NBKR's news
Date: 27.08.2024
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National Bank kept its policy rate unchanged at 9.00 percent.
Date: 22.08.2024
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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.
Date: 20.08.2024
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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
|
Name |
100 Years of Kara-Kyrgyz Autonomous Region |
|
Face value |
10 Som |
|
Metal (alloy) |
Ag 925 |
|
Additional technology |
color printing |
|
Diameter (mm) |
38.61 |
|
Weight (g) |
28.28 |
|
Quality |
proof |
|
Issue limit (pieces) |
1000 |
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.
Date: 09.08.2024
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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.
Date: 07.08.2024
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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.
Date: 30.07.2024
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National Bank kept its policy rate unchanged at 9.00 percent.
Date: 29.07.2024
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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
|
Name |
At Сhabysh |
|
Face value |
10 Som |
|
Metal (alloy) |
Ag 925 |
|
Size (mm) |
38.61*38.61 |
|
Wight (g) |
31.10 |
|
Quality |
Proof |
|
Additional technology |
Color printing |
|
Issue limit (pcs) |
1,000 |
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.
Date: 19.07.2024
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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.
Date: 28.05.2024
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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.
Date: 10.05.2024
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Press release
of the National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic in accordance with the Constitutional Law of the Kyrgyz Republic “On the National Bank of the Kyrgyz Republic” puts into circulation a new 5000 Som banknote of fifth series of the national currency from May 10, 2024.
A portrait of the outstanding Kyrgyz actor and artist S. Chokmorov have been preserved on the front side of the banknote and the building of “Ala-Too” cinema on the reverse. The main color and size of banknote also remained unchanged.
The 5000 Som banknote contain three-levels of state-of art security features that provide reliable protection for the public against counterfeiting.
All banknotes of the national currency are legal tender in the territory of the Kyrgyz Republic and are subject to mandatory acceptance as means of payment regardless of the year of issue.
Security features of 5000 Som banknote of 2023 year
1. Watermark: Look for the multi-tonal portrait combined with numbers, visible when held to the light.
2. Security Thread visible as a broken line, and when viewed against the light it is a continuous line. Tilt the note to see a rapid movement up and down the thread’s background and the diamond-shaped logo of the National Bank pulsate.
3. See-Through Image: Look for the patterns on the front and reverse sides of the banknote complete a pattern of diamonds when held to the light.
4. Raised Ink: Feel the raised ink on the portrait, inscriptions and denomination.
5. Latent image: Tilt the note to see the C in a rainbow colour stand out from the background.
6. Colour-shifting ink: When banknote is tilted the colour of the pattern, which includes three-dimensional concentric rings, shifts from gold to jade.
7. Iridescent stripe (on the reverse side): The diamond-shaped logo of the National Bank and the denomination can be seen when the banknote is tilted.
Date: 30.04.2024
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National Bank of the Kyrgyz Republic decreased its policy rate down to 11.00 percent
On April 29, 2024, the Board of the National Bank of the Kyrgyz Republic decided to decrease the policy rate (key rate) down to 13.0 percent. The decision becomes effective as of April 30, 2024.
The inflation developments in the Kyrgyz Republic continue to slowdown. In April1 2024, the annual inflation rate amounted to 5.2 percent, having decreased from 7.3 percent in December 2023, which was near the lower rate of the medium-term monetary policy target of 5-7 percent.
In the structure of inflation, price growth for food products slowed down significantly (from 3.4 percent in December 2023 down to 1.1 percent in April 2024), as well as due to decline in prices in the world food markets. The growth rates of prices for non-food products and services decrease, although with more restrained dynamics.
There is high economic activity in the Kyrgyz Republic. At the end of January-March 2024, the real GDP increased by 8.8 percent. As before, the sectors of services, construction and processing industry made the main input in the economic growth. Domestic consumption remains elevated, as well as due to growth in consumer lending and an increase in the net inflow of remittances into the country.
Despite the continued uncertainty in the external economic environment, there is a decrease of external factors influence. The global and regional inflation rate is gradually declining due to long-lasting tight monetary conditions preserved by the regulators of the leading countries thereby weakening the external inflation environment together with a decline in the world food prices.
The banking sector of the country remains stable and demonstrates growth of the key indicators. In general, the commercial banks have sufficient liquidity that creates a basis for further lending to the real sector of the country. The short-term interest rates of the money market continue to form within the interest rate corridor set by the National Bank. The domestic foreign exchange market is stable.
The monetary policy of the National Bank conducted since the beginning of 2022 contributed to limiting growth of the inflationary pressure and ensured stabilization of the price dynamics in the country, which resulted in formation of the current inflation within the medium-term target and decrease of the economic entities’ inflationary expectations. Under these conditions, the National Bank decided to decrease the policy rate down to 11.00 percent. This decision is in line with the National Bank’s monetary policy focused on maintaining price stability in the country and creating conditions to ensure macroeconomic stability.
The National Bank continues to assess the emerging external and internal factors of inflation and, taking into account remaining risks in the external environment and the forthcoming improvement of the state tariff policy, still adheres to a prudent approach to further easing of monetary conditions.
In case of any additional risks, the National Bank does not exclude the possibility of making necessary 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 May 27, 2024.
_______________________________1As of April 19
Date: 30.04.2024
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Press release of the National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic from April 30, 2024 puts into circulation a collection silver coin “10 Years of the Eurasian Economic Union” of the series “Historical Events”.
