BISHKEK, Kyrgyzstan, September 28. A new state-owned Trading Company has been created in Kyrgyzstan, fully funded by the government, TurkicWorld reports.
The company was established by the Ministry of Economy and Commerce to monitor trade flows involving Kyrgyz companies, particularly for goods that do not enter the country.
According to the ministry, the aim of this company is to regulate trade activities and serve as a tool for controlling financial transactions related to these trades. Key tasks include facilitating international trade, overseeing financial operations like currency transfers, managing currency risks, and ensuring financial stability.
On September 4, 2024, the National Bank of Kyrgyzstan imposed a one-year restriction on financial organizations, preventing them from processing payments for goods and services coming from or going to foreign countries without actual delivery in Kyrgyzstan, except for authorized state companies designated by the Cabinet of Ministers.
The newly established trading company is authorized to conduct trade operations without actual delivery, and companies previously engaged in such activities must now route their transactions through this company. This measure is expected to streamline trade flows and enhance regulatory oversight. The trading company will also collaborate with all commercial banks without restrictions.
