“The monetary policy of the National Bank of Kyrgyzstan for 25 years of work had no negative effect on the country’s gold and currency reserve,” Deputy Head of the Department for Financial and Economic Analysis and Monitoring of the Development of the President’s Staff Artem Novikov said at a conference “Formation and Development of the Banking System of Kyrgyzstan: Challenges and Solutions”.
According to him, the National Bank should timely inform about the situation on the currency market of the country. In addition, under current conditions, it is necessary to introduce alternative forms of financing, to provide credit resources, to increase confidence in the banking system.
Deputy Chief of Staff of the government Sanjar Umetaliev noted that the banking system was launched from scratch in the early 1990s. Over the years, conditions for expanding banking services have been created, and interest rates on loans have been reduced.
“Today, the state has gone through a difficult path to a competitive banking system. It has become stable and mature, the banking market has become transparent,” Sanjar Umetaliev said. (24.kg/Business World Magazine)
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