National Bank conducted an Expert Forum in the region  

The first regional meeting of the Expert Forum with participation of the management of the National Bank was held on the basis of Talas oblast management of the National Bank. Independent experts from various fields of activity were invited to the forum to share their views on the issues discussed. Head of the regional department H.M.Akimbekov make a report on the development of Talas oblast and chief economist of the Economic Department of the National Bank I.T. Shatmanov on monetary policy of the National Bank (monetary policy). 

The experts presented their proposals. In particular, they discussed the need to improve the quality of the customer services of commercial banks, reduce the difference in the procedures in obtaining loans in various banks, as well as increase responsibility for economic growth at places. 

In the final part of meetin, experts expressed their support for the current monetary policy led by the National Bank. Oblast representatives noted in particular a new monetary policy instrument that is loan refinancing. 


National Bank conducts Expert Forums on monetary policy traditionally every quarter. The main purpose is to discuss preliminary results of the monetary policy led by the National Bank by independent experts. The results of the work of participants in the forum are taken into account in the development of the monetary policy for the coming period by the National Bank. It is also considered as an important element aimed at ensuring transparency of the activities of the National Bank. 

Discussion and explanation of the objectives, content and results of the monetary policy is one of the criteria of its effectiveness. In this context, and following the National Sustainable Development Strategy for 2013-2017, regular informing of the public about the content and results of the monetary policy is conducted, which is aimed at improving the confidence of the public and market participants and decreasing the inflation expectations. In order to increase participation and involvement of independent experts from the regions of the country in discussions, the National Bank has decided to conduct Expert Forums not only in Bishkek but also in the fields on a regular basis, two times a year. The first expert forum was held in the city of Talas. 




IMF and World Bank are assessing the financial sector of the country 

Chairman of the National Bank of the Kyrgyz Republic Zina Asankojoeva held negotiations with the mission of the International Monetary Fund (IMF) and World Bank (WB) on the Financial Sector Assessment Programme (FSAP). 

The development of the Kyrgyz economy, banking, monetary policy, as well as plans for the current year and for the medium term were discussed at the meeting of the National Bank management with the mission representatives Mr. Paul Mathieu, Mr. Etibar Jafarov, Mr. Toshitake Kurosawa and Mr. Ilyas Skamnelos. 

Zina Asankojoeva mentioned that Kyrgyzstan is facing serious challenges due to the high import dependence and the narrowness of the countrys financial sector. However, the Chairman of the National Bank noted a positive trend in the development of the banking and non-banking sectors. Thus, currently the total assets of the banking sector accounted for 29.7 percent of GDP, their growth achieved 1.3 percent by June 2013; the loan portfolio grew by 14.1 percent, or 45.7 billion soms, the deposit base - by 9.8 percent making up 58.5 billion soms. Qualitative and quantitative indicators of the non-bank financial institutions has also been improved. "IMF and the World Bank support in the development and expansion of the financial sector will be particularly relevant," - said Zina Asankojoeva. 

As for the plans for the medium term period, the head of the Central Bank of Kyrgyzstan emphasized that the medium-term objectives of the National Bank will aim to further increase the effectiveness of monetary policy, expansion of the tools of monetary policy, development of financial markets and increasing the competition in the banking sector. "The National Bank will continue to implement the medium-term development strategy in the banking sector, microfinance and payment system. Moreover, the activities on the adoption of the Banking Code and improvement of a number of legal documents will continue to take place. Special attention will be paid to improving the financial literacy of the population," she concluded. 

The Chairman of the National Bank thanked the representatives of the IMF and the World Bank for their support provided to Kyrgyzstan and expressed hope for further fruitful cooperation. 


FSAP - Financial Sector Assessment Program, established in 1999, is a joint initiative of the IMF and the World Bank, which aims to provide Member States with a comprehensive assessment of their financial systems. FSAP aims to prevent the national authorities about possible vulnerable areas in their financial sectors, based on internal or external factors, and assist them in the development of measures to reduce the vulnerability. Over 140 countries, three-quarters of all IMF member countries are participating in this program. Financial assessment allows states to get specific, feasible recommendations on ways to reduce risks, improve supervision and ensure more effective crisis management.  




Jogorky Kenesh of the Kyrgyz Republic approved the annual report of the National Bank of the Kyrgyz Republic for 2012  

On June 20, 2013, Jogorku Kenesh of the Kyrgyz Republic approved the Annual Report of the National Bank of the Kyrgyz Republic for 2012 at the plenary session submitted by the President of the Bank Ms. Z.M. Asankojoeva. 

