Despite all the difficulties, 2020 ended with good indicators for the domestic financial system. The Chairman of the National Bank of Kyrgyzstan Tolkunbek Abdygulov said at a meeting with President Sadyr Japarov.
The President and the head of the National Bank discussed preliminary results of the central bank and the banking sector over the past year, as well as priority plans for 2021. Sadyr Japarov was informed about measures to support the real sector of the economy, overcoming the impact and consequences of the coronavirus pandemic. Information was also provided on the current situation in the financial and foreign exchange markets of the country, measures to smooth out sharp fluctuations in the exchange rate of the national currency.
According to Tolkunbek Abdygulov, the National Bank managed to keep inflation within the medium-term targets of 5-7 percent. In addition, positive indicators of the banking sector remained: the loan portfolio increased by 11 percent (amounting to 162.6 billion soms), deposits in banks increased by 19.9 percent (reaching 180.9 billion soms).
The level of dollarization of deposits is 42.9 percent, loans — 32.9 percent.
Gold and foreign exchange reserves increased by $ 384 million during 2020 and at year-end amounted to $ 2,808 billion, covering six months of future imports. The profit of the National Bank of the Kyrgyz Republic amounted to a record 8,484 billion soms.
Tolkunbek Abdygulov also said that the National Bank of the Kyrgyz Republic allocated a total of 9.6 billion soms to support the real sector of the economy. In 2021, the bank plans to continue working to maintain the stability of the banking system, develop the payment system and improve banking legislation.
Sadyr Japarov stressed particular importance of monitoring the situation in the international financial markets and economies of the countries that are trade and economic partners of Kyrgyzstan. He noted the need to take measures to minimize risks to the national economy from possible external shocks.
«The head of state stressed the importance of stable and reliable operation of financial and credit institutions of the republic and the need to take all necessary measures to prevent sharp fluctuations in the exchange rate of the national currency,» the statement says.
