Starting in September, South Korea's Kookmin Bank will cease processing SWIFT transfers in US dollars for Kyrgyz banks, a decision with significant implications for Kyrgyzstan's financial and trade sectors.
The National Bank of Kyrgyzstan attributed the move to the expanding sanctions and stricter regulatory requirements imposed by Western countries. These measures have increased the scrutiny on cross-border payments, impacting Kyrgyz commercial banks' operations.
Financial experts warn that this discontinuation could pose challenges for Kyrgyzstan's international trade, particularly with Alibaba and Western nations. Marsel Salakhunov, Chairman of the Marketplace Committee of the E-Commerce Association of Kyrgyzstan, highlighted potential trading difficulties.
Economist Nurgul Akimova suggests that the National Bank of Kyrgyzstan should negotiate with U.S. and EU financial regulators to find a more favorable solution.
The following Kyrgyz banks have correspondent accounts with Kookmin Bank:
- Commercial Bank KYRGYZSTAN (MBANK)
- Optima Bank
- Demir Kyrgyz International Bank
- Dos-Credo Bank
- EcoIslamicBank
- Bank of Asia
- BAKAI BANK
- Kyrgyz Investment and Credit Bank
- Bank Kompanion
In total, Kyrgyzstan has 21 banks that have correspondent accounts at Kookmin Bank.
SWIFT, an international money transfer system, facilitates cross-border transactions between banks, with a SWIFT code signifying the bank's reliability and the security of international transfers for both individuals and organizations.
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