National Bank of the Kyrgyz Republic

Кыргыз Республикасынын Улуттук Банкы / Kyrgyz Respublikasynyn Uluttuk Banky

The National Bank of the Kyrgyz Republic is the central bank of Kyrgyzstan and is primarily responsible for the strategic monetary policy planning of the country as well as the issuance of the national currency, the Som. The headquarters of the bank is in Bishkek.

History

With the independence of Kyrgyz Republic in 1991, the National Bank of the Kyrgyz Republic was established from the Central Bank of Russia, which itself was a successor of the State Bank of the USSR. In its initial years, Kyrgyzstan and many other post-Soviet states mainly relied on the Soviet ruble as its currency. The instability of the currency and the multiple countries being unable to cooperate over monetary and fiscal policies, led to the Russian Central Bank setting up restrictions of the flow of credit and ultimately withdrawing from the currency union which than collapsed.

On 10 May 1993, Kyrgyzstan then issued the first series of som, at an exchange rate of 200 Soviet ruble to 1 Kyrgyz som, these banknotes were known as “the banknotes of the transitional period”. The following year, the second series of som was released with these banknotes being known as “the banknotes of the stabilisation period”.

Governmental and central bank actions in the form of price liberalisation, commercial legislation, agriculture reformation, assets privatisation and the opening up of the market to external trade, finally led to Kyrgyzstan overcoming the massive inflation and unemployment that plagued both periods up till 1996.

Starting from 1997, the third series of som was released. In 2008 the first two series of notes were withdrawn from circulation while the first issue of coins began, due to the need for ease of transaction of small change. Starting from 2009 the fourth series of som was released. In 2018, the central bank marked 25 years of issuing banknotes by approving in the previous year the underlined C as the official currency symbol of the som as well as issuing its first commemorative banknote. The C with a line underneath was chosen by the central bank to show that the national currency is stable.

Chairmen

1992 – 1994 Kemelbek Nanaev
1994 – 1999 Marat Sultanov
1999 – 2006 Ulan Sarbanov
2006 – 2010 Marat Alapaev
2010 – 2011 Baktygul Jeenbaeva
2011 – 2014 Zina Asankojoeva
2014 – 2018 Tolkunbek Abdygulov
2018 – 2018 Kubanychbek Kulmatov
2018 – Tolkunbek Abdygulov

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