BISHKEK, Kyrgyzstan, August 25. President of Kyrgyzstan Sadyr Zhaparov has dismissed Deputy Chairmen of the National Bank Manas Zhakypov and Kaiyp Kulenbekov, stating that he no longer has faith in their abilities, TurkicWorld reports via the administration of the president.
The failure to adequately address monetary policy issues, resulting in fluctuations in exchange rates, was cited as the reason for the dismissals. Many parts of the economy felt the effects of this uncertainty, which was bad news for both consumers and business owners. As a result, businesses, financial markets, the public, and investors lost faith in the economy, which led to major hazards.
Additionally, National Bank Chairman Melis Turgunbaev received a slap on the wrist for dropping the ball while properly herding the bank's management team.
According to President Zhaparov, these steps were taken because the National Bank lost control, which threatened the stability of the banking sector and the economy as a whole.
