Official Statement of the National Bank of the Kyrgyz Republic, January 13, 2016

1017674496Due to the information appeared in certain mass media about imposing of restrictions on foreign-currency sale by commercial banks and exchange offices, the National Bank of the Kyrgyz Republic reports the following.  

1. The National Bank did not impose any restrictions on exchange operations for commercial banks and exchange offices. There is currently adequate volume of currency assets in the banking system of the country: the balance of US dollars in commercial banks amounts to USD 408.7 million as of January 11, 2016, US dollars 51.5 million of which are cash and US dollars 357.2 million non-cash.  

2. Employees of the National Bank inspected a range of exchange offices from the beginning of the year, during which they revealed a fundamental breach of the banking legislation and requirements of the National Bank. In one of the exchange offices the employees established that the office was refusing to sell US dollars even when there were USD 100 000 in cash and trying to sell the currency at a higher rate (76.5 KGS per 1 USD instead of quoted KGS 76). Besides, it was established that certain exchange offices were incompletely indicating the information about conducted transactions and doing the same through cash register machines (CRM). The National Bank took measures against all revealed breaches; it particularly revoked and suspended licenses for conducting exchange operations.  

3. Refusal of employees of commercial banks or exchange offices to sell/purchase foreign currency of any nominal value at rates shown on the information stands is a violation of the banking legislation and shall cause taking certain actions including recall of a license for conducting exchange transactions. To avoid fraudulent and other illegal acts the National Bank highly recommends that citizens should conduct exchange operations in institutions that have a relevant license and a registration letter of the National Bank (originals of mentioned documents must be placed on the information stands of the institution). If there is any unlawful situation, apply to the National Bank at the address: 101, Umetaliev Street, Bishkek, public reception room (tel. 669009 and 669008).  

4. The National Bank requests the countrys citizens not to yield to speculative climate artificially created around the foreign exchange market and to follow the information taken from the official competent sources ( At the same time, the National Bank calls mass media to come up responsibly to publication of similar information, which is often incorrect and unconfirmed. 

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