Exchange Rates:
USD 79,60
EUR 92,99
KZT 0,185
RUB 0,998
(0312) 66-49-60, (0312) 62-53-79 office@gf.kg
  • Кыргызча
  • Русский
  • English
  • The National Bank keeps the discount rate at 5%

    The National Bank has set the discount rate at 5% per annum. This is stated in the resolution of the National Bank.

    This decision was made in accordance with Articles 24, 28 and 68 of the Law “On the National Bank of the Kyrgyz Republic, Banks and Banking Activities”.

    This regulation will come into force from June 30, 2020.

    In early March, due to the situation with the coronavirus in the world and other factors, the NBKR increased the discount rate from 4.25% to 5%.

    The economy of the Kyrgyz Republic remains affected by the changes taking place in the global and regional economy due to the continuation of the COVID-19 pandemic. Despite some signs of economic recovery in individual countries of the world after the lifting of quarantine requirements, in general, the dynamics of real GDP in many countries remains in the negative zone. International financial organizations are revising their forecasts for the world and regional economies towards deterioration. The global economic downturn is expected to be significant in 2020.

    The monetary policy measures taken amid the COVID-19 epidemic have a supportive impact on the monetary sector as a whole. The monetary environment remains stable. Short-term money market rates fluctuate within the interest rate corridor established by the National Bank, demonstrating the approach to the key rate. The progressive growth of the loan portfolio and the deposit base of commercial banks continues.

    Expansion of expenditure operations in the public finance sector and active lending by the National Bank to support the real sector of the economy lead to an increase in the level of excess liquidity in the banking system. The National Bank continues to conduct sterilization operations mainly in the short segment of the money market. The domestic foreign exchange market is relatively stable.

    Assumptions about the restraining effect of weakening domestic and external demand on inflation dynamics in the country remain. The National Bank maintains the previous forecasts for inflation and expects that its average value by the end of this year will be within the medium-term targets of the monetary policy within 5-7%.

    Taking into account the prerequisites for the development of the external environment and the emerging internal economic conditions, the National Bank decided to keep the discount rate at 5%, taking into account the need to maintain measures to stimulate the real sector of the economy.

    The National Bank regularly assesses external and internal factors affecting inflation and, depending on the economic situation, will take appropriate monetary policy measures. Should any risks arise, the National Bank has sufficient instruments to mitigate their consequences.

    www.tazabek.kg

    The NBKR: Following the results of the credit auction dated June 19, the maximum rate for borrowers of banks was 10%

    As reported on the website of the National Bank, on June 19, 2020, a credit auction was held for commercial banks with a total supply of credit resources in the amount of 1 billion KGS.

    The credit auction was held in order to smooth out the negative economic consequences from the spread of COVID-19, as well as to support the real sector of the economy. The placed volume as a result of the auction amounted to 500 million KGS.

    The NBKR added that these credit funds have a specific purpose and should be directed to lending to business entities, including providing funds for working capital.

    The maximum nominal rate for end borrowers of commercial banks on these loans is set at 10%.

    tazabek.kg

    The NBKR adopted a resolution that eases the requirements for the classification of loans of non-banking organizations

    According to the press service of the National Bank of the Kyrgyz Republic, on June 17, the Board of the National Bank of the Kyrgyz Republic adopted a resolution No. 2020-P-33 / 35-1- (NFKU) “On Amendments to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic”.

    This resolution was adopted in order to soften the requirements for the classification of loans of non-banking financial and loan organizations (hereinafter – NBFLOs).

    In particular, the resolution provides for easing the requirements for the classification of assets under supervision and substandard assets of NBFLOs, for the classification of parallel loans of borrowers in one NBFLO, etc.

    The Resolution also amended the “Procedure for the application of a special classification of loans that meet certain criteria” and “Temporary rules for the classification of assets and the implementation of appropriate deductions to the reserve to cover potential losses and losses by commercial banks”.

    www.tazabek.kg

    The results of the annual general meeting of the shareholders of the OJSC “Guarantee Fund”

    On June 12, 2020, the annual general meeting of the shareholders of the OJSC “Guarantee Fund” was held, at which issues related to the results of the activities of the OJSC “GF” in 2019 were discussed.

    Results of the meeting:

    • the report on the financial and economic activities of the OJSC “GF” for 2019 was approved;
    • the report on the execution of the budget of the OJSC “GF” for 2019 was taken into account;
    • the opinion of the independent auditor of the OJSC “GF” was taken into account;
    • the annual budget of the OJSC “GF” for 2020 was approved;
    • the annual balance sheet, profit and loss account of the OJSC GF for 2019 were approved;
    • 50% of the net profit was directed to pay dividends to the shareholders of the OJSC “GF”;
    • the information on the key performance indicators of the OJSC “GF” was taken into account;
    • the report on the activities of the Board of Directors of the OJSC “GF” for 2019 was taken into account;
    • the information on the execution of the cost estimate of the Board of Directors and the Auditor of the OJSC “GF” for 2019 was taken into account;
    • the cost estimate for the maintenance of the Board of Directors and the Auditor of the OJSC “GF” for 2020 was approved;
    • a new composition of the Board of Directors of the OJSC “GF” was elected;
    • the opening of branches of the OJSC “GF” in the regions of the republic was approved;
    • the new version of the Charter of OJSC “GF” was approved.

     

    Head of the Public Relations Department                    N. Sulaimanov

    The representatives of the OJSC “Guarantee Fund” met with entrepreneurs of the Nooken District

    The representatives of the OJSC “Guarantee Fund” met with entrepreneurs of the Nooken District

    On June 17, 2020, the regional representative office of the OJSC “Guarantee Fund” in Jalal-Abad took part in a meeting with entrepreneurs of the Nooken District in Kochkor Ata, organized by the JIA business association. Within the framework of this meeting, the representative office presented the types of guarantee products of the OJSC “Guarantee Fund”, the conditions for their provision, as well as the entrepreneurs were provided with advice and answers to a number of questions.

    In addition to this meeting, working meetings with representatives of branches of partner banks were held in Kochkor-Ata in order to discuss joint activities to promote the services of OJSC “Guarantee Fund”.

     

    ФСП