A state trading company has been created in Kyrgyzstan to control foreign trade operations.
On August 23, 2024, the Cabinet of Ministers of the Kyrgyz Republic approved Order No. 499-r on the establishment of a trading company with 100% state participation in the authorized capital. The founder of the company is the Ministry of Economy and Commerce of the Kyrgyz Republic.
The company was created to monitor foreign trade flows in which Kyrgyz companies participate, whose goods do not enter the territory of Kyrgyzstan. The main goal is to streamline such trading operations and control financial transactions related to international trade.
According to the charter, the main tasks of the trading company are:
organization and control of international trade;
implementation of financial transactions, including currency transfers and settlements with foreign partners;
management of currency risks and ensuring financial stability.
The National Bank of the Kyrgyz Republic also adopted Resolution No. 2024-P-14/41-3-(PS) dated September 4, 2024, according to which a one-year restriction was introduced on the execution of payment orders and settlements under contracts involving goods and services not entering the territory of Kyrgyzstan. An exception was made only for authorized state-owned companies, including the newly created trading company.
This decision should streamline trade flows carried out without the actual delivery of goods to Kyrgyzstan and ensure control over financial transactions. For companies that previously worked in this segment, trade will now be carried out through a new state structure.
The trading company will also be able to freely interact with commercial banks without encountering restrictions.
Source: https://www.akchabar.kg/ru/news/otkritie-gosudarstvennoj-torgovoj-kompanii-v-kirgizstane-pfqlhykotxvjcgbb