In accordance with the rules of implementing the money transfers in the territory of the Kyrgyz Republic (amendments according to the Regulation of the Board of the National Bank of the Kyrgyz Republic No.34/10 as of July 31, 2014), the operator of the system of money transfers LEADER NCOCJSC "Leader" was registered as of November 26, 2014 in the list of the operators providing services on the money transfer systems in the territory of the Kyrgyz Republic under the registration number 1009261114.
Risks of inflation pressure in Kyrgyzstan remain - NBKR
The National Bank of the Kyrgyz Republic increases the number of the discount rate from 9 to 10%. Corresponding decision was taken at the meeting of the Board on November 24 as reported by Mr. Nurbek Zhenish, the Deputy Chairman at the press-conference.
He noted that taking into account the increasing inflation pressure caused by both external and internal factors, the increase of the discount rate will allow to contribute to the reduction of the pressure on inflation and exchange rate.
"Today, the rise in prices for consumer goods continued. Within 14 days of November the consumer prices increased by 1.5%. The pressure on the KGZ exchange rate remains. From the beginning of the year the level of inflation constituted 8.4%, in annual expression - 9.7%. According to our estimates, the meaning of the inflation will increase mainly due to the impact of the non-monetary factors such as the increase of tariffs, rise of prices for some types of food products, reduction of the indicators in agriculture both in our country as well as the countries-importers. The National Bank monitors the current situation in the country and abroad" as summarized the Deputy Chairman.
After Mr. Nurbek Zhenish speech, the journalists were given an opportunity to ask questions to the representatives of the National Bank. First and foremost, they were interested on how the increase of the discount rate will be reflected in the daily life of the citizens, country’s economy, and interest rates of the bank and non-bank financial institutions. Besides, the questions about the currency market, interventions held by the National Bank of the Kyrgyz Republic, dynamics of private transfers and other issues were raised.
While answering the questions of the journalists, the Deputy Chairman noted that the situation in the currency market has been stabilized. "Since the beginning of the year the National Bank of the Kyrgyz Republic conducted 39 currency interventions for the total amount of 390 million USD, - he noted. - In particular, in November 44.9 million USD was sold, in October - 56.6 million USD. Currently, the volume of gold exchange reserves constitutes 2 billion 20 million USD".
As for the money transfers, Mr. Nurbek Zhenish added that within 9 months of 2014 the net inflow of money transfers in USD increased by 2%.
Mr. Seiylbel Urustemov, the Head of the Economic Department of the National Bank of the Kyrgyz Republic and Ms. Raushan Seitkasymova, the Head of the Monetary Credit Operations Department took part in the press-conference.
Press-release
The National Bank of the Kyrgyz Republic took a decision on increasing the discount rate up to 10 percent
Taking into account the inflationary pressure caused by both external and internal factors, the National Bank of the Kyrgyz Republic decided to raise the discount rate by 100 basis points to 10 percent.
Information received since the last meeting of the Board of the National Bank of the Kyrgyz Republic on the discount rate (October 27, 2014) reflects a continuation of high inflationary situation formed by both external and internal factors. As of mid-November, the inflation accumulated since the beginning of the year was 8.4 percent on an annual basis (November 2014 to November 2013) - 9.7 percent.
Statistical data as of October 2014 indicate that economic growth in the Kyrgyz Republic, as well as in the countries - main trade partners of the Kyrgyz Republic continues to slow down. The rate of real GDP growth of the Kyrgyz Republic for the nine months amounted to 3.7 percent. A decline in the volume of foreign trade operations, mainly due to a decline in imports is observed, while exports of domestic goods (excluding gold) also have a tendency for decrease. Slowdown in remittance inflows is observed, but their volumes continue to increase. Considerable uncertainty remains in the development environment. The above mentioned factors are one of the reasons for increasing the pressure on the domestic market of the country and, accordingly, the rate of inflation.
The National Bank of the Kyrgyz Republic will continue to monitor the situation in the economy of the country and in accordance with the legislation defined by the mandate will take appropriate measures of monetary policy aimed at achieving and maintaining the medium-term inflation rate at the level of around 7 percent, determined by the Main directions of monetary policy on the National Bank for 2014-2017.
The next meeting of the Board of the National Bank of the Kyrgyz Republic, which will consider the issue of the size of the discount rate, is scheduled for December 29, 2014.
