Central Bank Independence in Transition Economies

6D. Banking Supervision and Exchange Rate Policy 

Supervisory functions are conducted by the Board of Supervision (the NBH 

organ) and State Bank Supervision (the Government's organ) (Art. 51, 62).  

The NBH is responsible for protecting and influencing exchange rate which is 

determined by the Government. 

7. Kyrgystan

9

 

The National Bank of the Republic of Kyrgystan (NBK) was established after the 

dissolution of the USSR and the proclamation of the independent state. 

The law “On the National Bank of the Republic of Kyrgystan” was passed by the 

Parliament in December 1992. Two amendments were passed in January 1994 and in 

April 1994.