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Work of banks repeatedly suspended, but Elcard system functions

On October 7, 2020, the National Bank of Kyrgyzstan recommended commercial banks and non-bank financial and credit organizations suspend their activities and strengthen security measures until the political situation in the country stabilizes. The press service of the National Bank of the Kyrgyz Republic informed 24.kg news agency.

According to it, such a decision was made to ensure the security of the country’s financial and banking sector and safety of the assets of financial and credit organizations. At the same time, it is noted that the national payment system Elcard continues to provide the ability to make non-cash payments. Payments and settlements can be carried out using non-cash and remote payment instruments: bank payment cards, electronic wallets, Elcard Mobile application, QR codes.

«At the same time, work of systems that ensure transfer of money through national and international payment systems, which allow cross-border payments, has been suspended. For issues related to the provision of financial services the National Bank recommends contacting financial institutions using their online services,» the National Bank stressed.

Information about working hours, products and services is available on the websites of financial institutions. The National Bank is monitoring the situation and, if necessary, will take measures to ensure the stability and security of the country’s financial and banking system.