Ulanbek Termechikov: Economy of Kyrgyzstan is coming back to pre-crisis level

27 July 2016

“Economy of Kyrgyzstan is coming back to pre-crisis level,” stated Ulanbek Termechikov, the Chair of the IBC’s Financial Market Committee, at the round table today.

 According to Mr. Termechikov, the country has successfully survived the volatility on foreign exchange markets. “Kyrgyzstan is one of few countries that show strengthening of their national currencies. This does not mean that the worst times are left behind, but it does show that we are able to address challenges. We can state that our economy has been restructured. We have got used to new flows of goods and are starting to come back to the pre-crisis level,” shared Ulanbek.

 He also added that economic growth needs foreign infusions. “In view of sanctions on financial flows imposed against Russia, foreign banks introduce new requirements to opening of correspondent accounts. This affects Kyrgyzstan, too. Some banks do not consider us as partners at all. We have to conduct operations via Russian financial institutions. This is associated with particular risks,” Ulanbek noted.

Source: News Agency

By Yulia Kostenko

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