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Jeenbekov: Monetary policy should take into account changes in EEU

«Monetary policy should take into account changes in the economic situation in connection with the integration processes within the Eurasian Economic Union,» the President of Kyrgyzstan Sooronbai Jeenbekov said at the International Conference devoted to the 25th anniversary of the introduction of the national currency.

According to him, today, the banking system plays an important role in the financial provision of social and economic development of Kyrgyzstan. The National Bank successfully copes with the short-term inflation and stability of the exchange rate problems. At the same time, the President noted that not less important period is ahead. From now on, the National Bank, along with short-term goals, should actively pursue policies that promote long-term economic growth.

«We need to develop the banking sector and increase its role in the country’s economy, increase lending to the real sector, provide the most favorable conditions for investors and depositors, develop a payment system, using advanced technologies,» said Sooronbai Jeenbekov.

Monetary policy should be aimed at creation of resilience to external influences, stimulating export production with high added value, increasing employment and real incomes of the population.

Sooronbai Jeenbekov

The head of state noted that the development of the banking sector in the regions is extremely important in the near future. It is necessary to introduce new financial instruments aimed at creating value added chains through the development of a cluster approach.

«It is necessary to create favorable conditions for the mobilization of monetary resources and ensuring the availability of banking services. The issues of increasing the financial literacy of the population, growth in investment and capital inflows into the economy, still remain important area of work. As before, the main task is the preservation of price stability. The banking system should respond to global changes in a timely manner and develop with a view to new technological developments,» the president summed up.

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