In 2025, the Kyrgyz National Bank announced the implementation of legal foundations for the transition to a digital som, which will significantly strengthen the financial protection of the population. The head of the regulator, Melis Turgunbaev, shared this information on his Facebook page, summarizing the bank's activities. Photo from the archive. Head of the National Bank of Kyrgyzstan Melis Turgunbaev Turgunbaev also highlighted the introduction of a self-restriction procedure for lending through the electronic portal "Tunduk" as one of the significant achievements. According to him, about 114,000 citizens have already taken advantage of this opportunity.
In addition, principles of responsible lending have been enshrined in legislation, according to which borrowers are now required to receive complete information about rates, fees, and repayment terms in advance. "It is prohibited to impose additional paid services not specified in the contract," he added.
It is worth noting that earlier the National Bank limited penalties for delays and prohibited banks from unilaterally changing the terms of contracts.
The head of the National Bank also reported on the factors that contributed to the acceleration of digitalization. For example, the cancellation of fees for transfers between accounts in different banks led to a 54.5-fold increase in transactions through ELQR, while the volume of payments increased almost 85 times. In the first half of 2025, 274.9 billion soms were processed through QR codes, which is 20 times higher than the same indicator last year. Fees for opening, maintaining, and servicing loan accounts, as well as for early repayment of loans, have also been canceled.
From this year, banks are required to publish rates and service conditions at least 10 working days in advance before changes take effect, ensuring transparency for clients.
A legislative provision on the digital som as the third form of national currency alongside cash and non-cash money has also been established. According to Turgunbaev, only the National Bank will have the exclusive right to issue digital soms.
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