Financial Sector Development Project
SECO contributes to the stability of the financial sector of the Kyrgyz Republic by supporting the development of a sound legal and regulatory framework, the improvement of the supervisory capacity of the National Bank of the Kyrgyz Republic, and the establishment of clear liquidation procedures for failed banks.
Economic and financial policy
- Banca mondiale - Banca internazionale per la ricostruzione e lo sviluppo
|Contesto||The banking crises in the Kyrgyz Republic in the wake of the global financial crises and the political changes have revealed the weaknesses of the financial sector and its supervision. Strengthening the financial sector is a key condition to support the economic development of the Kyrgyz Republic. A sound legal, regulatory, and supervisory foundation, along with the necessary tools to implement this framework, is essential to ensure financial sector stability, which, in turn, will assist overall economic growth in the country.|
|Obiettivi||The overall goal of the project is to maintain the stability and increase the crisis resilience of the financial sector in the Kyrgyz Republic by strengthening the legal and regulatory capacity of the National Bank (NBKR) as a financial sector regulator. A strengthened legal and regulatory framework will in turn lead to increased confidence in the financial sector and thus allow for better access to international financial markets.|
|Effetti a medio termine||Strengthening the legal framework: The project assists with the review and revision of laws relevant to the regulation and supervision of banks, microfinance organizations, and credit unions.Improving the regulatory framework: The project strengthens regulations on risk management- develops new regulations on key areas such as electronic banking, business continuity planning, outsourcing, new products and related risks, Basel II, Basel III, consolidated supervision and risk focused supervision.Strengthening the supervisory framework: The project helps improve the supervisory methods, processes and capacity in specific areas of off-site and on-site supervision.Improving Human Resource policies: The project assists the NBKR to review and revise its Human Resource policies to improve supervisory staff efficiency.|
Risultati principali attesi: Risk based supervision and key aspects of Basel II and III implemented.Improved compliance with international standards.Supervisory processes, bank supervision manual, and quality control framework for on-site bank examinations reviewed and revised.Merit-based system of hiring staff for supervision unit in place. Incentive system is in place that decreases staff turnover in supervision department.
Cooperazione con l'Europa dell'Est
|Partner del progetto||
|Budget||Fase in corso Budget Svizzera CHF 1'330'000 Budget svizzero attualmente già speso CHF 0 Budget inclusi partner del progetto CHF 13'035'000|
|Fasi del progetto||
Fase 1 27.06.2013 - 31.12.2017 (Completed)