Weekly news 

According to the National Bank of the Kyrgyz Republic, in January-March 2015, the net inflow of money transfers of individuals made through the transfer systems amounted to USD 199.2 million, which is by 37.3 percent lower than the same quarter of 2014. The decline in remittances is mainly due to the devaluation of the Russian ruble against the US dollar, as evidenced by growth rate in net revenue denominated in Russian rubles.  

The National Bank of the Kyrgyz Republic organized a training on the topic "Modernization of the national payment system" for the representatives of the Central Bank of Russia and the National Bank of Tajikistan  

As part of the staff development of the central (national) banks of the country-members of the Eurasian Economic Community a training was organized from May 25 to May 29, 2015 by the National Bank of the Kyrgyz Republic on the topic: "Modernization of the national payment system of the Kyrgyz Republic" for the representatives of the Central Bank of Russia, National Bank of Tajikistan and regional departments of the National Bank of the Kyrgyz Republic.  

The training programme covered a wide range of topical issues related to the payment system of the Kyrgyz Republic. The experience of the National Bank on modernization of the payment system of the Kyrgyz Republic was presented to the participants; there was an overview of the current state of the payment system and the prospects for its development, the information on the functioning of the interbank payment systems and arrangements aimed at ensuring the smooth functioning of the national payment system and preventing fraudulent transactions in the payment system. In addition to the theoretical part, the training program covered practical part where the work of interbank payment systems - Real Time Gross System (RTGS) and System of package clearing of small and retail payments (SPC) was demonstrated. Besides, the process of monitoring and supervision (oversight) was demonstrated. Participants had the opportunity to learn about the activities of some operators of payment systems, such as "Interbank Processing Center" CJSC and "Mobilnik" LLC.  

Particular attention was paid to the normative legal provision of the payment system. In particular, the regulation of innovative technologies in connection with the adoption of the Law "On the payment system of the Kyrgyz Republic" was discussed. In addition, the main goals, objectives, and the implementation of the State program to increase the share of non-cash payments and settlements in the Kyrgyz Republic for 2012-2017, as well as the activities of the National Bank in the area of ​​increasing access of the population to the payment services and tools within the project on improving financial literacy were highlighted.  

In general, training was held in an atmosphere of professional dialogue, active participation and exchange of views among the participants - representatives of central (national) banks.  

Ms. B. Zh. Zheenbaeva, Deputy Chairman of the National Bank awarded a first license to the "Interbank Processing Center" CJSC  

The National Bank of the Kyrgyz Republic as a licensor of the operators of payment systems and payment organizations started the issuance of relevant licenses. Thus, on May 28. 2015, Ms. B. Zh. Zheenbaeva, Deputy Chairman of the National Bank awarded the first license under № 2001120515 to Mr. U.T. Zhamalidinov, the Director General of "Inter-bank Processing Center" CJSC ("IPC" CJSC).  

"Interbank Processing Center" CJSC is the operator of the national settlement system with ELCART payment cards. This license entitles "IPC" CJSC to carry out activities related to the provision of services on the acceptance, processing and delivery of financial information (processing, clearing) on payments and settlements of third parties to participants of the payment system of the processing, clearing center.  

Reference information:  

"IPC" CJSC was established in August 2004 with participation of the National Bank and 11 commercial banks in the framework of the State program on increasing non-cash payments, one of the main aims of which was to create a national payment system with the use of bank payment cards operating nationwide and independent from the international payment systems.  

"IPC" CJSC provides services to 23 of 24 commercial banks of the Kyrgyz Republic on the issuance and servicing of ELCART bank cards; its services also include issuance of cards of international systems, credit cards, money transfers from one card to another card, payment of utilities, taxes.  

The National Bank of the Kyrgyz Republic informs about the results of the republican contest of essays, poems and drawings conducted among the pupils in the framework of a campaign to raise financial literacy of the population  

The National Bank of the Kyrgyz Republic informs about the results of the republican contest of essays, poems and drawings conducted among the pupils within the framework of campaign on improvement of financial literacy of the population. Tables with the winners on three nominations are given below. The ceremony of award of the winners will be held on June 1, 2015 at 3:00 p.m. in the building of the National Bank located at the address: 168, Chui Ave. (next to mayor’s office), Bishkek city. With regard to organizational issues, particularly regarding obtaining admittance to the building and execution of passes, please, do not hesitate to contact with us by the phones: (0 312) 66 90 09, (0 312) 66 91 34.  

