of March 26, 2015 No. 164-2/1
About the Joint statement of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic on the main directions of economic policy for 2015
For the purpose of determination and realization of the main directions of economic policy for 2015, according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" and articles 6 and 7 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic decide:
1. Approve the enclosed Joint statement of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic on the main directions of economic policy for 2015.
3. To impose control of execution of this resolution on Government office of the Kyrgyz Republic and National Bank of the Kyrgyz Republic.
Acting as Chairman of National Bank of the Kyrgyz Republic
It is approved
Order of the Government
Kyrgyz Republic and
of March 26, 2015 No. 164-2/1
to the Order of the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic of March 26, 2015 No. 164-2/1
The economic policy pursued by the Government of the Kyrgyz Republic (further - the Government) and National Bank of the Kyrgyz Republic (further - National Bank) in 2014, allowed to keep the outlined positive dynamics of development of economy, macroeconomic and social stability in the country, despite negative impact of the continuing delay of world economy, including in the countries - the main trading partners - the Russian Federation and Kazakhstan.
By provisional estimate, economic growth in the republic following the results of 2014 constituted percent 103,6.
Inflation in 2014 changed in the range from 3,6 of percent to 10,5 of percent, and its annual average value made percent 7,5. Collateral actions of the Government and National Bank, in connection with acceleration of inflationary tendencies in the country which were caused as endogenous (output gap in agricultural industry because of climatic conditions; increase in rates for housing and communal services services; growth of inflation expectations in connection with the entry of the Kyrgyz Republic into EEU), and exogenous factors (strengthening of US dollar in relation to som and other currencies; increase in selling prices on fuel and lubricants the Russian oil refineries; value addition of the imported wheat in connection with reducing amounts of grain yield in Kazakhstan), were directed to price stabilization.
Against the background of universal tendency to strengthening of line items of US dollar, and also the taking place events in economy of Russia, in the republic strengthening of inflation expectations which resulted in the increased demand for foreign currency and, respectively, pressure upon the exchange rate was observed. In these conditions the Government and National Bank quickly took measures for risk minimization which could influence change of indicators of social and economic development of the country. For the purpose of smoothing of acute fluctuations of the exchange rate of national currency, prevention of speculative transactions in the domestic foreign exchange market, non-admissions of sharp increase in prices for goods and services of the Kyrgyz Republic by the Ministry of Economics together with the ministries and departments the plan of first-priority measures was developed. The National Bank took measures for smoothing of acute fluctuations of the exchange rate by carrying out currency interventions, increase in discount rate to 10,50 of percent (at the beginning of 2014 discount rate constituted percent 4,16), introduction of daily minimum threshold level of mandatory reserve requirements for commercial banks.
The banking sector showed stable dynamics of development that is followed by total increase in assets of bank system which for 2014 grew by 23,9 of percent and constituted 137, 6 billion som. The general deposit base of banking sector constituted 82, 5 billion som, having increased since the beginning of year by percent 22,6, including deposits of the population grew by percent 22,1.
The amount of credit portfolio (without the loans granted to banks and other financial credit institutes) banking sector, as of December 31, 2014, made 78, 8 billion som, having increased since the beginning of year by percent 45,9.
Fixing of positive dynamics of economic growth actively progressed within the Actions plan of the Government of the Kyrgyz Republic for 2014 on program implementation on transition of the Kyrgyz Republic to sustainable development for 2013-2017 most of which part is focused on removal of barriers and simplification of conditions of business and implementation of investment projects of national scale for development of strategic industries of economy. For 2014 15 projects, from them 7 projects - in agro-industrial complex, 4 projects - in the energy sector, 4 projects - in the sphere of transport and communications are realized.
For the purpose of stimulation of agricultural production the Financing of Agricultural Industry-2 project is realized (the order of the Government of January 31, 2014 No. 61) within which six banks of the republic to farmers allocate 15525 soft credits for the total amount of 5300 million som.
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