BISHKEK, Kyrgyzstan, January 10. Kyrgyzstan has established a new state-owned financial institution, "Kyl Bаnk," as part of its efforts to strengthen the country's banking sector, Trend reports.
Chairman of the Cabinet of Ministers Adylbek Kasymaliev signed the decree for its creation.
According to the official document, "Kyl Bаnk" will operate as an open joint-stock company with 100% state ownership. The bank's primary mission is to contribute to the development of Kyrgyzstan's banking industry and financial system.
The initial authorized capital of the bank is set at 1 billion Kyrgyz soms (approximately $11.4 million), with each share valued at 1,000 soms (around $11.4). By 2027, the bank's capital is expected to grow to 5 billion soms (roughly $57 million).
To facilitate its operations, the Presidential Administration has been tasked with allocating a building for the bank's headquarters. Additionally, the bank will be equipped with the necessary technology and communication tools to ensure seamless operations.
"Kyl Bаnk" joins the ranks of Kyrgyzstan's existing state-owned banks, which include Ayil Bank, RSK Bank, the Development Bank of Kyrgyzstan, and Keremet Bank. This latest addition underscores the government’s commitment to bolstering the country’s financial infrastructure.