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%.