· On November 27, 2013 at a meeting of the Governing Board of the National Bank of the Kyrgyz Republic it was issued a decree. 

1. "On introducing amendments to the Regulation on the procedure of providing by the National Bank of the Kyrgyz Republic of credit auctions to refinance and maintain liquidity" (№ 45/12 as of November 27, 2013). 

2. "On introducing amendments to the resolution of the Governing Board of the National Bank of the Kyrgyz Republic № 10\15 as of March 28, 2013 "On approval of the Rules of determining the official exchange rates of the foreign currencies in relation to the Kyrgyz som" (№ 45/13 as of November 27, 2013). 

3. "On introducing amendments and additions to some normative legal acts of the National Bank of the Kyrgyz Republic on the pricing policies of banking services and services provided by microfinance institutions" (№ 45\14 as of November 27, 2013). 

4. "On introducing amendments and additions to some normative legal acts of the National Bank of the Kyrgyz Republic on issuing of the group loans" (№ 45/15 as of November 27, 2013). 

The draft of the Banking Code of the Kyrgyz Republic and the draft Law of the Kyrgyz Republic "On introduction of the Banking Code of the Kyrgyz Republic" are approved by the decree of the Government of the Kyrgyz Republic № 529 as of September 27, 2013. 

You may learn these projects in the section "Banking Legislation / Draft laws". 

 

 

Regarding the Social consultation room 

The National Bank of the Kyrgyz Republic attract attention of citizens to the fact that to the Social consultation room written requests (proposals, applications or complaints) are coming which do not meet the requirements of the Law of the Kyrgyz Republic "On the Procedure for Consideration of citizens' requests" as of March 23, 2007. In particular, there are no signatures of the applicants, mailing address, return address, the applicant's consent to the transfer of data to third parties; illegible handwriting, as a result of this it is impossible to understand the essence of the statement. 

As the National Bank is not entitled to interfere in operations of financial institutions and to seek clarification on the given statements is forced to apply to the commercial banks and other institutions of the republic, the absence of consent of citizens as well as failure to comply with the above requirements for the written requests makes impossible to prepare a comprehensive response to the applicants. 

Based on the foregoing the National Bank of the Kyrgyz Republic attract your attention to the need to fulfill the requirements for written requests under paragraph 3 of Article 11 and Article 6 of the Law of the Kyrgyz Republic "On the Procedure of consideration of citizens requests". In particular, the citizen in his written statement must obligatory state the following: 

1. Name of the organization or name of the official to whom the written request was sent; 

2. Surname, first name, middle name (last if available); 

3. Full postal address to which the reply should be sent, telephone number (work, home, mobile); 

4. A clear statement of the essence and legible text of written request; 

5. Personal signature and date. 

 

In the absence of even one of the above requirements a written request will be considered incomplete and will not be accepted for consideration. 

 

Also the National Bank requests in a written statement of the applicant (citizen) to express consent or not consent for the possible transmission of the information contained in a written statement to third parties. 

 

Additionally we are informing that according to the Law of the Kyrgyz Republic "On the Procedure of consideration of citizens' requests" the term for consideration of written requests is 30 days from the date of its registration. Since January 1, 2014 the changes in this law shall come into force according to which the term of consideration of citizens requests is reduced to 14 days. 

 

For the issues of consideration of the written citizens requests please contact with the Social consultation room of the National Bank at the address: 101 Umetaliev Str., by phone 669 009, 669 008, email: pr@nbkr.kg.  

 

 

On the Expert forum of the National Bank of the Kyrgyz Republic the main challenges of the economy in 2013 were discussed 

The National Bank of the Kyrgyz Republic held in Bishkek the Expert forum on which the participants summed up the monetary policy of the National Bank of the Kyrgyz Republic in 2013. 

On the Expert forum with participation of the Governing Board of the National Bank of the Kyrgyz Republic the heads of some departments of National Bank of the Kyrgyz Republic as well as economists and financial experts from the public and private sectors, international organizations and universities discussed macroeconomic indicators of the country for 9 months, the parameters of monetary policy, plans and forecasts for current and following years. 

