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Kyrgyzstan Review, 10 years ago

[26.06.23] National Bank of Kyrgyzstan Reporting to Jogorku Kenesh Deputies

U.Sarbanov, Chairman of the National Bank presented a report to the upper chamber of the Kyrgyz Parliament.
He pointed out that the main objective of the National Bank monetary policy in 2002 was to restrain inflation, as it is one of conditions to provide for sustained development of the country, mobilize internal financial resources and increase investment. 2002 inflation rate amounted to 2,3 % while it was anticipated at 6-8 %. Greater demand for the national currency accounts for such a low inflation rate along with improved inflation expectations. Utility and electricity tariffs were held down in 2002 as well, which contributed to stability of the national currency
Another priority of the National Bank is encouraging population and business confidence in commercial banks. Here, there is room for improvements. Thus, according to the population survey, only 9% of 1600 respondents have used bank services in 2002. Yet, the number of individual deposits went up along with business deposits. Total bank capital increased by 10% and totaled 8 bln soms in 2002
Obshestvennyi Reiting, June 26, 2003

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