NBKR's news

1. On November 12, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Kalieva Arailym Nazarovna submitted by Open Joint-Stock Company “Keremet Bank” for the position of the Deputy Chairman of the Management Board of OJSC “Keremet Bank”. 

2. On November 12, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Kurzhey Tatiana Yevgenievna submitted by Open Joint-Stock Company “Keremet Bank” for the position of the Chairman of the Management Board of OJSC “Keremet Bank”. 

On November 5, 2024, the National Bank of the Kyrgyz Republic made a decision to approve the candidacy of Onei Chagatai Dzhan submitted by Open Joint-Stock Company “Keremet Bank” for the position of the Board of Directors’ member of OJSC “Keremet Bank”. 

On November 1, 2024, within the frames of the World Savings Day 2024 the Jalal-Abad Regional Department of the National Bank of the Kyrgyz Republic (hereinafter - the “Regional Department”) held a lecture for teachers and 1-2 year students of the Jalal-Abad State University named after B. Osmonov. 

During the lecture, employees of the Regional Department told how to learn to properly manage their own money, about planning their own and family budgets, different ways to store and multiply existing savings. 

In addition, the participants were informed on the activities of the National Bank, the stages of development of the national currency - the Som and the rules to exchange worn-out banknotes for good ones. 

A numismatic exhibition of collectible coins issued by the National Bank was organized for the participants of the lecture, and information on the sale and repurchase of gold minted bars was provided.  

Memorandum on the Establishment of the Council of Central Banks of the OTS Member States signed 

Within the framework of the 11th Summit of the Organization of Turkic States (OTS) in Bishkek, the Memorandum “On Establishment of the Council of Central (National) Banks of the Member States of the Organization of Turkic States” was signed. 

The Memorandum was signed by the Chairman of the National Bank of the Kyrgyz Republic Melis Turgunbaev, the Chairman of the Central Bank of the Republic of Azerbaijan Taleh Kazimov, the Chairman of the National Bank of the Republic of Kazakhstan Timur Suleimenov, the Chairman of the Central Bank of the Republic of Turkey Fatih Karakhan and the Chairman of the Central Bank of the Republic of Uzbekistan Mamarizo Nurmuratov. 

Establishment of the Council of Central (National) Banks of the OTS member states is aimed at strengthening effective cooperation between the central banks, holding joint consultations and studies for the purpose of sharing experience in the field of monetary policy, financial stability, development of payment systems, financial technologies, etc. 

Memorandum of Understanding signed between the National Bank of the Kyrgyz Republic and the Finance Office of the Presidency of the Republic of Turkey  

On November 5, 2024, within the framework of the official visit of the President of the Republic of Turkey R.T. Erdogan to the Kyrgyz Republic, a Memorandum of Understanding was signed between the National Bank of the Kyrgyz Republic and the Finance Office of the Presidency of the Republic of Turkey.  

This Memorandum is aimed at establishing cooperation between the parties in the field of financial technologies, as well as providing an opportunity to exchange experience and knowledge in this field, including a program for advanced training of specialists. 

1. The National Bank of the Kyrgyz Republic has made a decision to approve the candidacy of Mangitov Arman Akhtureevich submitted by Open Joint-Stock Company “O!Bank” for the position of an independent member of the Board of Directors of OJSC “O!Bank” on October 31, 2024;  

2. The National Bank of the Kyrgyz Republic has made a decision to approve the candidacy of Chakibaev Emil Akzholtoevich submitted by Open Joint-Stock Company “Capital Bank” for the position of the Board of Directors of OJSC “Capital Bank” on October 31, 2024.  

On October 28-29, 2024, within the frames of the World Savings Day 2024 the Issyk-Kul Regional Department of the National Bank of the Kyrgyz Republic presented to the residents of Karakol city a numismatic exhibition of collectible coins issued by the National Bank. 

