National Bank of the Kyrgyz Republic

Creation date: 2015-09-04

Official statement

From August 24, 2015, the National Bank of the Kyrgyz Republic will issue a collectible coin "Kyz Kuumai" from the series "National sports and folk games" and "Tamga - a Symbol of the Unity of the Kyrgyz Kaganate" from the series "The Age of the Kyrgyz Kaganate."

The main element of the obverse of the coin "Kyz Kuumai" is the image of a rider, catching his companion. In the background there are the outlines of the mountains; on the right side - an indication of the sample and the weight of the metal. In the upper part of the coin there is an inscription "Kyz Kuumai" and at the bottom - the face value of the coin. The national emblem of the Kyrgyz Republic is presented on the reverse side of the coin. Stylized images of a girl and a boy, galloping on a horse are placed around the national emblem. Ornamental images of people watching a match are placed around the coin. There is an inscription "Uluttuk Sport jana Eldik Oyundary" in the upper part of the coin and at the bottom - the year of issue (2015).

The main element of the obverse of the coin "Tamga - a Symbol of the Unity of the Kyrgyz Kaganate" is Tamga made of gold - a common family coat of arms of the Kyrgyz people. The design of the coin reflects the territorial expansion of the Kyrgyz influence from Siberia to Central Asia in the heyday of the Kyrgyz Kaganate: these are the spikes of the mother doe, Altai trees and pine trees, the army of the Kyrgyz Kaganate on the background of the outlines of the mountains and the blue sky. A vertical inscription "Tamga" is placed in the foreground; on the left side there is an indication of the metal sample, and on the right side - the weight of the coin. The face value of the coin is put at the bottom.

The national emblem of the Kyrgyz Republic is presented in the form of the sun on the reverse side of the coin, at the center of ornamental patterns. Different variations of the common Kyrgyz tamga belonging to tribes and kins of the Kyrgyz are placed around the coin. There is the inscription "Kyrgyz Uluu Kaganate" in the upper part of the coin and at the bottom - the year of issue (2015).

Coin specifications

Name	Face value	Metal sample	Weight (grams)	Diameter (mm)	Quality	Issues (pieces)
Kyz Kuumai	10 soms	Ag 925°	28.28	38.60 mm	Proof	2 000
Kyz Kuumai	5 soms	Cupronickel	14.35	33.00 mm	Proof like	3 000
Tamga - a Symbol of the Unity of the Kyrgyz Kaganate	10 soms	Ag 925°	28.28	38.60	Proof	1 000

The National Bank of the Kyrgyz Republic decided to keep the policy rate at 8.00 percent

On August 24, 2015 the Board of the National Bank of the Kyrgyz Republic decided to keep the policy rate at 8.00 percent.

Seasonal factor conditioned slowdown of inflation rate, which came to 5.6 percent in annual term as of the middle of August (as of August 14, 2015) against 11.6 percent as of the beginning of the current year.

High economic growth in January-July 2015 (7.1 percent) was mainly driven by expansion of production at the "Kumtor" gold-mining company. Without "Kumtor", the real GDP growth was 4.5 percent.

Some decline of market makers activity in the interbank market is observed in recent months, meanwhile weighted average rates at the interbank credit market were lower than the policy rate.

There is a decline in foreign trade and the inflow of remittances, including depreciation of the national currencies of main trading partners of the Kyrgyz Republic. Instability on the foreign financial markets has increased, which together with the current factors is one of the main reasons for increasing the pressure on the domestic currency market of the country, and which could enhance inflation pressure in the medium term.

In view of forecasted dynamics of inflationary developments, the National Bank of the Kyrgyz Republic continues to monitor the situation in the national economy and will take appropriate measures of monetary policy consistent with statutory mandate. The monetary policy will be aimed at achieving and maintaining the inflation rate at the level of 5-7 percent in the medium term, which is determined by the Main directions of monetary policy guidelines of the National Bank of the Kyrgyz Republic for the medium term.

The next meeting of the Board of the National Bank of the Kyrgyz Republic on the monetary policy rate is scheduled for September 28, 2015.

A meeting of heads of ministries of economy and finance, central (national) banks of EAEC member states and representatives of EEC was held

Scheduled meeting of heads of ministries of economy, finance and central (national) banks of member states of Eurasian Economic Council (EAEC) and representatives of the Eurasian Economic Commission was held on August 25 in Moscow at the Guest House of the Russian Federation Government. Mr. Nurbek Zhenish, Deputy Chairman of the National Bank, took part in the meeting on the part of the National Bank of the Kyrgyz Republic.

Meeting participants discussed main foreign economic trends, external and internal risks and midterm prospects for the development of EAEC member states’ economies. They also considered the matters on deepening of cooperation between the EAEC member states in the field of macroeconomic and currency-financial policy.

