs of transactions, and major costs and risks on loans related mainly to the cost of borrowing of commercial banks - deposits or loans.
Time deposits (for a period of 3 months or more), which a fundamental resource for loans, hold just over one quarter in the amount of the total deposit base of commercial banks, the rest of the deposit base of banks does not allow lending due to their short-term nature. The weighted average interest rate on time deposits for a period of 3-6 months is more than 12 percent. Costs for creation of reserves due to high credit risk in the first quarter of the current year amounted to an average of 6 percent of the banking system and in connection with statements of borrowers these risks do not decrease. The weighted average interest rate on new loans constitutes from 21 to 23 percent.
The volume of lending of commercial banks as a whole is increasing, so in the first half of 2012, they increased by 11.8 percent. Resources for lending in the banking system are sufficient (average daily volume of excess reserves in the first half of 2012 amounted to 1,857.2 million soms). In addition, the commercial banks, in addition to their own resources, have access to credit lines of international financial institutions, open for lending to the economy. Moreover, within the 1.0 billion soms allocated in 2012 by the Government for the “Affordable Loans for Farmers-2” Project provided to the borrowers at a rate of 7 percent, the real sector was disbursed only 700 million soms (in 2011, loans were issued at a rate of 9 percent, the under the “Affordable Loans for Farmers” Project and 564 million soms out of 1.0 billion soms was disbursed). This indicates that the banking system, in principle, has the resources to lend to the economy at rates significantly below market interest rates, but, perhaps, the real sector has no profitable projects ...
NBKR: There are no barriers for opening new banks in the country.
The legislation of the Kyrgyz Republic regulating banking activities provides equal treatment of investors in the absence of any discriminatory measures, predetermined by Kyrgyzstan's membership in the World Trade Organization (WTO) and repeatedly confirmed by relevant experts.
The opening a new bank, including the subsidiaries and branches of foreign banks, is carried out according to a provision that fully meets internationally recognized requirements of the Basel Committee on Banking Supervision. This provision is posted on the official website of the National Bank publicly available to all potential investors.
The entry of a new bank into the market as a result of the transformation of the IFC is currently being considered. Other applications have not yet been reported. There is a total of 22 banks in the country, 14 of which have foreign capital. At the same time, the capital of six banks is completely foreign, and in four other banks, foreign capital is between 75 to 97 percent.
Capital of the banking system has a tendency to grow and it has increased 2.5 times over the previous five years. Overall, the banking system is developing steadily, in line with its development strategy aimed at increasing the level of financial intermediation.
In addition, the financial and credit sector of the Kyrgyz Republic comes in many subjects with special capacity to expand access to financial services for all sections of the population, including citizens in remote regions of the country. Thus, the market microcredit companies and agencies, microfinance companies and other non-bank financial institutions operating, the establishment and development of which involve both domestic and foreign investors.
The certificate is issued for the Arysh Invest Microcredit Company LLC No. 433 for microcredit for individuals and legal entities (the certificate of registration as of 15/08/2012. Registered address: 60 Togolok Moldo, Room 215, Bishkek.
Certificates of the following NBFIs are revoked:
The certificates of the following NBFIs are revoked due to the systematic violations of the NBKR regulations:
1. The certificate of registration of the Bairabat Microcredit Company LLC No. 148 as of 23/07/2008 has been revoked on 13/08/2012 based on the Decision of the NBKR Naryn Regional Department No. 2 as of 13/08/2012. Legal address: 34a Daniyarov st., Karasuu Village, Kochkorsky District, Naryn region.
1. The certificate of registration of the Ak-Bata Inkom Microcredit Company LLC No. 244 as of 12/10/2009 has been revoked on 13/08/2012 based on the Decision of the NBKR Naryn Regional Department No. 3 as of 13/08/2012. Legal address: 138 Matyev st., Chayek, Jumgalsky District, Naryn region.
2. The certificate of registration of the Kulanbai Microcredit Company LLC No. 336 as of 27/01/2011 has been revoked on 13/08/2012 based on the Decision of the Head of the NBKR External Oversight Department No. 109 as of 13/08/2012. Legal address: 60 Tsentralnaya st., Kara-Balta, Jaiylsky district, Chui region.
3. The certificate of registration of the Atanel Microcredit Company LLC No. 176 as of 25/11/2011 has been revoked on 15/08/2012 based on the Decision of the Head of the NBKR External Oversight Department No. 110 as of 15/08/2012. Legal address: 42 Kara-Dariynskaya st., Bishkek.
4. The certificate of registration of the Kuttuu Nur Microcredit Company LLC No. 327 as of 17/12/2010 has been revoked on 15/08/2012 based on the Decision of the Head of the NBKR External Oversight Department No. 111 as of 15/08/2012. Legal address: 4 Kurmanjan Datka, Ak-Orgoo Housing Estate, Bishkek.
5. The certificate of registration of the Amanat Microcredit Company LLC No. 203 as of 27/03/2009 has been revoked on 15/08/2012 based on the Decision of the Head of the NBKR External Oversight Department No. 112 as of 15/08/2012. Legal address: 88 Kojomberdiyev st., Kara-Balta, Chui region.
Interbank Payments
|
Indicators of interbank payment systems (IPS) |
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|
|
Всего МПС |
в том числе |
||||||
|
Clearing System |
Gross System |
|||||||
|
amount, KGS |
q-ty, pc. |
amount, KGS |
q-ty, pc. |
amount, KGS |
q-ty, pc. |
|||
|
Indicators for the period August 13-17, 2012 (reporting period) |
||||||||
|
Absolute Value |
14 488 676 361,27 |
43 702 |
1 662 939 745,32 |
40 392 |
12 825 736 615,95 |
3 310 |
||
|
Share in IPS payments (%) |
100,0 |
100,0 |
11,5 |
92,4 |
88,5 |
7,6 |
||
|
including (%) : |
|
|
|
|
|
|
||
|
Net positions of the SIPC |
0,1 |
1,7 |
0,7 |
1,8 |
0,0 |
0,0 |
||
|
Outgoing to the Central Treasury |
12,8 |
6,6 |
21,3 |
7,0 |
11,7 |
0,9 |
||
|
Incoming to the Central Treasury |
20,2 |
42,4 |
21,3 |
45,7 |
20,1 |
2,3 |
||
|
Outgoing to the Social Fund |
0,01 |
0,2 |
0,1 |
0,3 |
0,0 |
0,0 |
||
|
Incoming to the Social Fund |
0,7 |
6,4 |
6,1 |
6,9 |
0,0 |
0,0 |
||
|
Average weekly indicators for the last month |
||||||||
|
Absolute Value |
13 499 272 147,22 |
46 442 |
1 519 807 470,60 |
43 364 |
11 979 464 676,62 |
3 078 |
||
|
Deviation of indicators for the reporting period from the average weekly indicators for the last month |
||||||||
|
Absolute Value |
989 404 214,05 |
-2 740 |
143 132 274,72 |
-2 972 |
846 271 939,33 |
232 |
||
|
% |
7,3 |
-5,9 |
9,4 |
-6,9 |
7,1 |
7,5 |
||
Elcard System Indicators.
|
As of |
10.08.2012 |
17.08.2012 |
|
The total number of issued cards (excluding re-issued) |
138 846 |
139 398 |
|
The number of POS terminals: - in banks - in stores |
787 526 261 |
787 526 261 |
|
The number of ATMs |
226 |
229 |