In her speech, the head of the National Bank noted that the activities of the National Bank in 2012 were directed at preserving financial stability in the country, increasing public confidence in the banking system and increasing the level of financial intermediation. In the reporting period, despite the slowdown in the economy, there was preservation of forward trends in the financial market. The banking system of the Republic, in general, has shown sustainability and positive growth. 

"The volumes of financial services and credits in the economy have increased in the background of reduced interest rates on granted loans, both in national and foreign currencies. Much attention was paid to strengthening microfinance institutions, which are aimed at improving access to finance for small and medium-sized businesses, the growth of employment. National Bank initiated the launching of a large-scale campaign to improve the financial literacy of the population", noted the Chairman of the National Bank. 

Ms. Z.Asankojoeva stressed that the National Bank fully provided the needs of the economy with cash resources leading the macroeconomic policies jointly with the Government aimed at curbing inflation in conditions of a continuing price volatility in global commodity markets and the continued slowdown in the global economy. The monetary policy allowed to create the conditions to keep inflation within the stated targets, thereby contributing to sustainable economic growth in the medium term. Last year, the inflation rate was 7.5%. 

In 2012, the acceleration of growth of lending to the real sector of the economy by commercial banks was noted. This was also due to the fact that as a result of receiving the banking license in November 2012 by the JSC "Microfinance Company "Bai Tyshym & Partners" the number of banks was increased. Excluding the performance of the bank, the highest growth rate of bank loans fell for the first two quarters of last year. By the end of the year the total loan portfolio of banks amounted to 40.1 billion soms, having increased by 28.5 percent. Dollarization of the loan portfolio decreased from 55.3 to 53.7 percent.  

The volume of the deposit base, according to the reports of commercial banks amounted to 50.7 billion soms, having increased since the beginning of the year by 31.0 percent. Deposits in national currency increased by 39.5 percent, in foreign currency - by 22.4 percent. More active growth in the volume of KGS deposits according to the results of the reporting period led to the reduction of dollarization of the deposit base by 3.3 percentage points to 46.8 percent by the end of December. 

In general, according to the results of last year, the net profit of the banking system amounted to 2.4 billion soms, having increased by 0.4 billion soms or 22.1 percent compared to the previous year. The National Bank fully provided the needs of the economy with cash resources, the Chairman of the the National Bank summarized. 

For the first time in 2012, the volume of international reserves exceeded U.S. $ 2 billion: annual reserves increased by U.S. $ 232 million or 12.7 percent. 

After hearing the report of the National Bank, MPs addressed to the head of National Bank with questions. Such topics as high interest rates on microcredits, financing of the State Bank development, litigation with former shareholders of "AUB" and "FinanceCreditBank", the negative trade balance, etc. were raised. The majority of parliamentarians noted the positive developments in the financial market, and approved the report of National Bank for the year 2012. 80 MPs voted for and there were three against votes. 




Licenses/certificates are issued to the following non-bank financial and credit institutions and currency exchange offices: 

From June 24, 2013 the registration certificate of the LLC "MCC "Finkred" № 380 as of June 23, 2011 was renewed for microcrediting to individuals and businesses. Decree № 28-0 of the National Bank as of June 24, 2013 is available. Legal address is Lermontov str. 35a. Bishkek.  


Certificates / licenses of the following non-bank financial institutions have been canceled, revoked: 

From July 1, 2013, license of the individual entrepreneur M.M. Hasanov under № 4853 as of February 28, 2012 for the right to conduct exchange operations with cash foreign currency was canceled. Self-liquidation. Legal address is Kara-Suu town, market "Turatali", 0 line, point 2, Osh oblast. 




Interbank payments 


Interbank payment system indicators 


Total IPS 


Clearing system 

Gross system 




















Indicators for the period of July 1 to July 5, 2013 (Reporting period) 

Absolute Value  

15 934 066 022.65 

50 213 

1 916 525 755.66 

46 921 

14 017 540 266.99 

3 292 

Share in IPS payments (%)  







Including (%):  







Net positions of the SIPC  







Outgoing to the Central Treasury 







Incoming to the Central Treasury  







Outgoing to the Social Fund  







Incoming to the Social Fund  







Average weekly indicators for the last month  

Absolute Value  

15 138 791 174.54 

47 165 

1 507 375 768.04 

43 989 

13 631 415 406.50 

3 176 

Deviation of indicators for the reporting period from average weekly indicators for the last month 

Absolute Value  

795 274 848.11 

3 048 

409 149 987.62 

2 932 

386 124 860.49 










Elcart System Indicators 

As of  



The total number of issued cards (excluding re-issued)  

206 800 

208 006 

Number of POS terminals:  

- in banks  

- in sale outlets 







Number of ATMs