At the exhibition, employees of the Issyk-Kul Regional Department of the National Bank told about the history of the national currency formation, stages of development and its protective elements, about the numismatic values ​​​​of the National Bank of the Kyrgyz Republic. Also, the lecture was held and videos were shown on the following topics: “How banknotes are destroyed”, “Careful attitude to the national currency” and “Financial literacy”.  

In addition, on October 31, 2024, employees of the Issyk-Kul Regional Department of the National Bank held a field lecture for students of School No. 1 in Karakol city, Issyk-Kul oblast. During the lecture, the students of the lyceum learned about the importance of savings, various ways of storing and multiplying existing savings. 

Within the frames of the World Savings Day event, open days were organized, and lectures were held in the numismatic museum of the Osh Regional Department of the National Bank for students of the Institute of Economics and Management of the Osh Technological University named after M. M. Adyshev, students of the Financial and Legal College under the Osh State University and school students of the Establishment of Educational Complex “Eureka” in the city Osh.  

During the lecture students and school students were shown unique coins, information about the history of the national currency, stages of its development, protective features, development of payments and transfers using QR codes, as well as about rational use of funds, savings behavior, financial planning, setting financial goals, making family and personal budgets was presented.  

In addition, field lectures about the history of the national currency, stages of its development and protective features, financial planning, setting financial goals, as well as making family and personal budgets were held for students of Secondary School No. 21 named after A.S. Pushkin and the school-gymnasium “Olimp”. In total, 220 people attended the World Savings Day, among them 61 students, 148 school students and 11 teachers.  

On October 28-30, 2024, within the frameworks of the events dedicated to the World Savings Day 2024, representatives of the Talas Regional Department of the National Bank of the Kyrgyz Republic held guest lectures for high students of secondary schools named after K. Kaiymov of Talas district, named after Ch. Aitmatov of Aitmatov district and named after B. Junusov of Bakai-Ata district. 

During the lecture, students were informed about the importance of savings, various ways to store and multiply existing savings. 

In addition, information on the activities of the National Bank, the stages of development of the national currency - the Som and the rules to exchange worn-out banknotes for good ones was presented. 

On October 30-31, 2024, within the frames of the World Savings Day events, the Representative Office of the National Bank of the Kyrgyz Republic in Batken oblast held field lectures for students of secondary schools named after J. Bokonbaev and S. Aitmatov in the city of Batken.  

During the lecture, information on the history of the national currency formation, careful attitude and saving of money, the culture of savings, as well as on digitalization of banking services and expansion of their use was presented. 

Within the frames of the World Savings Day, on October 31, 2024, the National Bank of the Kyrgyz Republic held a financial fair at the Kyrgyz National University named after J. Balasagyn attended by representatives of the Deposit Protection Agency of the Kyrgyz Republic, commercial banks, microfinance organizations and insurance companies. 

At the financial fair, the representatives of the National Bank, the Deposit Protection Agency of the Kyrgyz Republic, CJSC “Kyrgyz Stock Exchange”, CJSC “Interbank Processing Center”, as well as a finance expert and students – winners of the International Olympiad “Financial Security” made the presentations on financial literacy. The listeners of the presentations were teachers and students of universities, young people, secondary school students, residents and guests of the city Bishkek, who wanted to learn how to properly manage their own funds and plan their budgets. 

Additionally, information on banking, microfinance and other financial services was presented at the fair, and consultations on financial products were given. 

During the financial fair, visitors were also given the opportunity to open bank accounts and payment cards of commercial banks. In addition, interactive games, contests and quizzes were held. 

Active participants of the fair, as well as winners of contests and quizzes were awarded with special prizes. 

The financial fair was attended by more than 600 people. 

On October 28, 2024, within the framework of the World Savings Day, the employees of the Jalal-Abad Regional Department of the National Bank of the Kyrgyz Republic held a field lecture for the students of Vocational Lyceum No. 63 in Bazar-Korgon District, Jalal-Abad Province.  

During the lecture the students of the lyceum learned about the importance of savings, different ways of preserving and multiplying existing savings.  

