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British branch of CitiBank to become correspondent bank for Kyrgyz bank

The British branch of CitiBank signed an agreement with one of the commercial banks in Kyrgyzstan on opening of correspondent accounts. Own sources informed 24.kg news agency.

The bank will provide a correspondent account in dollars.

Earlier, a high-ranking official from the presidential administration said that Kyrgyz banks would soon open external correspondent accounts. He also emphasized that the country’s authorities are concerned about the situation in the banking sector.

To date, almost the entire republic depends in terms of money transfers on one South Korean Kookmin Bank, which services correspondent accounts of Kyrgyz banks. The situation is aggravated by the fact that Kookmin limits SWIFT transfers.