Sadyr Zhaparov: For 30 years, Kyrgyz som became main element of country's independent economic policy

Bishkek, June 9, 2023. / Kabar /. President of Kyrgyzstan Sadyr Zhaparov took part in a solemn event dedicated to the 30th anniversary of the introduction of the national currency of the Kyrgyz Republic.

In his speech the head of state said that Kyrgyzstan became one of the first states of the former Soviet Union to adopt and put into circulation its own national currency.

“The introduction of our own currency into circulation determined our independent path of development and created the conditions for independent alignment of monetary policy.

For 30 years, the Kyrgyz som has become a symbol of the stability of the Kyrgyz statehood and the main element of the country's independent economic policy,” he said.

President Zhaparov also stressed the invaluable work of those who once took part in the process of introducing the Kyrgyz som into circulation - members of the working group on the introduction of currency, artists, historians and economists.

“The financial sector, national payment and banking systems of Kyrgyzstan, despite the impact of the global financial and economic crisis, continue to develop, demonstrating their resilience.

Here it is necessary to note the role of the National Bank and its monetary policy, as well as the conscientiousness, professionalism and responsible approach to the work of financial market specialists.

As a result of the joint policy of the Cabinet of Ministers and the National Bank of the Kyrgyz Republic, macroeconomic stability and budget sustainability are ensured.

The trust of the people is the most important factor influencing the development of the financial market. Citizens evaluate financial institutions as consumers of their products. Therefore, it is necessary to improve the quality of financial services and introduce modern financial technologies, following global trends, in order to further increase people's trust,” he said.

The president also noted that in order to support the financial market, the state increases the capital of state-owned banks, introduces international development funds, develops relevant bills and carries out other activities.

At the end of his speech President Zhaparov wished everybody good health and prosperity.