Dollarization of the loan portfolio in the banking sector decreased and reached its historic low of 28 percent at year-end 2021. The Chairman of the National Bank of Kyrgyzstan Kubanychbek Bokontaev announced at a conference «Development of financial sector of Kyrgyzstan in modern conditions».
According to him, the main indicators of the banking system continued to grow over the past five years: assets, loan portfolio, deposits and capital. As a result of measures taken by the National Bank, dollarization of deposits at the end of 2021 was just a little more that 42 percent.
«The downward trend in bank interest rates on loans, together with other factors, has increased the availability of borrowed funds for households and organizations, which was reflected in the growth of funding from banks. Besides, during the last years our efforts were aimed at ensuring the security and reliability of functioning of payment systems, strengthening control over continuity of payments, development of new digital financial technologies,» Kubanychbek Bokontaev said.
He also noted that the National Bank of the Kyrgyz Republic takes measures to improve access of population to payment services in the regions. The number of POS terminals and ATMs was increased. For example, more than 4.7 million e-wallets have been opened in the country to date.
