Public confidence in financial system growing in Kyrgyzstan

Thanks to measures to increase the level of financial literacy, the level of public confidence in the financial system of Kyrgyzstan is growing. The official representative of the National Bank of Kyrgyzstan Aida Karabaeva announced today at a press conference.

According to her, a national program to improve the level of financial literacy of the population was approved in 2016. Within its framework, Global Money Week and Savings Week are regularly held. A Caravan of Financial Literacy takes place, during which employees of the National Bank travel to the regions and teach citizens to manage personal finances. They train teachers who give financial literacy classes at schools. As of today, about 500 teachers have been trained and teach students.

«Now we are working on creation of a center for financial education. We have prepared training materials and manuals that have been piloted. Piloting of financial education centers is taking place in 17 rural areas jointly with UNDP now. We consider them as one of the ways to increase financial literacy,» said Aida Karabaeva.

She added that the National Bank of the Kyrgyz Republic saw an increase in the level of financial literacy of the population in the growth of confidence in commercial banks. As of today, there has been an increase in interest in investing savings to increase income.

«If in 2016 the volume of the deposit base of commercial banks was 52 billion soms, today it is already 73 billion soms. Deposits in the national currency amount to 47 billion soms of the sum,» Aida Karabaeva summed up.