Bishkek, June 15, 2020. /Kabar/. The Committee on Budget and Finance of the Jogorku Kenesh (Kyrgyz Parliament) heard on Monday the report on the activities of the National Bank of the Kyrgyz Republic for 2019.
According to the Parliament’s press service, the report was made by Chairman of the National Bank Tolkunbek Abdygulov. He presented the main parameters of the Bank's activities, particularly in the field of monetary policy and regulation of financial and credit organizations.
"In 2019 the volume of international reserves of Kyrgyzstan reached a historical maximum, amounting to $2.4 million," he said.
In the course of the session, MPs outlined the issues of commercial banks' activities, as well as touched upon the issue of supporting small and medium businesses in connection with the consequences of the COVID-19 pandemic by facilitating the terms of credit obligations.
MP Akylbek Japarov, in turn, put forward a proposal to create a "Toxic Loan Fund", as deputies believe that after the situation with the coronavirus, many credit problems will arise.
"There is need to create a buffer between the population and commercial banks like the Fund, which will solve a number of credit problems. This is a worldwide practice, which should be used in our country as well," the deputy added.
After asking a number of clarifying questions, MPs decided to recognize the report on the National Bank's activity for 2019 as satisfactory, and send it to the Jogorku Kenesh for consideration.
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