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Repayment of Kyrgyzstanis’ debts: Not loans, but interest to be paid off

The Government of Kyrgyzstan plans to pay off not loans of Kyrgyzstanis, but interest on them for three months — from December 2020 to February 2021 inclusive. Draft resolution of the Cabinet of Ministers says.

According to preliminary calculations, interest payments for three months on loans issued by financial and credit organizations in the amount of not more than 100,000 soms as of October 1, 2020 amounted to about 1.2 billion soms. This amount will cover the interest payments on over 673,000 loans. About 476 million soms, or 283,000 loans, were issued by commercial banks and about 776 million soms, or 390,000 loans — by non-bank financial and credit organizations.

«The continuity of cash flow for servicing the loan portfolio of financial and credit institutions is extremely important for the stability of the financial and banking systems and uninterrupted servicing of depositors’ deposits,» the statement says.

It is noted that it is planned to raise money for payment of the interest at the expense of non-tax revenues within economic amnesty and legalization of funds measures.

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