In addition, information on the activities of the National Bank, on the development stages of the national currency - som and on the rules of exchanging old banknotes for good banknotes was provided. 

On October 25, 2024, a round table on open banking (API) in the Kyrgyz Republic was held, which was organized by the National Bank of the Kyrgyz Republic together with the International Finance Corporation (IFC). The representatives of commercial banks, payment system operators and payment organizations, as well as other stakeholders took part in the round table. 

The round table was held in the format of an open dialog. M.Sh. Attokurov, the Deputy Chairman of the National Bank of the Kyrgyz Republic, noted that the development of digital technologies was changing the banking and financial sectors at an incredible speed, and open banking is one of the most significant steps on this path. Implementation of open APIs and standardization of interaction between banks and payment organizations open new opportunities to improve the quality of service, increase the availability of financial services and create new products for customers.  

Within the framework of the dialog the prospects and the approaches to the implementation of open banking (API) were discussed, special attention was paid to the international experience of open API successful implementation, the possibility of integrating various financial services, innovations and security issues in the exchange of financial data. 

According to the results of the discussion, the participants of the table came to the conclusion that it was necessary to standardize the interaction between banks, payment system operators and payment organizations on the exchange of financial data in compliance with the rules of information security, as well as to provide for the requirements to information aggregators. 

National Bank kept its policy rate unchanged at 9.00 percent 

The World Savings Day gets underway  

On October 28, 2024, the campaign “World Savings Day” gets underway in Kyrgyzstan. This large-scale campaign has been conducted in Kyrgyzstan since 2015 under the coordination of the National Bank of the Kyrgyz Republic and with the assistance of government authorities, financial institutions, the Deposit Protection Agency of the Kyrgyz Republic and other participants.   

The main objective of the World Savings Day is to increase financial literacy of the population, foster a savings culture and encourage the rational use of monetary resources.   

Within the framework of the World Savings Day from October 28 to November 1 various events will be held in Bishkek city and regions together with government authorities, commercial banks, representatives of insurance companies and educational institutions: open lessons, lectures, interactive games, excursions, open days, contests and quizzes. The information on the importance of savings, various ways of saving and multiplying existing savings will be presented during the events.  

In order to provide advice on financial products and information about banking, microfinance and other financial services on October 31, 2024, a financial fair will be held in the KNU named after Zh. Balasagyn (bldg. 547, Frunze Street, Bishkek) from 10.00 to 14.00, organized within the framework of the World Savings Day by financial and credit institutions and government authorities. Everyone is invited to the financial fair (participation is free of charge).  

More detailed information about the events is available on the information and educational portal Finsabat: https://finsabat.kg/ in the section “News”.  

The schedule of events is available at the following link.

The Chairman of the National Bank of the KR participated in the meeting of the Swiss Voting Group in the IMF and the World Bank Group  

 On October 24, 2024, Melis Turgunbaev, the Chairman of the National Bank of the KR, participated in the meeting of the Swiss Voting Group in the IMF and the World Bank Group in Washington, DC.   

The topical issues of world economic development and global inflation trends were discussed during the meeting, as well as the prospects for further cooperation within the Swiss Group of IMF countries.   

The participation of Liechtenstein in this meeting as the new 191st member state of the IMF, which also joined the Swiss group of IMF countries, was a landmark event.   

For reference: The Kyrgyz Republic has been a member of the IMF since 1992 and of the Swiss Voting Group in the IMF since 1993. The Swiss Voting Group includes such countries as Azerbaijan, Kyrgyzstan, Poland, Kazakhstan, Serbia, Tajikistan, Turkmenistan, Uzbekistan, Switzerland, and, from 2024, Liechtenstein. 

The Chairman of the National Bank of the KR and the Vice President of the EBRD signed a Memorandum expanding the access of women entrepreneurs to finance  

On October 25, 2024, Melis Turgunbaev, the Chairman of the National Bank of the KR, and Mr. Mark Bowman, the EBRD Vice President of Policy and Partnerships, on the margins of the Annual Meetings between the IMF and the World Bank Group, officially signed a Memorandum of Understanding regarding cooperation in the implementation of the Women Entrepreneurship Finance Program in the Kyrgyz Republic.   

