BISHKEK, Kyrgyzstan, October 23. Kyrgyzstan and the International Monetary Fund (IMF) discussed the technical implementation of a digital som (the currency of Kyrgyzstan), Trend reports.
The issue was raised during a meeting between Melis Turgunbaev, Chairman of the National Bank of Kyrgyzstan, and Tobias Adrian, Director of the IMF's Monetary and Capital Markets Department, as part of the Annual Meetings of the IMF and World Bank Group in Washington, DC.
During the meeting, topics related to cooperation for further development of the National Bank of Kyrgyzstan's monetary policy framework were also discussed.
The pilot project for the digital som is planned to launch in Kyrgyzstan in 2027. The digital som will represent the national currency in digital form and will be a legal payment method within the country. The National Bank will serve as the operator of the digital som platform
To note, the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) are taking place from Monday, October 21 through Saturday, October 26. As a rule, the Annual Meetings convene central bankers, finance and development ministers, private sector leaders, civil society representatives, media, and academics to address global issues such as the world economic outlook, financial stability, poverty alleviation, inclusive economic growth, and job creation.