The head of Monetary Policy Division of the Economic Department of the National Bank of the Kyrgyz Republic Ms. Nasiba Imaralieva presented a brief economic review for January-September 2013. Thus, GDP growth during this period was 9.2 % and excluding the contribution of enterprises on developing the field "Kumtor" -6.1 %. In the reporting period income and expenses of the state budget were balanced. The budget deficit for 9 months amounted 2.2 % to GDP, or 5.2 billion soms, by the end of 2013 is expected at 4.8 % or 16.9 billion. Practice of uneven budget execution is stored in the current year due to this in November and December is expected substantial infusion of money into the economy by the public finance sector. It will make inflationary pressures in the coming period", - she said. 

Referring to the situation in foreign trade Ms. N. Imaralieva noted the increasing of the trade balance deficit. The volume of imports grew by 13.3%, export - by 4.1%. At the same time there is a slowdown of growth of the remittances from the individuals. If in the same period last year growth of the remittances reached 12-15%, over the first 9 months of this year this figure is 9%. 

Talking about the features of the monetary policy since the beginning of the year Ms. N. Imaralieva underlined a minimal involvement of the National Bank in the foreign exchange market in 2013, noted the reduction of the excess liquidity in the banking system and talked about credit auctions conducted by the National Bank for the purposes of refinancing and maintaining of liquidity under which the funds are provided to financial institutions for the term of 3 and 6 months with the possibility of extension. Currently, the actual placement volume reached 775.8 million soms. 

In the discussion of the information presented by the specialists of the National Bank the Forum participants actively debated. In particular, the independent experts were interested in questions on topics on imports of Kyrgyzstan, variants of the situation with mine "Kumtor", reducing of production in the country including light industry and others. 

In response to the question about the risks and threats that may affect to the development of the monetary sector the experts of the National Bank noted three factors that can provoke them. We are talking about uncertainty in matters on Kumtor, slowing of the inflow of private transfers and practice of irregular expenditure operations by the Ministry of Finance of the Kyrgyz Republic. 

Complementing the topic of "Kumtor" Head of Macroeconomic Analysis of the Ministry of Economy Mr. Nasirdin Shamshiyev told that the company Centerra Gold Inc. has pledged to implement all plans for this year. "The country's economy is heavily dependent on the activities of this company and while we have no alternative to Kumtor. Today there are developed three variants of solving the problem with Kumtor which will be considered before the end of the year", - he said. 

In the end of event the independent experts supported the monetary policy conducted by the National Bank, recommended maintaining the current direction and noting the effectiveness of the Expert forum, providing the opportunity for an objective assessment of the domestic economy and making recommendations with regard to macroeconomic management. 

Reference: 

The Expert forum of the National Bank of the Kyrgyz Republic is normally held once a quarter. Its main purpose is to develop the recommendations by the independent economists aimed at ensuring macroeconomic stability in the country on the basis of discussion at the expert site provided of the actual macroeconomic topics with emphasis on the issues of monetary policy. 

 

 

On revoke of license of the Credit union "Sestertsiy" 

For non-compliance of the Credit union "Sestertsiy" of legislation of the Kyrgyz Republic, normative-legal acts and requirements of the National Bank, based on the Article 32 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", Articles 30 and 33 of the Law "On Credit unions", paragraphs 1 and 4 of unit 10.2 of the Regulation "On licensing of Credit unions", paragraph 3.8 of the Regulation "On the measures applied to the Credit unions" and subparagraph "t" of paragraph 2.1 of the Regulation "On the Supervisory Committee of the National Bank of the Kyrgyz Republic" approved by the Board of the National Bank No. 6/2 as of March 19, 2005, by the Supervisory Committee of the National Bank of the Kyrgyz Republic from November 16, 2013 the license No. 496 as of August 12, 2005 of the credit union "Sestertsiy" was revoked. 

