The delegation the European Bank for Reconstruction and Development visited the National Bank of the Kyrgyz.
The leaders of the National Bank of the Kyrgyz Republic, the directors of the EBRD, representing more than 25 countries, as well as the EBRD Senior Policy Advisor and Head of the Permanent Delegation of the EBRDin Kyrgyzstan, attended the meeting.
The topics of discussion involved the development of the financial and banking sectors of the Kyrgyz Republic and assistance needed to address the key problems of these sectors of the economy from the international financial institutions.
Chairman of the NBKR Zina Asankozhoyeva told representatives of the EBRD about the state of the banking and microfinance systems of the country, their problems and the positive trends, indicating the development.
Responding to a question from the EBRD colleagues about the desire of some domestic MFIs to transform into commercial banks, the Chairman of the NBKR noted that the National Bank of the Kyrgyz Republic welcomes this initiative, stressing that if they receive a license to conduct banking activities, Kyrgyzstan will become the first CIS country in which MFIs are converted into a bank. The head of the NBKR also noted that the share capital of these companies meets the requirements of the National Bank and will enable them to work in a new way. The Chairman of the NBKR outlined the lack of credit registryamong the main problems of the microfinance sector. “The lack of a common database on borrowers of microfinance institutions in Kyrgyzstan led to many problems in this sector, including a high debt ratio and the emergence of large financial risks for the companies themselves,” said the Head of the National Bank of the Kyrgyz Republic.
The EBRD representatives said that such problems, in particular,high debt ratio, also exist in developed countries, and shared their experience of the measures taken to address them.
EBRD delegates expressed their willingness to cooperate with the National Bank of the Kyrgyz Republic on the development of the financial market of the Kyrgyz Republic, and promised to assist in the creation of a common database on borrowers of microfinance institutions.
REFERENCE
European Bank for Reconstruction and Development
The EBRD was established in 1991 and is an international institution, which consists of 62 shareholder countries (60 governments, including the Kyrgyz Republic, Eastern Europe, CIS, the USA, Japan, the European Community and the European Investment Bank).
The EBRD promotes the transition to a market economy by supporting local banks and non-bank microfinance institutions, some economically viable local businesses, key facilities of infrastructure and targeted technical assistance.
As of January 31, 2012, the EBRD provided support to Kyrgyzstan within the 84 investment projects (including projects for the restructuring) in the amount of 403 million euros.
Cooperation of the NBKR and the EBRD
The Loan Agreement between the NBKR and the EBRD for the project to support small and medium-sized enterprises in the private sector was signed on February 16, 1995, in the amount of $10.5 million for 15 years (5 years grace period) with an interest rate of6-month libor +1%. In accordance with the requirements of the EBRD, the credit line was provided under the guarantee of the Government of the Kyrgyz Republic.
Borrowed funds were used to support the formation and development of the competitiveness of business in the private sector by increasing working capital.
Short-term and medium-term loans were issued to final beneficiaries at the rate of 6-month libor+9% and maturity of 5 years, and in some cases up to 10 years.
The following institutions were selected to implement the EBRD credit line: Kyrgyzstan JSCB, Kurulush Bank JSCB, KyrgyzKramsd Bank JSCB andMercury JSCB.
The last payment on the “Support for Private Enterprise” credit line in the amount of $280,406 is scheduled for October 9, 2012, after which the NBKR debt will be repaid to the EBRD.
The license is issued to Private Entrepreneur Javlonbek Shavkatovich Jorobayev (the license No. 5056 as of 28/09/2012 for conducting exchange operations with foreign currency in cash). Registered address: Turatali Market (the beginning of an old row), Kara-Suu, Osh region.
The certificates/licenses of the following NBFIs are revoked/annulled:
1. The registration certificate of the DinarKredit MCC LLC No. 214 as of 01/06/2009 has been revoked on 24/09/2012 based on the decision of the Founder (no number) as of 21/09/2012 and the statement of the Director as 24/09/2012 due to limited working capital and low returns. Registered address: 218 Dunlarov st., Tokmok, Chui region.
2. The license of the KAS-Kul Credit Union No. 440 as of 20/11/2003 has been annulled on 26/09/2012 based on the minutes of the General Meeting of Members as of 23/09/2012 on self-liquidation due to lack of funds for future activities. Registered address: 36 Razzakov st., apt. 1, Naryn, Naryn region.
3. The registration certificate of the Namys-Belstn MCC LLC No. 310 as of 08/09/2010 has been revoked on 26/09/2012 based on the decision of Talas NBKR Regional Departmentto revoke the certificate No. 5 as of 26/09/2012 due to the insufficient amount of capital to its minimum requirement according to the legal act ofthe NBKR. Registered address: 117 Manas st., Talas, Talas region.
Interbank Payments
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Indicators of interbank payment systems (IPS) |
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|
Total IPS |
including |
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Clearing System |
Gross System |
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amount, KGS |
q-ty, pc. |
amount, KGS |
q-ty, pc. |
amount, KGS |
q-ty, pc. |
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|
Indicators for the period September 24-29, 2012 (reporting period) |
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Absolute Value |
17 045 813 136,01 |
59 769 |
1 765 768 985,44 |
56 515 |
15 280 044 150,57 |
3 254 |
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|
Share in IPS payments (%) |
100,0 |
100,0 |
10,4 |
94,6 |
89,6 |
5,4 |
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including (%) : |
|
|
|
|
|
|
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Net positions of the SIPC |
0,1 |
1,2 |
0,6 |
1,2 |
0,0 |
0,0 |
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|
Outgoing to the Central Treasury |
20,3 |
11,1 |
24,8 |
11,6 |
19,8 |
2,8 |
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|
Incoming to the Central Treasury |
15,8 |
33,6 |
16,4 |
35,3 |
15,7 |
3,7 |
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Outgoing to the Social Fund |
0,1 |
0,2 |
0,7 |
0,2 |
0,0 |
0,0 |
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|
Incoming to the Social Fund |
0,3 |
2,5 |
2,8 |
2,6 |
0,0 |
0,0 |
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Average weekly indicators for the last month |
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|
Absolute Value |
14 952 042 257,23 |
45 615 |
1 525 643 424,50 |
42 667 |
13 426 398 832,72 |
2 948 |
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Deviation of indicators for the reporting period from the average weekly indicators for the last month |
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Absolute Value |
2 093 770 878,78 |
14 154 |
240 125 560,94 |
13 848 |
1 853 645 317,85 |
306 |
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|
% |
14,0 |
31,0 |
15,7 |
32,5 |
13,8 |
10,4 |
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Elcart System Indicators
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As of |
21.09.2012 |
28.09.2012 |
|
The total number of issued cards (excluding re-issued) |
144 726 |
147 037 |
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The number of POS terminals: - in banks - in stores |
745 484 261 |
751 490 261 |
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The number of ATMs |
243 |
243 |