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Tuesday, January 28th, 2020

Jeenbekov receives Chairman of Kyrgyz National Bank Abdygulov

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by January 6, 2020 Market

Kyrgyz President Sooronbay Jeenbekov received on Monday Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov.

The head of the National Bank presented information on preliminary results of the work of the Bank and the banking sector for 2019 as well as plans for 2020, the Kyrgyz President’s press service said.

“2019 ended with good results for both the National Bank and the entire financial system of the country.

According to the results of the year, the assets of the banking system grew by KGS 25 billion, or 11 percent.

The loan portfolio and deposit base grew by 15 and 13 per cent respectively. Dollarization on loans and deposits continues to decline.

In addition, the gold and foreign exchange reserves of the National Bank have reached a historical maximum of $2 billion 417 million over the past 5 years.

At the end of 2019, the National Bank’s profit amounted to approximately KGS 2 billion 560 million,” informed Tolkunbek Abdygulov.

As he added, the increase is mainly observed for loans in national currency. The expansion of lending is observed in all regions of the country.

In addition, the chairman of the National Bank spoke about the results of the Social Mortgage project for 2019, credit product of the Keremet Bank OJSC, aimed at supporting public sector employees in purchasing their own homes with affordable interest rates.

From May 30 to Dec.31, 2019, Keremet Bank OJSC extended 723 loans for a total amount of KGS 1 billion 54.2 million.

From November 2019, financial resources on this credit product are allocated to employees of budgetary organizations operating in the regions of Kyrgyzstan.

Keremet Bank OJSC, within the framework of the Social Mortgage project, plans to issue in 2020 loans worth KGS 1 billion 200 million.

President Jeenbekov noted the need to intensify work on financing cluster projects, increasing the share of cashless payments and settlements, distribution of payment cards, ATMs, POS-terminals, payment terminals in remote settlements of the country.

He called for special attention to be paid to the early joining of commercial banks to the Tunduk electronic interaction system, which will enable Kyrgyz citizens to get fast loans without excessive bureaucracy.

The head of state also drew attention to the importance of ensuring a stable macroeconomic situation and maintaining the stability of the national currency, stressing the need to improve legislation on regulation of payment systems, digital currencies and introduction of modern technologies in the financial sector.

Source: Kyrgyz National News Agency

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