Central Bank Independence in Transition Economies

7A. Governing Bodies and Financial Management 

The managing bodies of the Bank are the Board of Directors and the Chairman of 

the Bank of Kyrgystan (Art. 24). The Chairman is appointed by the President of the 

                                              

8

 This limit has become operational since 1995. The credit was not limited in 1992 and limited 

to 5% and 4% in 1993 and 1994 respectively. 

9

 Source: "On the National Bank of the Republic of Kyrgystan" (December 1992 with latter 

amendments). 

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Central Bank Independence… 

S&A 120 

43

Republic of Kyrgystan with the approbation of the Parliament for a term of five years. 

The salary of the Chairman is set by the President. The Board consists of nine 

members, including deputies of the Chairman, appointed for five years period by the 

President on the recommendation of the Chairman. The term of office of the Chairman 

and his deputies must not coincide. Other members of the Board are representatives 

from the Ministry of Finance and Economics, the financial system and other branches 

of national economy. Members of the Board may be dismissed if they abuse their 

official position, become unable to perform their duties or apply for retirement. 

Official salaries of the Board members are determined by the Chairman. The 

Chairman and other Board members are prohibited from holding other positions in 

financial organisations (Art.28). The financial plan of the Bank and the report on its 

implementation are approved by the Chairman (Art. 25).