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National Bank plans to increase minimum authorized capital of banks

The National Bank of Kyrgyzstan intends to increase the minimum authorized capital of commercial banks. The Chairman of the National Bank of Kyrgyzstan Tolkunbek Abdygulov said at a meeting of the parliamentary committee on economic and fiscal policy.

Deputy Azamat Arapbaev recalled that a few years ago the National Bank raised the requirement for a minimum authorized capital of banks to 600 million soms that was at least $ 12 million at that time. However, due to the growth of the U.S dollar, the minimum authorized capital of commercial banks in Kyrgyzstan does not exceed $ 10 million. Azamat Arapbaev believes that this affects the country’s economy and the creditworthiness of the banks.

The head of the National Bank replied that he was thinking about this issue.

«Up to date, only two banks have not fulfilled their obligations on increasing the authorized capital. The Eurasian Savings Bank is in temporary administration mode. There are court proceedings. As soon as they are completed, the capitalization of the bank will occur. The second bank submitted a financial development plan. It fulfilled the requirement for its own capital, and will fulfill the authorized capital requirement within a year. As for the increase of the authorized capital, we will submit a corresponding draft law to the Parliament in 2019,» stressed Tolkunbek Abdygulov.