 

 

On revoke of license of the Credit union "Kut Ordo" 

For non-compliance of the Credit union "Kut Ordo" of legislation of the Kyrgyz Republic, normative-legal acts and requirements of the National Bank, based on the Article 32 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", Articles 30 and 33 of the Law "On Credit unions", paragraphs 1 and 4 of unit 10.2 of the Regulation "On licensing of Credit unions", paragraph 3.8 of the Regulation "On the measures applied to the Credit unions" and subparagraph "t" of paragraph 2.1 of the Regulation "On the Supervisory Committee of the National Bank of the Kyrgyz Republic" approved by the Board of the National Bank No. 6/2 as of March 19, 2005, by the Supervisory Committee of the National Bank of the Kyrgyz Republic from November 16, 2013 the license No. 523 as of May 3, 2007 of the Credit union "Kut Ordo" was revoked.  

 

 

The National Bank of the Kyrgyz Republic warns the citizens about intensifying of financial scams 

The addressing to the Social consultation room of the National Bank of the Kyrgyz Republic of the complaints of citizens who are interested in the details of the national lottery allegedly carried out by the National Bank together with the commercial banks of the country became more frequent. According to the information which continue to enter the National Bank to the present day unidentified people posing as employees of well-known companies and public financial institutions reported winning e-gold card and big prize money which can be obtained by paying a small portion of the amount. According to another version the fraudsters are calling people by sending SMS messages to participate in the lottery where the prize is flat, car and cash payments while referring to the license of the National Bank they are asked to list a certain amount to the bank account. 

In connection with the foregoing the National Bank of the Kyrgyz Republic has noted the following: 

The National Bank of the Kyrgyz Republic does not conduct lotteries and sweepstakes and does not participate in their organization. 

The National Bank of the Kyrgyz Republic does not license the companies engaged in the administration of financial pyramids, raffles and cash prizes. Link to approvals from the National Bank in such cases incompetent and should encourage citizens to further inspection of the organizations for the lottery or raffle prizes/ cash for their legitimacy. The best way to do this is to appeal to companies and organizations that are mentioned in the ads or directly to the police. 

In accordance with Article 31 of the Law of the Kyrgyz Republic "On Banks and Banking activities in the Kyrgyz Republic", the banks of the Kyrgyz Republic are forbidden to participate in the "game" activities including organizing and conducting lotteries and prize money on lotteries, including lotteries and prize money in the premises of the bank or their advertising. Mention of any financial institution in such lotteries, sweepstakes or pyramid schemes is a sign of financial fraud. 

National Bank urges the citizens to be vigilant and to contact on all issues within the competence of the regulator to the Social consultation room of the National Bank of the Kyrgyz Republic. 

 

 

Head of the National Bank of the Kyrgyz Republic met with the Extraordinary and Plenipotentiary Ambassador of Switzerland in the Kyrgyz Republic 

The Governor of the National Bank of the Kyrgyz Republic Ms. Zina Asankojoeva met with the Extraordinary and Plenipotentiary Ambassador of Switzerland in the Kyrgyz Republic Mr. Rene Holstein. 

 

After greeting of the diplomat and congratulating on his appointment the head of the National Bank expressed its gratitude to the Swiss National Bank and the Swiss Office for Economic Cooperation for their support and many years fruitful cooperation. 

 

"Kyrgyzstan is a member of the Swiss group of countries of the International Monetary Fund. We highly appreciate the contribution of Switzerland into the development of our country and would like to thank the Swiss National Bank for the rendered technical assistance and consulting. In particular, in the construction of macroeconomic models of the Kyrgyz Republic, inflation modeling, as well as support in reforming of the organizational structure, improving the management of international reserves and in many other areas", - Zina Asankojoeva underlined. 

In conclusion both parties expressed hope for the development and strengthening of the Kyrgyz- Swiss relations in the future. 

