Officials from the National Bank of the Republic of Kyrgyzstan (NBKy) spoke on Friday concerning the monetary policy, as well as the performance, of the banking sector over the course of 2014.
Tolkunbek Abdygulov, the chairman of the bank, spoke of how changes to the framework of the countries' monetary policy affected the performance of both the banking and financial sectors in Kyrgyzstan.
"Last year, the National Bank changed the framework for monetary policy, a mechanism for determining the discount rate," Abdygulov said. "Previously, it was tied to the size of the yield of the NBKR notes, now the size of the discount rate is determined by the Board of National Bank on a monthly basis, based on an assessment of the economy. At the last meeting we decided to leave unchanged the size of the discount rate at 11 percent."
The chairman also indicated that changes in the exchange rate highlighted a 19.57 percent growth, and that transaction gains in foreign currency sales amounted to $536.7 million.