National Bank of the Kyrgyz Republic

Creation date: 2015-11-06

The following issues were considered and appropriate resolutions were approved at the meeting held by the Board of the National Bank of the Kyrgyz Republic on October 28, 2015:

- Resolution of the Board of the National Bank of the Kyrgyz Republic № 64/5 dated October 28, 2015 "On introduction of amendments and additions into certain resolutions of the National Bank of the Kyrgyz Republic";

- Resolution of the Board of the National Bank of the Kyrgyz Republic № 64/7 dated October 28, 2015 "On introduction of addition into Resolution of the National Bank of the Kyrgyz Republic "On approval of the Rules of sale and repurchase by the National Bank of the Kyrgyz Republic of refined small gold and silver bars issued by the National Bank of the Kyrgyz Republic" №13/12 dated February 25, 2015".

The National Bank conducted a training seminar for representatives of the private sector and government agencies

The National Bank of the Kyrgyz Republic held a training seminar for representatives of the private sector and government agencies on the topic "Non-bank institutions and electronic money. Risks and ways to mitigate them".

Seminar was held within the framework of technical support from the World Bank for the representatives of banks and non-bank institutions, microfinance organizations, the Ministry of Finance of the Kyrgyz Republic, Ministry of Transport and Communications of the Kyrgyz Republic, State Financial Intelligence Service under the Government of the Kyrgyz Republic and Kyrgyzpochtasy State Enterprise.

The event was attended by the Deputy Chairman of the National Bank, Jeenbaeva Baktygul, World Bank experts Lois Estelle Quinn, Lucia Christova, Elizabeth Cervone and others.

The main objective of the seminar was to study the experience of foreign countries in the field of payment system and regulation of electronic money. Moreover, the issues of risk mitigation when dealing with electronic money, non-bank institutions were raised, as well as the application of foreign experience within the framework of the Kyrgyz Republic legislation.

In her opening speech, the Deputy Chairman of the National Bank, Jeenbaeva Baktygul, noted that network of ATMs and terminals of commercial banks was rapidly expanding in Kyrgyzstan due to this the population had an opportunity to receive cash, as well as to carry out various payment transactions. "Electronic money, Internet services and mobile banking began to develop along with bank cards. All aforementioned things provide quick access and easy control over your bank accounts through the Internet, as well as give an opportunity to take advantage of electronic purses to conduct retail payments. Besides speed and convenience, the issues of security and reliability remain always topical for users of these technologies", Jeenbaeva Baktygul said.

We would like to note that lectures were delivered by foreign specialists with extensive experience in the area of payment systems. After each lecture, seminar attendees had an opportunity to ask the questions they were interested in and discuss any topic.

On October 30, Bishkek will celebrate the World Savings Day for the first time

The National Bank of the Kyrgyz Republic initiated "Savings Week" campaign in the capital, which coincided with the World Savings Day. Lectures for pupils and teachers have already been delivered in the secondary schools of Bishkek city, as well as meetings have already been held with the citizens in financial institutions within the framework of joint project with the German Savings Banks Fund for International Cooperation. In the framework of these events, the lecturers told how to properly save money and how important to collect it. Conducted event showed that youth people and adults were very interested in the subject of savings.

The National Bank arranged open days in the capital branches of commercial banks as the second phase of the project, which coincided with the World Savings Day. Such commercial banks as "RSK Bank" OJSC, "Bai Tushum" Bank and "FINCA Bank" CJSC will open their doors for citizens on October 30, 2015.

Specially for the events focused on existing and potential customers, banks have developed programs, which include games, quizzes and lessons on the themes of savings, family budget and money management, as well as presentations of specialized financial products.

Events to be held by the banks for the population on October 30:

"RSK Bank" OJSC

· 10:00 a.m. Chui branch, 338, Frunze Street:

· Lectures for adults devoted to savings, family budget, and money management. Chairman of the Board of the Bank, the representatives of the National Bank of the Kyrgyz Republic and the German Savings Banks Fund for International Cooperation will take part.

· Entertaining events for children with drawing and games with animators.

"FINCA Bank" CJSC

· 13:00 p.m. Savings bank, 203, Kievskaya Street, Bishkek city (Oshsky market):

· Lectures for adults devoted to savings, family budget, and money management. Members of the Bank administration, the representatives of the National Bank of the Kyrgyz Republic and the German Savings Banks Fund for International Cooperation will take part.

