Kyrgyzstan central-bank puts a halt to SWIFT operations due to political unrest in the nation

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• Kyrgyzstan and its Central bank have just recently disabled cross-border transactions on these SWIFT financial networks during what seems to be widespread unrest over the nation's Parliamentary elections.

• An official representative for the National bank revealed the temporary suspension of the network in the country and a statement released last week.

Kyrgyzstan and its Central bank have just recently disabled cross-border transactions on these SWIFT financial networks during what seems to be widespread unrest over the nation's Parliamentary elections.

An official representative for the National bank, Aida Karabaeva revealed the temporary suspension of the network in the country and a statement released last week on the 7th of October. According to the representative, the central body decided to suspend transactions on SWIFT due to numerous reasons in order to prevent capital outflows from the nation as well as ensuring the safety of assets. 

Furthermore, the executive went on to claim that the bank was planning to resume its transactions on this network as soon as the situation had calmed down in the country. 

They went on to say:

“The measures taken are necessary to ensure security of the system and the safety of assets. The National Bank is monitoring the situation, and as it stabilizes, the banking system will resume operations in normal mode.”

This statement comes just after the central bank in the nation recommended local banking institutions to temporarily pause their activities due to the political situation ongoing in the country. The National bank issued an official statement and requested all commercial financial institutions to stop their operations post-haste. 

Roughly translated, the statement said:

“In order to ensure safety of the country’s financial and banking sector and to preserve assets of financial credit institutions, the National Bank of the Republic of Kyrgyzstan recommends that commercial banks and non-banking financial credit institutions suspend their work on October 7 and step up security measures until the political situation in the country stabilizes.”

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