The National Bank of the Kyrgyz Republic (NBRK) has adopted a resolution requiring commercial banks to prohibit commissions on money transfers in the national currency, the som (KGS), within the country.
The NBKR said such measures are taken to popularize banking services for the population.
“The measure will contribute to ensuring accessibility of banking services for all segments of the population and accelerate the introduction of digital technologies in the banking sector,” the bank said.
The NBKR resolution will be in force until the end of 2025.
The country’s authorities have been popularizing non-cash payments for years. President Sadyr Japarov has stated that such payments would bring the economy out of the shadows.
“The development of cashless payments is a step towards modernizing our economy, strengthening financial security, and increasing financial inclusion. We must make the payment process so convenient and simple that even those who are used to cash could not resist the transition to new technologies,” said the head of the Cabinet, Akylbek Japarov, at a government meeting.
