President Askar Akaev told top managers at the National Bank on 14 June that they need to undertake a series of reforms. Akaev said that the bank needs to reduce staff and eliminate redundant high-level posts. The president also noted that the National Bank should work to develop more effective procedures for out-of-court settlements in resolving disputes, adding that the current opacity of the judicial system is an obstacle to foreign investment. Turning to financial issues, Akaev noted that commercial banks need to lend more extensively and aggressively. He also said that changes to banking and tax legislation are needed.
KyrgyzInfo, June 15, 2004