Parties discussed results of macroeconomic policy implementation in the first half of 2015, prospects and priorities for 2015-2016 in EAEC member states. Besides, the Russian party furnished information on ongoing activities of the Group of Twenty (G20) and Council focused on financial stability prior to meeting of ministries of finances and governors of central banks of the Group of Twenty.

Following the results of meeting, parties decided to continue regular discussion of approaches to deepening of cooperation of EAEC member states in the field of macroeconomic and currency-financial policy, including directions for development of EAEC financial institutes’ interrelation, to intensify mutual settlements in the Council in national currencies as well as sharing of experience concerning implementation of agreed macroeconomic policy implementation.

Meeting participants recommended that the Commission should consider practicability of deepening of cooperation of EAEC member states in the field of macroeconomic and currency-financial policy in the report on integration measures to improve stability of economies of Eurasian Economic Council member states as a part of fulfillment of Instruction № 9 dated May 29, 2015 of the EAEC member states.

On August 28, 2015, the Supervisory Committee of the National Bank of the Kyrgyz Republic introduced direct banking supervision at the "Rosinbank" OJSC since 08:30 am to control transactions of the bank

The reason for introducing the direct banking supervision was the decision of the Central Bank of Russian Federation taken on August 27, 2015 to introduce provisional administration at the "Investtorgbank" Joint-Stock Commercial Bank (PJSC) and "Vokbank" JSC, which are participants of the banking holding - "ITB Holding" OJSC. It should be noted that the "ITB Holding" OJSC also owns 90% of shares in the authorized capital of the "Rosinbank" OJSC.

Introduction of the direct banking supervision shall not restrain activities of the "Rosinbank" OJSC, it is currently operating as usual and committing all transactions according to issued banking license. The management of the "Rosinbank" OJSC is continuing to fulfill assumed office duties on ensuring of safe, reliable and effective activity as consistent with the legislation and requirements of the National Bank.

Licenses/certificates have been issued to the following nonbank financial-credit institutions and exchange offices:

1. "BS Finance" CS FC (license № 555 dated August 27, 2015). Legal address: 106 Gorky Street, Tokmok town, Chui oblast;

2. "Alimbek Company" LLC (license № 5365 dated August 28, 2015 for carrying out of exchange operations with foreign currency in cash). Address: Samarkandek village, Leilek region, Batken oblast

3. "Bermet & Naryngul" (license № 5364 dated August 26, 2015 for carrying out of exchange operations with foreign currency in cash). Registration number of the exchange office № 3346. Address: container № 26/1, passage № 5, "Oberon" market, Suerkulov Street, Bishkek city;

4. BAI NUR Finance" (license № 5363 dated August 26, 2015 for carrying out of exchange operations with foreign currency in cash). Registration number of the exchange office № 3345. Address: 9 Manas Avenue, Bishkek city;

5. "MSK-Service-lombard" LLC (license № 5362 dated August 25, 2015 for carrying out of exchange operations with foreign currency in cash). Registration number of the exchange office № 3344. Address: 132/34 Frunze Street, Sokuluk village, Chui oblast;

6. "CASH Prof" LLC (license № 5361 dated August 25, 2015 for carrying out of exchange operations with foreign currency in cash). Registration number of the exchange office № 3343. Address: pavilion № 31, "Oberon" market, Suerkulov Street, Bishkek city;

7. "With Sasha" LLC (license № 5360 dated August 24, 2015 for carrying out of exchange operations with foreign currency in cash). Registration number of the exchange office № 3342. Address: "Kiyal" market, Kievskaya Street, Bishkek city.

Licenses/certificates of the following nonbank financial-credit institutions and exchange offices have been cancelled/revoked:

1. Individual Entrepreneur Talantbek Duishebekovich Kamalov (license № 5043 dated August 28, 2012 for carrying out of exchange operations with foreign currency in cash) due to expiration of license’s validity period. Address: w/o No. Toktogul Street ("Triada-DM" Trade House), Karakol Town, Issyk-Kul oblast;

2. Individual Entrepreneur Lyudmila Sergeevna Drozdenko (license № 5041 dated August 27, 2012 for carrying out of exchange operations with foreign currency in cash) due to expiration of license’s validity period. Address: 273 Chui Avenue, Bishkek city;

3. Individual Entrepreneur Toktorbai Turghunbaevich Karimov (license № 5038 dated August 27, 2012 for carrying out of exchange operations with foreign currency in cash) due to expiration of license’s validity period. Address: Central Market, Uzghen town, Osh oblast;

4. Individual Entrepreneur Bohodirzhon Kirghizbaevich Khamidov (license № 5037 dated August 27, 2012 for carrying out of exchange operations with foreign currency in cash) due to expiration of license’s validity period. Address: Central Market, Uzghen town, Osh oblast;

5. Individual Entrepreneur Sergei Pavlovich Kuznetsov (license № 5036 dated August 27, 2012 for carrying out of exchange operations with foreign currency in cash) due to expiration of license’s validity period. Address: 132/34 Frunze Street, Sokuluk village, Chui oblast.