Melis Turgunbaev spoke at a meeting of central banks in Washington

On the sidelines of the annual meetings of the IMF and World Bank Group in Washington, Melis Turgunbaev, Chairman of the National Bank of the Kyrgyz Republic, took part in a closed-door meeting of central bank governors from the Middle East and Central Asia.

The main topic of the event was a discussion of the policy measures being taken by states in the context of global economic turbulence and how countries are adapting to the new reality: growing geo-fragmentation and increasing uncertainty.

National Bank Chairman Melis Turgunbaev delivered a presentation as the keynote speaker at the event, alongside the heads of the Bank of England and the central banks of Egypt and Armenia.

In his speech, Melis Turgunbayev emphasised the need for countries with small economies to adapt to the new economic reality associated with increasing geo-fragmentation, rising protectionism and reduced predictability of global processes.

He also paid special attention to the challenges associated with the development of the global market for crypto assets and other digital financial instruments. The head of the Kyrgyz regulator noted that the National Bank of Kyrgyzstan advocates the phased development of a regulated digital infrastructure, including central bank digital currencies (CBDCs), as a tool for increasing transparency, control over money circulation, and the stability of the financial system.

In his report, he also noted the need for more active IMF involvement in regulating digital assets and supporting institutions in the face of rapid technological change.