The Memorandum aims to expand the access to finance for women entrepreneurs and create a financial ecosystem that fosters leadership and economic integration of women entrepreneurs.  

Mr. Mark Bowman noted that the National Bank of the KR, by taking this step, confirmed its commitment to inclusive growth and financial empowerment of women.   

Melis Turgunbaev, in his turn, emphasized the significance of this Memorandum and added that expanding the access to finance for women-led businesses was important not only for the economic prosperity of the country, but also for creating a more equitable society.   

“We believe that the signing of the Memorandum will serve as a catalyst for new opportunities and initiatives, providing women with the opportunity to realize their potential,” concluded the Chairman of the National Bank of the KR.  

The Chairman of the National Bank of the Kyrgyz Republic met with the IMF Monetary and Capital Markets Department Director 

The Chairman of the National Bank of the Kyrgyz Republic, Melis Turgunbaev, as part of his participation in the Annual Meetings of the IMF and World Bank Group Governors in Washington (USA), met with the IMF Monetary and Capital Markets Department Director, Mr. Tobias Adrian.  

During the meeting, the issues of cooperation on the further development of the monetary policy framework of the National Bank of the Kyrgyz Republic and the possibilities of technical implementation to introduce the digital som were discussed. 

National Bank kept its policy rate unchanged at 9.00 percent. 

The Digital SOM Project Group announces the 

Digital SOM Ideathon 

(ideas/cases for testing the digital som platform) 

We invite all interested participants to contribute to the Digital SOM Ideathon. This is an opportunity to present your proposals and solutions during the preparatory phase of testing the digital som prototype—a Central Bank Digital Currency (CBDC). 

The aim of the project is to ensure technological improvement of existing payment solutions and innovations, and at the testing stage to take into account the interests of citizens, business, government and the financial sector. 

Areas for proposal submission: 

- integration of the digital som with other systems: possible platforms, protocols and methods for integration with existing systems. 

- security and data protection: proposals to ensure privacy and security of transactions using the digital som. 

- user experience and accessibility: suggestions for improving the user journey, interfaces, usability, and accessibility of the digital som for different user categories. 

- integration with international systems: ideas for interoperability with other digital currencies and international payment systems. 

- other solutions: we welcome additional innovative solutions. 

Download the Application Form:  Click here to download the application form.  

Please submit your applications by September 20, 2024, to digitalsom@nbkr.kg with the subject line «Digital SOM Proposals». Attach a completed application form and a presentation of no more than 5 slides are welcome. The best proposed ideas/cases for piloting the digital som will be discussed with the applicants and tested on the digital som platform. 

PRESS RELEASE  

of the National Bank of the Kyrgyz Republic 

The National Bank of the Kyrgyz Republic, in honor of the 100th anniversary of the formation of the Kara-Kyrgyz Autonomous Region, from August 20, 2024 puts into circulation a silver collection coin “100 Years of Kara-Kyrgyz Autonomous Region” of the series “Historical events”.  

The historical event of 1924, associated with the creation of the Kara-Kyrgyz Autonomous Region, is the most important anniversary date in the history of the Kyrgyz people to confirm the revival of Kyrgyz statehood. The Kyrgyz Autonomous Region actually became the prologue of the Kyrgyz Republic with all the attributes of its sovereign functioning in the post-Soviet space.  

The main element of the obverse side of the coin “100 Years of Kara-Kyrgyz Autonomous Region” is an image of the logo of the 100th anniversary of the formation of the Kara-Kyrgyz Autonomous Region in the form of a stylized digit “100”, symbolizing the Ala-Too Mountains, national ornament and infinity, as well as the inscription “жыл” (years). A stylized image of a snow leopard (Ilbirs) – the national symbol of the Kyrgyz Republic, as well as the denomination of the coin “10 сом” are depicted at the bottom of the coin. The Ala-Too Mountains are shown at the top of the coin. The coin circumference is provided with an inscription “Кара-Кыргыз автономиялуу облусу / Кара-Кыргызской автономной области – 100 лет” (100 Years of Kara-Kyrgyz Autonomous Region).  

