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President Sadyr Japarov congratulates on anniversary of Kyrgyz som

President of Kyrgyzstan Sadyr Japarov took part in the event held on the occasion of the 30th anniversary of introduction of the national currency.

According to him, if the adoption of the Constitution consolidated the legal foundations of the state, then introduction of the national currency opened up opportunities for the most important economic reforms.

Sadyr Japarov recalled that Kyrgyzstan was one of the first states of the former Soviet Union to adopt and put into circulation its own national currency.

«If we now look back at the past and evaluate those events, we will see how important this decision was. The introduction of our own currency determined our independent path of development and created the conditions for independent building of monetary policy. For 30 years, the som has become a symbol of the stability of the Kyrgyz statehood and the main element of the independent economic policy of the republic,» he said.

The head of state added that the financial sector, national payment and banking systems of Kyrgyzstan, despite the impact of the global financial and economic crisis, continue to develop, demonstrating their resilience.

«It is necessary to note the role of the National Bank and its monetary policy, as well as the conscientiousness, professionalism and responsible approach to the work of financial market specialists. As a result of the joint policy of the Cabinet of Ministers and the National Bank, macroeconomic stability and budget stability are ensured. The trust of the people is the most important factor influencing the development of the financial market. Citizens evaluate financial institutions as consumers of their products. Therefore, it is necessary to improve the quality of financial services and introduce modern financial technologies, following global trends, in order to further increase public confidence,» he said.

Sadyr Japarov added that promotion of the financial market is determined as one of the most important areas in the National Development Program until 2026.

According to it, the following work needs to be done for the further development of the banking sector:

  • Increase the availability of financial services to the population and business entities;
  • Promote digital payment technologies;
  • Implement a pilot project on the use of digital som;
  • Simplify financing procedures for the real sector of the economy.

The President noted that against the backdrop of world events in the external financial market, the volatility of the currencies of other countries is observed, which confirms the importance of the National Bank as a financial institution.

He assured that Kyrgyzstan would start printing banknotes of the national currency in the republic in the near future. Work is underway in this direction, the necessary equipment has been acquired.

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