May 29, 2024 is the 10-year anniversary since signing the Treaty on the Eurasian Economic Union. The Eurasian Economic Union (EAEU) is an international organization of regional economic integration formed to create conditions for stable development of the economies in the member states, to make a single market for goods, services, capital and labor resources within the EAEU, to provide comprehensive modernization, cooperation and increasing the competitiveness of the national economies in order to improve the living standards of the population in the member states. The EAEU currently comprises five countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The main plot of the obverse of the “10 Years of the Eurasian Economic Union” coin is the EAEU official emblem, around which there are images of the flags of the EAEU member countries as well as the elements of the EAEU emblem symbolizing the dynamics and development. The EAEU anniversary date “10 жыл” (“10 years”) is depicted on the left side of the coin. The inscription: “Евразия экономикалык бирлиги / Евразийский экономический союз” (“Eurasian Economic Union”) is placed around the coin circumference.
The coat of arms of the Kyrgyz Republic is in the center of the reverse of the coin. The right side of the coin contains the national ornaments of the EAEU member countries, as well as the metal alloy (Ag 925) and the weight of the coin (31.10 g). The inscription: “Кыргыз Республикасынын Улуттук банкы /Национальный банк Кыргызской Республики” (“National Bank of the Kyrgyz Republic”) is in the upper and lower part of the coin. The denomination of the coin (10), the graphical sign of som (C) and the year of coin issue “2024” are shown in the left part of the coin.
The coin “10 Years of the Eurasian Economic Union” is the legal tender in the territory of the Kyrgyz Republic.
Specifications of the coin
|
Name |
10 Years of the Eurasian Economic Union |
|
Face value |
10 Som |
|
Metal (alloy) |
Ag 925 |
|
Additional using technology |
Color printing |
|
Diameter (mm) |
38,61 |
|
Weight (g) |
31,10 |
|
Quality |
Proof |
|
Issue limit (pcs) |
500 |
Each collection coin is placed in an acrylic capsule and packed in a separate box with a quality certificate attached.
The sale price of the coin is 5 780 Som. 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.
Date: 23.04.2024
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On April 19, 2024, the "Digital Som" project team, based on the results of proposals received from central bank digital currency (CBDC) vendors/developers in response to the request for information with Functional and Technical Requirements for the prototype of the digital som, presented information on companies, technological solutions, functional capabilities and results of evaluation and self-assessment, according to the criteria for selection of CBDC vendors, to the Steering Committee on Digital Som of the National Bank (hereinafter referred to as the Steering Committee) for consideration.
At the meeting of the Steering Committee, the "Digital Som" project group also demonstrated a demo version of the digital som on the (blockchain) platform of one of the providers of CBDC. The "Digital Som" project team will continue further work on research, analysis of proposals, as well as negotiations with CBDC providers within the framework of the project.
Date: 23.04.2024
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On April 19, 2024, the interagency working group (IWG) completed its task to conduct a regulatory impact analysis (RIA) on the development of legal and regulatory issues related to the introduction of the digital som.
As part of the RIA, the IWG formulated amendments to ten legislative acts of the Kyrgyz Republic regarding the introduction of the digital som (hereinafter referred to as “the bill”). The further promotion of the bill will be carried out under the Law “On Normative Legal Acts of the Kyrgyz Republic”.
Date: 01.04.2024
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On March 29, 2024, the project group "Digital Som" of the National Bank of the Kyrgyz Republic held the second meeting of the interdepartmental working group (hereinafter - IWG) on conducting regulatory impact analysis (hereinafter - RIA) to elaborate legal and regulatory issues related to the implementation of the digital som.
During the meeting, the IWG discussed the consolidated version of the draft RIA on the legal status of the digital som, the benefits of the digital som, the achievement of quantitative and qualitative indicators of the project's success, and several changes to be made to the legislative acts of the Kyrgyz Republic. All the above-mentioned should be submitted by the IWG to the Digital Som Project Team.
Date: 02.03.2024
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The Digital Som Project Group of the National Bank of the Kyrgyz Republic (hereinafter referred to as "the National Bank") announces that, as part of the request for "Functional and Technical Requirements for the Digital Som Prototype," it has received proposals from twelve interested companies for testing the digital som prototype in an experimental mode (Sandbox). These proposals are aimed at exploring central bank digital currencies (CBDCs).
The companies that have submitted their proposals include:
1. Axellect;
2. DCM, Ltd.;
3. EMTECH, Inc.;
4. FIS, Inc.;
5. G+D Filia GmbH;
6. Knox Networks, Inc.;
7. MONTRAN;
8. Nahmii, Ltd.;
9. R3 Corda Ltd.;
10. SICPA/Nabatech Inc.;
11. TCS Quartz, Ltd.;
12. Xiamen Strait Chain Technology Co.;
After a thorough analysis and evaluation of the proposals submitted by these vendors, the National Bank will select a CBDC vendor to develop a demo version of the digital som. This includes simulating payments and conducting initial test operations in a controlled environment using the digital som. The selection criteria will focus on blockchain platform technology, innovation potential, technological reliability, security of the proposed solutions, speed of payments, and the ability to integrate effectively with the existing financial infrastructure.
Testing the prototype of the digital som is a strategic initiative of the National Bank in the digitalization of the economy and financial system of the Kyrgyz Republic. The introduction of digital currency aims to enhance financial inclusion, simplify the processes of transfer and payment, and increase the transparency and security of financial transactions.
The National Bank will provide detailed information on the project's progress and test results through its official channels as the project stages are completed.
