"Kylym Bank" to be Managed by Presidential Affairs Department

Kyrgyzstan's President Sadyr Japarov has ordered the transfer of management functions for "Kylym Bank" from the Ministry of Finance to the presidential affairs department. The decree aims to enhance the bank's operational efficiency by consolidating state shareholder powers under the president's administration.

The Ministry of Finance had been responsible for exercising the cabinet of ministers' authority as the sole shareholder of "Kylym Bank." The presidential affairs department, in coordination with the Ministry of Finance, is now tasked with completing all necessary organizational measures related to this transfer of authority. The decree also mandates that the presidential affairs department take steps to ensure state property is transferred for the bank's use according to established procedures.

"Kylym Bank" was established in January 2025 with 100% state ownership, following a resolution signed by the chairman of the cabinet of ministers, Adylbek Kasymaliev. Its creation was intended to foster development within the banking sector and the broader financial system of Kyrgyzstan. The bank's initial charter capital was set at 1 billion Kyrgyz som, with a target to increase it to 5 billion som by 2027.

The decree is scheduled to come into force 10 days after its signing, signaling a significant shift in the governance of the state-owned financial institution. This move is positioned as a measure to streamline operations and potentially boost the bank's performance in line with national financial development goals.