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Economy Ministry strongly opposes closing of exchange offices

The Ministry of Economy has strongly opposed the desire of the National Bank to close all exchange offices in Kyrgyzstan.

In line with the Constitution, a clear list exists that indicates who has the right to initiate bills. At the moment, the bill on closure of exchange offices is considered as the initiative of the National Bank, Minister of Economy Temir Sariyev said at the press conference yesterday.

“I consider this initiative very negatively... but the National Bank is the regulator and has the right to check those organizations that receive licenses and pay taxes, providing jobs and creating good conditions for business,” the Minister admitted.

“We have poor infrastructure and no oil or gas, and we have to understand that the financial market is very delicate and sensitive... It is impossible to create panic and rush within tightening the measures against exchange offices. Nevertheless, we will support the proposal of the National Bank to tighten measures against those organizations that do not have licenses,” he said.

The National Bank counts 309 exchange offices, while unofficial estimates report about more than 1,000 of them receiving a large income.

“The National Bank has a certain anxiety, and a lot of money was sold last year to maintain the rate of KGS. Sometimes stock-jobbing affected the situation... We all need the economy to stay stable and eliminate the possibility of panic,” Sariyev urged.

He suggested to build conditions for exchange offices to operate beneficially.

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