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National Bank: Payment systems of Kyrgyzstan operate as usual

The National Bank commented on reports of a possible mass failure in the work of bank payment cards in Kyrgyzstan.

The National Bank notes that all the country’s payment systems operate as usual according to the established rules, formats and tariffs, using local communication service providers as communication channels. The degree of influence of country risks on functioning of the national payment systems is minimal.

«National payment card system Elcard is functioning on the territory of Kyrgyzstan, which is a significant payment system and is mainly used in the framework of salary projects, receiving pensions, benefits and other payments to / from the country’s budget. As for international payment card systems, we inform that there is some dependence of individual banks on the processing center located in Russia. In case of problems with servicing bank cards of international systems (Visa, Mastercard) of these banks at ATMs and POS terminals due to a possible shutdown of the Russian processing center, Visa and Mastercard cardholders have the opportunity to get these services in branches / savings offices of the banks themselves,» the National Bank of the Kyrgyz Republic said.

At the same time, the bank recommends to contact commercial banks directly through all communication channels, including websites, call centers, social media and instant messengers on issues related to banking services. In addition, it is recommended to double-check on the official websites of the National Bank and commercial banks any information about banking services, including information disseminated through instant messengers and social media.

«The National Bank monitors and controls the situation on an ongoing basis and, if necessary, will take measures to further ensure the stability of the country’s banking and payment systems,» the National Bank concluded.

The United States and its allies are planning to impose tough sanctions on the Central Bank of Russia. Such measures will not allow the bank to use the reserves at its disposal to support the ruble in order to compensate for the sanctions. In addition, Russian banks could be disconnected from the SWIFT system.

Today is the fourth day of Russia’s military operation in Ukraine. It started on February 24, 2022. On February 25, fighting took place in the north, south and east of the country. Some cities are either blocked or captured. The number of casualties among the military and civilians continues to grow. Western states impose tough sanctions against the Russian Federation, but they refused to fight in Ukraine.