 

 

Licenses issued to the following non-bank financial institutions and exchange offices: 

LLC "Uni-Trans Service" (license No. 5114 dd. 27.11.2013, on the right to conduct exchange operations with foreign currency in cash), registration No. 3108. Legal address: appt # 80, house 21, Kulatov microdistrict. 

LLC "Language Courses "Arip" (license No. 5115 dd. 11.29.2013, on the right to conduct exchange operations with foreign currency in cash), registration No. 3109. Legal address: u/n, A-Atinskaya Str., Leninskoye village, Alamudun region, Chui oblast. 

LLC "Grace Finance" (license No. 5116 dd. 28.11.2013, on the right to conduct exchange operations with foreign currency in cash), registration No. 3110. Legal address: 36/1 Chui pr., Bishkek. 

LLC "Beren Ball-Ball" (license No. 5117 dd. 28.11.2013, on the right to conduct exchange operations with foreign currency in cash), registration No. 3111. Legal address: 150, Abdrakhmanov Str., Bishkek. 

LLC "Salman" (license No. 5118 dd. 29.11.2013, on the right to conduct exchange operations with foreign currency in cash), registration No. 3112. Legal address: u/n, T. Sadykova Str., the market "Ak Orgo" reference point is a central gate, Batken. 

 

 

Licenses/certificates of the following non-financial credit institutions were cancelled/revoked: 

From November 26, 2013 the certificate of registration of the SF MCA "Suttuu-Bulak" № 175 as of May 25, 2009 for micro crediting of the individuals and legal entities. Minutes № 1 as of November 21, 2013 of the meeting of the supervisory board and the founders SF MCA. Legal address: 52, Nazarmatova Str., Dostuk v., Ala- Buka region, Jalal- Abad oblast. 

From November 25, 2013 the certificate of registration of LLC MCC "Zhyiyrma-BEK" № 430 as of January 31, 2012 for micro crediting of the individuals and legal entities. Minutes of the meeting of founders LLC MCC "Zhyiyrma-BEK" as of November 19, 2013. Legal address: 16, M. Taranchy Str., Naryn, Naryn oblast. 

 

 

 

Interbank payments 

 

Interbank Payment Systems (IPS) indicators 

 

Total IPS 

including 

Clearing system 

Gross system 

Volume, 

KGS 

Q-ty, 

pcs 

Volume, 

KGS 

Q-ty, 

pcs 

Volume, 

KGS 

Q-ty, 

pcs 

Indicators for the period from November 18 to November 22, 2013 (Reporting period)  

Absolute Value 

18 550 014 148,41 

73 914 

2 139 143 686,39 

69 756 

16 410 870 462,02 

4 158 

Share in IPS payments (%)  

100,0 

100,0 

11,5 

94,4 

88,5 

5,6 

including 

(%)  

  

  

  

  

  

  

Net positions of the Common Interbank Processing Center 

0,1 

1,0 

0,5 

1,1 

0,0 

0,0 

Outgoing to the Central Treasury  

18,6 

18,2 

35,1 

19,2 

16,4 

1,6 

Incoming to the Central Treasury  

16,9 

32,1 

14,7 

33,7 

17,2 

5,3 

Outgoing to the Social Fund  

0,04 

0,5 

0,3 

0,6 

0,0 

0,0 

Incoming to the Social Fund  

1,6 

15,3 

14,2 

16,2 

0,0 

0,0 

Average weekly indicators for the last month 

Absolute Value 

17 270 565 699,65 

61 606 

1 894 397 461,16 

57 680 

15 376 168 238,49 

3 926 

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

Absolute Value 

1 279 448 448,76 

12 308 

244 746 225,23 

12 076 

1 034 702 223,53 

232 

7,4 

20,0 

12,9 

20,9 

6,7 

5,9 

 

Elcart System indicators 

As of  

22.11.2013 

29.11.2013 

The total number of issued cards 

(excluding reissued)  

235 563 

238 259 

Number of POS-terminals:  

- in banks  

- in sale outlets  

1 180 

660 

520 

1 180 

650 

530 

Number of ATMs  

325 

330