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National Bank comments on transfer of $ 48.3 bln from Kyrgyzstan

Prime Minister of Kyrgyzstan Mukhammedkaly Abylgaziev told during discussion of the draft republican budget for 2020 and forecast for 2021 in the Parliament the day before that $ 48.3 billion had been transferred from banks of Kyrgyzstan last year.

The National Bank explained to 24.kg news agency that these were legal transactions. According to the bank representatives, the announced information reflects the cash flow during all operations of commercial banks related to their activities with non-residents.

«In 2018, the country’s commercial banks carried out operations in the amount of $ 88.6 billion, which went through their correspondent accounts, increasing and decreasing their assets. In the first half of 2019, the volume of similar operations of commercial banks amounted to $ 48.1 billion,» the National Bank said.

Experts of the National Bank of the Kyrgyz Republic note that a commercial bank can redirect its funds multiple times abroad and back to the republic for a certain period of time within the framework of its operational activities. In other words, there is a turnover of finances.

Such turnover may also include operations between banks’ own assets abroad, for example, exchange of one currency into another or transfer from one correspondent account to another abroad.

«Thus, once transferred amount of money can «turn round» several times abroad. All these operations are reflected in reports of banks. Accounting of such operations is carried out in accordance with the international methodology,» the bank said.

Parliament deputies raised the issue of smuggling and corruption at the Customs following an investigation of journalists.

Mukhammedkaly Abylgaziev claims that $ 700 million in question is money of business.