· Entertaining events for children, drawing contest, watching cartoons, games, an excursion in the Bank for young people.

· 16:00 p.m. Bishkek city branch. 122, Jibek-Jolu Street, Bishkek city:

· Entertaining events for children, drawing contest, watching cartoons, games, an excursion in the Bank for young people.

"Bai Tushum" Bank

· 11:00 a.m. -15:00 p.m. 119, Abdrakhmanov Street, Bishkek city:

· Entertaining events for children with drawing and games with animators.

The World Savings Day plays an important role in improving the financial literacy of the population and is a reason for many special events to explain the citizens the benefits of savings. On this day, representatives of public institutions and financial companies worldwide tell people about savings and incentives to save money for the future.

The National Bank of the Kyrgyz Republic decided to retain the policy rate at the level of 10 percent

On October 26, 2015 the Board of the National Bank of the Kyrgyz Republic decided to retain the policy rate at the level of 10 percent per annum.

Economic growth rates remained positive in the Kyrgyz Republic. Economic growth in January-September of 2015 (6.3 percent) were mainly driven by the expansion of production at the "Kumtor" gold-mining company. Without "Kumtor", the real GDP growth was 4.3 percent.

In October, there was a reduction in the rate of inflation, the annual inflation rate fell from 6.4 percent in September to 5.2 percent in October (as of October 16), mainly due to low growth in prices for food goods group and decline in prices for lubricants.

Further inflation dynamics will be determined by the situation in the currency market, growth of foreign trade cooperation within the EEU, and a degree of state budget expenditures regularity.

The National Bank of the Kyrgyz Republic will continue 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 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 policy rate is scheduled for November 30, 2015.

Licenses have been issued to the following exchange offices:

1. "Bakai-AtaDordoi" LLC (license № 5398 dated October 30, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3367. Address: 71, Shymkent station, "Dordoi" shopping and entertainment center, Bishkek city.

2. "Kupiura.kg" LLC (license № 5397 dated October 30, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3366. Address: 44 bldg., Chui Ave., Bishkek city.

3. "Aktan-Dordoi" LLC (license № 5396 dated October 30, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3365. Address: container 8, trading place № 61, "Kerben" market, "Dordoi" shopping and entertainment center, Bishkek city.

4. "Talisman Plus" LLC (license № 5395 dated October 30, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3364. Address: 119, Abdrakhmanov Street, Bishkek city.

5. "Datka group" LLC (license № 5394 dated October 30, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3363. Address: pavilion № 17, Suerkulov Street, Bishkek city.

6. "Kliuchevka" LLC (license № 5393 dated October 29, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3362. Address: 73, Shymkent station, "Dordoi" shopping and entertainment center, Bishkek city.

7. "Emin Company" LLC (license № 5392 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: kiosk № 5, w/n, Alimbaev Street, Nookat town, Nookatsky district, Osh region.

8. "Sarrof" LLC (license № 5391 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: 5, Alimbaev Street, Nookat town, Nookatsky district, Osh region.

9. "Musab" LLC (license № 5390 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: container № 11, passage 0, "Turatali" market, w/n, Lenin Street, Kara-Suu town, Osh region.

10. "Analitika Company" LLC (license № 5389 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: kiosk № 5, central market, w/n, Alimbaev Street, Nookat town, Nookatsky district, Osh region.

11. "Lachin" LLC (license № 5388 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: kiosk № 4, central market, w/n, Alimbaev Street, Nookat town, Nookatsky district, Osh region.

12. "Jumabai-Plus" LLC (license № 5387 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: kiosk № 4, central market, w/n, Alimbaev Street, Nookat town, Nookatsky district, Osh region.

13. "Karasuugold" LLC (license № 5386 dated October 29, 2015 for carrying out foreign exchange operations in cash). Address: container № 19, passage 0, "Turatali" market, w/n, Lenin Street, Kara-Suu town, Osh region.

14. "Tilek KG" LLC (license №5385 dated October 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office is 3360. Address: container № 17, central passage, "Dordoi" shopping and entertainment center, Bishkek city.

Moreover, a letter of registration of additional exchange office "Rashidik" LLC (license № 5376 dated September 29, 2015 for carrying out foreign exchange operations in cash) was issued. Registration number of exchange office is 3361. Address: 44 bldg. Jibek-Jolu Street, Bishkek city.