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National Bank of the Kyrgyz Republic

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National Bank of the Kyrgyz Republic

Overview:

The status, objectives, functions, powers and principles of organization and activity of the National Bank of the Kyrgyz Republic are legislatively determined by the Constitution of the Kyrgyz Republic and the Law of the Kyrgyz Republic “On the National Bank of the Kyrgyz Republic” of July 29, 1997.

The overall objective of the activity of the National Bank of the Kyrgyz Republic is to achieve and maintain stability of prices by means of implementing an appropriate monetary policy.

The primary task contributory to attainment of the corporate objective of the bank is to maintain a purchasing power of the national currency, and safety and reliability of the banking and payment system of the republic (Article 3 of the Law of the Kyrgyz Republic “On the National Bank of the Kyrgyz Republic”).

To perform its assigned tasks, the National Bank of the Kyrgyz Republic independently manages and engages in its activity irrespective of governmental authorities.

The National Bank of the Kyrgyz Republic performs the following basic functions:
1) Develops, determines and implements the monetary policy in the Kyrgyz Republic;
2) Exercises regulation and supervision over activities of banks and finance and credit institutions licensed by the National Bank of the Kyrgyz Republic;
3) Develops and conducts the uniform currency policy;
4) Has the sole responsibility to issue banknotes;
5) Promotes effective functioning of the payment system;
6) Establishes rules of conducting banking operations, accounting and reporting for the banking system.

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