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National Bank to hold credit auctions to support real sector of economy

The National Bank of Kyrgyzstan plans to hold credit auctions for commercial banks and non-bank financial and credit organizations. Website of the National Bank of the Kyrgyz Republic says.

They will be conducted to smooth out the negative economic effects of the spread of COVID-19 and support the real sector of the economy.

A credit auction is planned for commercial banks on May 21 with a total supply of 1 billion soms. The commercial banks will have to spend the money on lending to business entities, including to provide funds for current assets.

An auction for non-bank financial and credit organizations with a total volume of 1 billion soms is planned for May 28, 2020. This money should be used to finance and support the country’s regions in order to mitigate the negative effects of an outbreak of coronavirus.

«The parameters and conditions for holding credit auctions will be determined based on the results of the meetings of the National Bank’s Monetary Regulation Committee scheduled for May 18 and May 25, 2020,» the National Bank of the Kyrgyz Republic says.