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This Manual offers guidelines for the presentation of monetary and financial statistics. It provides a set of tools for identifying, classifying, and recording stocks and flows of financial assets and liabilities, describes the standard, analytically oriented frame works in which the statistics may be presented, and identifies a set of analytically useful aggregates within those frameworks. The concepts and principles set out in the Manual are harmonized with those of the System of National Accounts 1993.

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A moderate economic recovery is underway, driven by higher gold production, remittances, and growth in key trading partners. The recent tightening of controls on the border with Kazakhstan will have some limited impact on the economy this year but could weaken trade and growth substantially if it persists. Inflation is normalizing with the rise of food prices. The banking sector is showing signs of recovery but vulnerabilities remain. The October elections slowed reforms and put additional pressure on the budget, although the government has since taken offsetting measures. Public debt remains at moderate risk of distress, helped by som appreciation. The fourth review under the Extended Credit Facility (ECF) arrangement, which was originally scheduled to be completed in June, could not be completed on time. Since then, the authorities have taken corrective measures, which paved the way for moving forward with the combined fourth and fifth reviews.

Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Debt --- Debt Management --- Sovereign Debt --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Monetary economics --- Finance --- Banking --- Public finance & taxation --- External debt --- Public debt --- Loans --- Monetary base --- Debts, External --- Banks and banking --- Debts, Public --- Money supply --- Kyrgyz Republic

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EXECUTIVE SUMMARY Political context. On April 3, 2014, parliament approved a new government, led by Mr. Otorbaev, the new Prime Minister. The ministers of economy and finances kept their positions. Moreover, on May 7, 2014, a new chairperson was appointed for the National Bank of the Kyrgyz Republic (NBKR). No major changes in economic policies are expected. In February 2014, parliament approved a new deal with Centerra, ending a two-year dispute over the Kumtor gold mine. Background. In the first quarter, growth moderated to 5.6 percent (year-on-year) after the 2013 growth spike at 10.5 percent related to an unexpectedly high level of gold production. In the same period, inflation picked up slightly, owing to depreciation of the som in response to pressures from the depreciation of the Russian ruble and the devaluation of the Kazakh tenge. The NBKR intervened heavily to mitigate these pressures, but has recently rebuilt reserves to ensure a more comfortable level of over three months of imports. The current account is expected to deteriorate this year because of higher imports related to large public investments and FDI-financed infrastructure projects. Fiscal performance in 2013 was better than expected, with a deficit of 4 percent of GDP, but revenue headwinds call for a cautious budget in 2014. The medium-term outlook remains broadly favorable, provided prudent macroeconomic policies continue and are supported with structural reforms, including tax policy and administration reforms, public financial management (PFM) reforms, and implementation of FSAP recommendations, in particular the Banking Code. Program. The program is broadly on track, with all end-December 2013 quantitative performance criteria and all but one indicative targets (IT) met for end-December 2013. Although three March 2014 ITs were missed, since then there has been progress in rebuilding reserves and enhancing tax collections. The two structural benchmarks (SBs) for end-December were met, and the SB on signing the contract with one of the big four audit companies to audit the Debt Resolution Agency (DEBRA) is expected to be completed with delay. The remaining SB on introducing the Treasury Single Account (TSA) on a pilot basis was missed. Overall, the Kyrgyz authorities are completing a broadly successful three-year ECF arrangement, although further reforms will be needed to preserve and deepen the accomplishments. Despite occasional domestic political turmoil, the authorities have regained and maintained macroeconomic stability, consolidated the fiscal position, implemented a new monetary framework, and embarked on a comprehensive banking sector reform. The authorities have not yet expressed their intentions regarding a successor program.

Banking --- Banks and Banking --- Banks and banking --- Banks --- Corporate crime --- Debt Management --- Debt --- Debts, Public --- Depository Institutions --- Expenditure --- Expenditures, Public --- Finance --- Industries: Financial Services --- Micro Finance Institutions --- Monetary base --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money supply --- Mortgages --- National Government Expenditures and Related Policies: General --- Public debt --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Sovereign Debt --- Taxation --- Taxation, Subsidies, and Revenue: General --- White-collar crime --- Kyrgyz Republic

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This book, edited by Bruce J. Summers, makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy. the authors of the 12 papers included in the book are central banking experts from around the world who draw on their experiences in providing technical assistance to the cental banks of the countries of the former U.S.S.R.

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