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Year’s results: 2019 was positive for financial sector of Kyrgyzstan

Year 2019 ended with good performance both for the National Bank and for the entire financial system of the Kyrgyz Republic. Chairman of the National Bank Tolkunbek Abdygulov stated at a meeting with the President of the country.

Sooronbai Jeenbekov received the head of the National Bank. Tolkunbek Abdygulov presented information on preliminary results of the work of the National Bank of the Kyrgyz Republic and the banking sector for 2019, as well as plans for 2020.

«According to the results of the year, the assets of the banking system have grown by 25 billion soms, or by 11 percent. The loan portfolio and deposit base grew by 15 and 13 percent, respectively. Dollarization of loans and deposits continues to decline. As a result of the year, dollarization level of the loan portfolio decreased by 2.5 percent, deposit portfolio — by 6.4 percent. In addition, the gold and foreign exchange reserves of the National Bank have reached their historic highs over the past 5 years and amounted to $ 2,417 billion. According to the results of 2019, the profit of the National Bank approximately amounted to 2,560 billion soms,» Tolkunbek Abdygulov told.

The head of state, in his turn, noted the need to step up work on financing cluster projects, increasing the share of cashless payments and settlements, distribution of payment cards, ATMs, POS terminals, payment terminals in remote settlements of the country.

«The president called for paying special attention to the soonest possible joining Tunduk system of interdepartmental electronic interaction by commercial banks, which will enable Kyrgyzstanis to get quick loans without undue bureaucracy. In addition, the head of state drew attention to the importance of ensuring a stable macroeconomic situation and maintaining stability of the national currency, emphasizing the need to improve legislation in the field of regulation of payment systems, digital currencies and introduction of modern technologies in the financial sector,» the statement says.