The coat of arms of the Kyrgyz Republic framed by stylized images of flowers growing in the Ala-Too Mountains is depicted on the reverse side of the coin. In the left and right side of the coin there is an inscription “Кыргыз Республикасынын Улуттук банкы /Национальный банк Кыргызской Республики” (National Bank of the Kyrgyz Republic). The year of issue “2024”, metal alloy (Ag 925) and weight of the coin (28.28 g) are specified at the bottom of the coin.  

The coin “100 Years of Kara-Kyrgyz Autonomous Region” is the legal tender in the territory of the Kyrgyz Republic.  

Specifications of coin 

Each collection coin placed in an acrylic capsule and packed in a separate box with a quality certificate attached.  

The collection coins are sold at the cash desks of the National Bank institutions on working days from 9.00 a.m. till 2.00 p.m., as well as through the website for sale of the numismatic values: www.numizmat.nbkr.kg. The price of collection coin is 4 820 Som.  

The National Bank of the Kyrgyz Republic, alongside the draft Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" concerning the legal status of the digital som, is submitting for public discussion a series of amendments to the draft Law of the Kyrgyz Republic "On Amendments to Certain Legislative Acts of the Kyrgyz Republic on Issues of Digital Currency – Digital Som" (hereinafter – The Draft Law).» 

The Draft Law is available in Kyrgyz and Russian languages on the official website of the National Bank in the section «Banking Legislation» / «Draft Laws», as well as on the unified portal for public discussion of draft normative legal acts of the Kyrgyz Republic (koomtalkuu.gov.kg). 

Please send your feedback, comments, and suggestions regarding the Draft Law to abakesarieva@nbkr.kg/imadyarov@nbkr.kg (including in Word format) no later than 7 September 2024. 

The National Bank of the Kyrgyz Republic submits for public discussion the Draft Constitutional Law of the Kyrgyz Republic «On Amendments to the Constitutional Law of the Kyrgyz Republic «On the National Bank of the Kyrgyz Republic»» concerning the legal status of the digital som (hereinafter - the Draft Law). 

The Draft Law is available on the official website of the National Bank in the section «Banking Legislation» / «Draft Laws», as well as on the unified portal for public discussion of draft normative legal acts of the Kyrgyz Republic (koomtalkuu.gov.kg/ru). 

Please send your feedback, comments, and suggestions regarding the Draft Law to abakesarieva@nbkr.kg/imadyarov@nbkr.kg (including in Word format) no later than 7 September 2024. 

National Bank kept its policy rate unchanged at 9.00 percent. 

Press release of the National Bank of the Kyrgyz Republic 

The National Bank of the Kyrgyz Republic from August 1, 2024 puts into circulation a silver collection coin “At Chabysh” of the series “World Nomad Games”. The collection coin dedicated to the 5th World Nomad Games, which will be held on 8-13 of September 2024, in Astana, Kazakhstan. 

“At Chabysh” is an ancient and popular sport among the Kyrgyz, representing long-distance horse races. The most agile and enduring horses, capable of covering long distances, are selected for this sport. Traditionally, races were held during various folk festivals, and this tradition continues to this day. 

The main plot of the obverse of the coin is the images of two galloping riders against the background of a stylized hippodrome in the form of a horseshoe. The upper part of the coin contains the logo of the World Nomad Games and an inscription with the name of the coin: “Ат чабыш /At Chabysh”, as well as the denomination of the coin (10 Som).  

