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National Bank allocates 500 mln soms to commercial banks for loans

A credit auction was held for commercial banks with a total loan supply of 1 billion soms. The National Bank of Kyrgyzstan reported.

The auction was held to mitigate the negative economic consequences of the spread of COVID-19, as well as to support the real economy. As a result, the allocated amount of funds reached only a half of the proposal of the National Bank — 500 million soms.

«Credit funds have a special purpose and should be directed to lending to business entities, including to provide funds for working capital. The maximum nominal rate for the final borrowers of commercial banks on these loans is set at 10 percent,» the National Bank said.