Closing of 300 exchange offices will not much effect on the foreign exchange market of Kyrgyzstan - National Bank

Almaty. January 14. Silkroadnews - Closing of 300 exchange bureaus will not strongly affect the foreign exchange market of Kyrgyzstan assured the National Bank of the Republic.
"All commercial banks have the right to carry out foreign exchange operations through cash and branches. Totally Kyrgyzstan has about 1.5 thousand financial institutions that can provide currency exchange services. Therefore, the closure of about 300 exchange offices will not affect much on the market and citizens' access to the currency", - quotes KyrTAG head of the National Bank of inspection Aida Karabayeva.
According to her, having affiliated network of banks and cash will be enough to meet the needs of the population.
Previously, the regulator initiated and submitted for public discussion the bill on the actual closing of exchange offices. According to the National Bank, after public comment a draft law will be agreed between the ministries and departments, then through the government sent to parliament.
"If this bill is passed, the exchange offices will be required to surrender their license, transform into another form, or to negotiate with commercial banks on the implementation of swaps. While all these issues are being worked out",- informed A.Karabaeva.
Responding to questions about the absence of operating funds and bank branches at the weekend, A. Karabaeva noted that many such institutions work on Saturdays.