List of winners in nomination "The best essay" 

Age category 6-10 years 

Age category 11-15 years, essays in the Kyrgyz language  

Age category 11-16 years, essays in the Russian language  

List of winners in nomination "The best poem" 

Age category 11-16 years, poems in the Kyrgyz language: 

Age category 11-16 years, poems in the Russian language: 

List of winners in nomination "The best drawing" 

Age category 6-10 years 

Age category 11-16 years 

The National Bank of the Kyrgyz Republic decided to lower the policy rate to 9.50 percent 

On May 25, 2015 the Board of the National Bank of the Kyrgyz Republic decided to lower the monetary policy rate by 150 basis points, to 9.50 percent.  

Inflation rate has been declining. At the same time, the economic growth is still subjected to the influence of external factors. Economic situation in countries – main trade partners remains uncertain and keeps influencing on economic slowdown in our country through foreign trade and remittances channels.  

As of the middle of May, the annual inflation has decreased to 6.4 percent, from 10.5 percent at the end of 2014. High economic growth rates in January-April of 2015 (7.0 percent) were mainly driven by the expansion of production at the "Kumtor" gold-mining company. Without "Kumtor", the real GDP growth was 3.7 percent (in January-April of 2014 – 4.2 percent).  

In view of foreign and domestic demand slowdown risks as well as of dynamics of inflationary developments, the National Bank of the Kyrgyz Republic shall continue to monitor the situation in country’s economy and take required monetary policy measures consistent with statutory mandate in order to stimulate economic growth. The monetary policy shall be aimed at achieving and maintaining inflation at the level of 5-7 percent in the medium term, which is determined by the Main monetary policy guidelines of the National Bank of the Kyrgyz Republic for a medium-term period.  

The next meeting of the Board of the National Bank of the Kyrgyz Republic on the monetary policy rate is scheduled for June 29, 2015.  

The Chairman of the National Bank, Tolkunbek Abdygulov, informed the journalists about the monetary policy results and the reasons for changing policy rate. Heads of Economic Department and Monetary Operations Department – Seyilbek Urustemov and Raushan Seitkasymova also participated in the press-conference held today, on May 26, 2015.  

Upon completion of the press-conference, journalists were provided with the opportunity to ask questions.  

Licenses have been issued to the following exchange offices: 

1. "Fortuna Capital" LLC (license № 5289 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3284. Legal address: 284, Kurmanjan Datka Street, Bishkek city.  

2. "Akura Nord" LLC (license № 5290 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3285. Legal address: bldg. 148/3, Abdrakhmanov Street, Bishkek city.  

3. "Amina plus" LLC (license № 5291 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3286. Legal address: bldg. 182, Abdrakhmanov Street ("Rubin" jewelry center), Bishkek city.  

4. Lombard "Elife" ALC (license № 5292 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3288. Legal address: 68, Kolbaev Street, Bishkek city.  

5. "Curly Sue" LLC (license № 5293 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3289. Legal address: 122, Jibek Jolu Street, Bishkek city.  

6. "Naryn-Achakey" LLC (license № 5294 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3290. Legal address: 144, Abdrakhmanov Street, Bishkek city.  

7. "Imin Salim" LLC (license № 5295 dated May 26, 2015 for carrying out foreign exchange operations in cash). Registration number of exchange office № 3291. Legal address: 266, Kurmanjan Datka Street, Bishkek city.  

It should be noted that letters of additional exchange offices registration have been issued to the following legal entities:  

1) "EDEM Company" LLC № 3292 dated May 29, 2015. Legal address: 2nd floor (western side), "Manas" airport, Bishkek city.  

2) "DATI" LLC № 3287 dated May 28, 2015. Legal address: 1st floor (eastern side), "Manas" airport, Bishkek city.  

Licenses of the following exchange offices have been cancelled: 

1. License of "Dilshat Raimzhanovich Mutalipov" IE № 4960 dated May 29, 2012, for carrying out foreign exchange operations in cash has been cancelled. Legal address: 182, Abdrakhmanov Street ("Rubin" jewelry center), Bishkek city.