OREANDA-NEWS. On 10 July 2008 was announced, that a traditional press-conference on the Results of Monetary Policy Enforced by the National Bank of the Kyrgyz Republic for 5 Months of the Current Year was organized. Z.L. Chokoev, the NBKR Vice-Chairman, participated in the press-conference.

Thus, according to the National Statistical Committee, consumer price index amounted to 110.4% year to date (May 2008 against December 2007), while against the comparable period of 2007 it made 103.7%.

Monetary base for the period from January to May 2008 decreased by 1,008.1 million soms (-3.2%), and amounted 30,567.7 million soms as of May 30, 2008 (31,575.9 million soms as of January 1, 2008).

General reserves of commercial banks decreased by 5.6% year to date and amounted to 3,787.7 million soms as of the late May 2008. Against the comparable period of 2007, general reserves decreased by 0.4%.

Gross international reserves amounted to 1,145.5 million USD as of the late May 2008 (1, 176.6 million USD as of January 1, 2008). Decrease for the period from January to May 2008 made 31.1 million USD.

Dollar discount rate increased by 2.23% and amounted to 36.2891 soms/US dollar as of June 1, 2008. For the period from January to May 2007 dollar exchange rate decreased by 0.29% against som and made 38.0121 som/US dollar.

Credit portfolio of the operating commercial banks for the period from January to May 2008 increased by 17.31% and amounted to 24, 461.0 million soms (for the period from January to May 2007 the credit portfolio increased by 52.64% and made 17,325.2 million soms). The average interest rate for new credits in national currency for the period from January to April 2008 amounted to 25.10% (2.44 pp increase against the comparable period 2007). The average interest rate for new credits in foreign currency amounted to 20.26% for the period from January to April 2008 (1.90 pp increase against the comparable period of 2007).

Deposit volume in the operating commercial banks increased by 9.30% and amounted to 25,622.3 million soms (deposit volume increased by 16.75% for the period from January to May 2007 and amounted 19,621.3 million soms). Average interest rate for new deposits in national currency increased by 0.36 pp against the comparable period of 2007 and amounted to 2.61% for the period from January to April 2008. Average interest rate for new deposits in foreign currency increased by 0.07 pp against the comparable period of 2007 and amounted to 0.82% for the period from January to April 2008. Average interest rate for new time deposits in national currency decreased by 0.12 pp compared to the period from January to April 2007 and amounted to 6.67%, while the rate for new deposits in foreign currency increased by 0.99 pp and amounted to 5.57%.

The NBKR Deputy Chairman also informed the public about the initiating the activity on issuing the series of collection coins devoted to the creative work of Chingiz Aytmatov and answered the journalists' questions.