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National Bank of Kyrgyzstan to motivate banks to provide long-term loans

The National Bank of Kyrgyzstan is currently working to ensure providing long-term loans by the commercial banks. Chairman of the National Bank, Tolkunbek Abdygulov, announced today at a meeting of the parliamentary committee on economic and fiscal policy.

According to him, banks cannot do this now. This is due to the fact that deposits are placed for a maximum of three years.

«We are preparing a new mechanism. For example, if a deposit was placed for three years, but within a year and a half the depositor took the money, we will provide liquidity through credit auctions for the remaining year and a half. Then the commercial banks will have a motivation to provide long-term loans,» the Chairman of the National Bank said.