Licenses/certificates were issues to the following non-financial credit institutions and exchange offices:
1. "Exchange office No.19" (Obmenka nomer devyatnadstat" LLC (License No.5179 as of November 26, 2014 for conducting the exchange transactions with cash foreign currency). The registration number of the exchange office No. 3180. Legal address: Trade Unit No. 32, Orto-Say market, Bishkek.
2. "Wall Street" LLC (License No. 5180 as of November 26, 2014 for conducting the exchange transactions with cash foreign currency). The registration number of the exchange office No. 3181. Legal address: 274 Kurmanzhan Datka Street, Bishkek.
3. "Tenizbaev" LLC (License No. 5181 as of November 26, 2014 for conducting the exchange transactions with cash foreign currency). The registration number of the exchange office No. 3183. Legal address: 109/1 Ahunbaev Street, Bishkek.
4. "Nishan Company" LLC (License No. 5182 as of November 27, 2014 for conducting the exchange transactions with cash foreign currency). The registration number of the exchange office No. 3184. Legal address: 86 Moskovskaya Street, Bishkek.
5. "Aitaliev E.T" LLC (License No.5183 as of November 28, 2014 for conducting the exchange transactions with cash foreign currency). The registration number of the exchange office No. 3185. Legal address: 232 Toktogul Street, Bishkek ("Triada" shop).
Licenses of the following non-financial institutions were annulled/withdrawn:
1) Private entrepreneur Aitaliev Ernist Taalaibekovich (License No. 4809 as of December 7, 2011 for conducting the exchange transactions with cash foreign currency was annulled). Legal address: 232 Toktogul Street, Bishkek, "Triada" shop.
2) "Bagdan" LLC (License No. 5136 as of June 27, 2014 for conducting the exchange transactions with cash foreign currency was withdrawn). Legal address: 190 Zhibek Zholu, Bishkek;
3) Private entrepreneur Tashybekova Salima Kochkonova (License No.4981 as of June 11, 2012 for conducting the exchange transactions with cash foreign currency was annulled). Legal address: 146 Abdrahmanov Street, Bishkek;
4) Private entrepreneur Salymbekov Abdyzhapar Kurmanovich (License No. 4953 as of May 24, 2012 for conducting the exchange transactions with cash foreign currency was annulled). Legal address: 233 Kievskaya/Beishenaliev Street, Bishkek ("Ala-Archa shop).
Interbank payments
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Interbank Payment Systems (IPS) indicators |
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|
|
Total IPS |
Including |
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|
Clearing system |
Gross system |
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|
Volume, KGS |
Q-ty, Pc. |
Volume, KGS |
Q-ty, Pc. |
Volume, KGS |
Q-ty, Pc. |
|
|
Indicators for the period from November 24 to November 29, 2014 (reporting period) |
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|
Absolute Value |
42 658 812 732.31 |
88 061 |
2 292 895 010.67 |
81 502 |
40 365 917 721.64 |
6 559 |
|
Share in IPS payments (%) |
100.0 |
100.0 |
5.4 |
92.6 |
94.6 |
7.4 |
|
including (%): |
|
|
|
|
|
|
|
Net positions of the Common Interbank Processing Center |
0.04 |
0.9 |
0.7 |
1.0 |
0.0 |
0.0 |
|
Outgoing to the Central Treasury |
15.7 |
10.3 |
32.5 |
11.0 |
14.7 |
1.3 |
|
Incoming to the Central Treasury |
20.6 |
43.7 |
18.8 |
47.0 |
20.8 |
3.4 |
|
Outgoing to the Social Fund |
0.01 |
0.2 |
0.2 |
0.2 |
0.0 |
0.0 |
|
Incoming to the Social Fund |
0.1 |
3.7 |
2.4 |
4.0 |
0.0 |
0.0 |
|
Average weekly indicators for the last month |
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|
Absolute Value |
28 274 625 271.84 |
74 804 |
2 028 922 238.88 |
68 782 |
26 245 703 032.96 |
6 022 |
|
Deviation of indicators for the reporting period from average weekly indicators for the last month |
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|
Absolute Value |
14 384 187 460.47 |
13 257 |
263 972 771.79 |
12 720 |
14 120 214 688.68 |
537 |
|
% |
50.9 |
17.7 |
13.0 |
18.5 |
53.8 |
8.9 |
|
Elcart System indicators |
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|
As of |
14.11.2014 |
21.11.2014 |
|
The total number of issued cards (excluding reissued) |
340 803 |
344 129 |
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Number of POS-terminals: - in banks - in sale outlets |
1442 765 674 |
1443 768 675 |
|
Number of ATMs |
420 |
422 |