Bishkek (TDI): Officials from Kyrgyzstan and China has held details discussion on integrating financial systems as trade volumes between the two countries significantly increased.
For this purpose, Chairman of the People’s Bank of China Zhang Qingsong met with the heads of key ministries in Kyrgyzstan, the Kyrgyz Ministry of Finance stated.
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The two sides discussed connecting the National Bank of the Kyrgyz Republic to the Chinese cross-border interbank payment system.
On this occasion Kyrgyzstan’s Minister of Finance Almaz Baketaev clarified that his country is interested in using the Chinese payment system and in cooperating with the Bank of China.
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Until now, two Kyrgyz commercial banks have arrangements for inter-bank payment but the Kyrgyz side aspires for extending the facilities to other organizations and banks as well.
The Kyrgyz authorities also offered the opportunity to invest in securities in Kyrgyzstan, which are placed on the local stock exchange.
Kyrgyzstan agreed to realize the issue of securities in yuan with guarantees from China.
They also discussed conclusion of an agreement on mutual settlements between the National Bank of the Kyrgyz Republic and the People’s Bank of China, the Ministry’s statement said.
Official data in Kyrgyzstan shows that trade turnover between the two countries amounted to about $11 billion for the first six months of 2024, increasing by 40% over last year.
At the end of 2023, the figure reached $20 billion.
Analysts maintain that the two countries fell needs to enhance cooperation in the field of finance as trade between the two countries is expected to be enhanced further in the coming days.