The reverse side of the coin continues the plot of the obverse with the image of galloping horsemen. The coat of arms of the Kyrgyz Republic is depicted in the center of the coin. There is an inscription: “Дүйнөлүк көчмөндөр оюндары/World Nomad Games” in the upper and lower part of the coin. The year of coin issue (2024) is in the left part of the coin, the metal alloy (Ag 925) and weight (31.10 g) – in the right part of the coin.  

Collection coin “At Chabysh” is legal tender in the territory of the Kyrgyz Republic.  

Specifications of the coin 

Each collection coin placed in an acrylic capsule and packed in a separate box with a quality certificate attached.  

The collection coins are sold at the cash desks of the National Bank institutions on working days from 9.00 a.m. till 2.00 p.m., as well as through the website for sale of the numismatic values: www.numizmat.nbkr.kg. The price of collection coin is 5 580 Som.  

From July 15 to July 19, 2024, a technical mission of the IMF for the Bank of the Lao People's Democratic Republic was held at the National Bank of the Kyrgyz Republic on the monetary policy framework and the specifics of conducting monetary operations. 

The National Bank of the Kyrgyz Republic presented its experience in implementing and improving monetary policy. 

National Bank of the Kyrgyz Republic decreased its policy rate down to 9.00 percent 

On May 27, 2024, the Board of the National Bank of the Kyrgyz Republic decided to decrease the policy rate (key rate) by 200 basis points, down to 9.00 percent. The decision becomes effective as of May 28, 2024.  

Inflation in the Kyrgyz Republic demonstrates stable slowdown: in May 2024, the annual growth rate of consumer prices was 4.4 percent (in December 2023 – 7.3 percent). The downward price dynamics resulted from the National Bank’s monetary policy conducted since 2022 being focused on restricting inflation growth and gradual decrease of the economic entities’ inflation expectations. In the structure of inflation, price growth for food products continues to decrease steadily which is particularly facilitated by a smooth decline of the world prices in the food markets. 

Economic activity in the Kyrgyz Republic continues to demonstrate robust growth: in January-April 2024, the growth rate of real GDP was 7.4 percent. The sectors of construction and services provide the main contribution to economic growth: a significant expansion of fixed asset investment conditioned growth in the construction sector; in the services sector, as before, the retail and wholesale trade demonstrate an increase. Domestic consumption continues to expand amid an increase of the population’s real incomes and net inflow of the individuals’ remittances into the country. 

The situation in the interbank money market remains stable. The short-term interest rates of the money market demonstrate a decrease upon change of the National Bank’s key rate. The banking system is characterized by a high level of excess liquidity in the national currency, creating prerequisites for further expansion of lending to the real sector of economy. Exchange rate flexibility is preserved in the domestic foreign exchange market. Within the framework of the floating exchange rate regime, the National Bank participates in the foreign exchange auctions to smooth sharp fluctuations of the exchange rate. 

In the external economic environment, the dynamics of the main factors affecting the economy of the Kyrgyz Republic is formed ambiguously, however, in general, the degree of their impact is balanced. Tight monetary policy conditions of the world leading countries contribute to slowdown of the global inflation. The world food markets have become stable and prices for basic food products demonstrate stable decline. At the same time, the oil and gold markets remain volatile due to existing geopolitical tensions in some regions of the world.  

Stable slowdown of the annual inflation rate in the Kyrgyz Republic together with expected formation of its value within the medium-term target of 5-7 percent by the end of the current year creates space for monetary policy easing. Under these conditions, the National Bank decided to decrease the policy rate down to 9.00 percent. 

The monetary policy of the National Bank is focused on maintaining price stability in the country and creating conditions for ensuring macroeconomic strength. Therefore, the National Bank continues to assess the emerging external and internal factors of inflation, and, taking into account remaining risks in the external environment, will adhere to a prudent approach to conducting monetary policy.  

In case of any risks, the National Bank does not exclude the possibility of making additional adjustments to the current monetary policy.  

The next regular meeting of the Board of the National Bank of the Kyrgyz Republic on the policy rate is scheduled for July 29, 2024.