Economic Week of Kyrgyzstan Sept.30 – Oct. 5, 2019

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The week was less eventful for Kyrgyzstan with international economic events. It was announced that money transfers to the country were reduced, but at the same time, the country was feeling comfortable in terms of foreign exchange reserves. At the same time, a warning was expressed that mobile wallets must be identified, otherwise they will be turned off. It was announced that the number of reports in electronic form is growing, and at the same time, a project has been launched to identify cars, as well as that next month the next BIF business forum will be held.

Remittance decreased. Kyrgyz financial authorities this week reported that this year, the volume of remittances to Kyrgyzstan from abroad has decreased. For the period January-July 2019, the amount of transfers decreased by 13.4%, barely amounting to 1.1 billion US dollars.

Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov explained that several facts may be the reasons for the decline. In particular, the introduction of restrictions on remittances from Russia.

Earlier, Prime Minister of the Kyrgyz Republic, Mukhammedkalyi Abylgaziev, openly stated at the Eurasian Week in Bishkek that labor migrants from Kyrgyzstan to Russia were forbidden to transfer funds to home more than 100 thousand rubles, while for Tajik migrants this amount amounted to 150 thousand rubles, and migrants from Armenia can generally transfer up to 1 million rubles. He called on the relevant Eurasian Economic Union bodies to create equal conditions for all members of the Union.

Foreign exchange reserves. This week, it was announced that the reserves of the National Bank of the Kyrgyz Republic amount to 2.3 billion US dollars.

Head of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov noted that reserves cover expenses for 5 months of import.

“We feel comfortable,” stated the head of the National Bank of the Kyrgyz Republic.

Abdygulov said that the currency market in Kyrgyzstan today remains stable and no serious fluctuations are expected.

Mobile identification. Mobile operators must identify their e-wallets within a year, Chairman of the National Bank of the Kyrgyz Republic Tolkunbek Abdygulov warned this week.

He said that the National Bank, the State Financial Intelligence Service and mobile operators have come to a common opinion regarding the activities of electronic wallets.

“We have signed a tripartite agreement. Until October 1, 2020, it is necessary to identify all mobile wallets. After October 1, 2020, unidentified wallets will be disabled,” said Abdygulov.

The head of the National Bank noted that earlier there was a misconception that this was a requirement of the National Bank of the Kyrgyz Republic, but in fact, everything is clearly specified in the law on money laundering.

Electronic reports. This week it was said that in Kyrgyzstan for 8 months of 2019, the number of taxpayers filing tax reports electronically increased by 44 thousand 360 compared to the beginning of the year and as of October 1 of this year amounted to 146 thousand 71 users.

According to data of the State Service of the Kyrgyz Republic, 136 thousand 58 taxpayers submit reports with a simple electronic signature, 3 thousand 357 - with the use of a qualified electronic signature, using the electronic service of the State Tax Service. In addition, 6 thousand 656 payers submit tax reporting through service providers.

Another forum. The JIA Business Association announced this week. that he will soon hold the next Bishkek Investment Forum BIF 2019. The forum will be held on October 10-11 in Bishkek.

The organizers recalled that over the years, BIF has become the most anticipated event of the year for entrepreneurs and investors, as it was the first platform that was able to effectively respond to requests from entrepreneurs across the country.

Carcheck service. This week a pilot project for the Carcheck service of the state-owned Infocom enterprise was launched on October 1 in Kyrgyzstan.

The new electronic service allows to get information about the status of the car as a pledge or arrest, the unpaid fines for traffic violations, a history of owners and technical specifications. To check, just enter the license plate number of the car on portal.srs.kg in the Transport ›Carcheck section. The service is provided free of charge. The service is also available in the mobile applications "Megapay", "My O!".

The advantage of this service is the ability to verify information before buying a vehicle in order to exclude possible problems when making purchase and sale transactions.

The project was launched as part of the Sanarip Kyrgyzstan 2019-2023 Digital Transformation Concept.

Kabar News Agency

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