In Osh, 24 illegal currency traders were fined 17,500 KGS each

The National Bank continues to actively supervise currency exchange offices and combat unlicensed activities.

According to the regulator, two exchange offices in Bishkek were fined 55,000 KGS each for violating the requirements of the legislation and regulations of the National Bank of the Kyrgyz Republic.

In addition, 24 citizens were identified in the Osh region who were conducting foreign currency exchange operations without a licence from the National Bank. Each of them was fined 17,500 KGS.

We would like to add that during a live broadcast by the National Bank, Ravshanbek Murzaliyev, head of the National Bank of the Kyrgyz Republic's exchange bureau supervision group, said that as of 23 October, 132 individuals had been identified in the country who were working without a licence. They were fined a total of 2.31 million KGS.

"Most of these illegal exchange points are concentrated in border markets — in the village of Leninskoe, at the Ak-Zhol checkpoint, as well as in certain areas of cities. Last year, we recorded 192 individuals engaged in unlicensed currency activities. They were fined a total of 3.36 million KGS. Looking at the situation as a whole, we see that the number of violators is decreasing," Murzaliev noted, adding that this is due to increased control and digitalisation of supervision.

Not many people know that repeat offenders can also be held criminally liable. According to Murzaliyev, cases involving individuals who have been brought to administrative responsibility more than three times will be referred to law enforcement agencies and prosecuted. The law provides for such a measure in the case of systematic violations.

Meanwhile, according to Murzaliyev, unlicensed currency exchange activities pose risks to both the state and citizens.

"Many of these individuals masquerade as legal exchange offices, put up signs and attract customers with favourable exchange rates. But people risk being deceived — there are many such complaints to the National Bank. We strongly recommend that you only exchange currency at licensed bureaux or commercial banks," emphasised the representative of the regulator.

He also noted that official exchange points are required to have equipment for verifying the authenticity of currency, video surveillance systems and to issue receipts — this protects customers in case of disputes.

In order to increase the number of official exchange offices, the National Bank is pursuing a policy of simplifying the licensing process. Today, the validity period of licences has been increased from one year to five years, and reporting is now submitted online.

In addition, in cooperation with the administrations of large markets, including Dordoi, and local authorities, measures are being taken to eliminate illegal exchange points. For example, in the Chui region, pavilions located along the Ak-Zhol checkpoint have been demolished.