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By Charles Enoch, Karl Friedrich Habermeier, Marta Castello-Branco

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The IMF’s delivery of TA started at the beginning of the transition period, when the country was still part of the ruble area. , until September 1996). ©International Monetary Fund. 1. Kyrgyz Republic: IMF Technical Assistance Delivery by Topic, 1992–2006 (In percent of total person years) Central Banking Modernization 10% Payments Systems 6% Banking Supervision 39% Monetary Policy and FX Operations 33% Accounting 12% Source: IMF. 2. 0 1992 1994 1996 1998 Central Banking Modernization Monetary Policy and FX Operations Banking Supervision 2000 2002 2004 2006 Payments Systems Accounting Source: IMF.

Starting in 1992, IMF technical support covered issues such as central bank legislation and organization, human resources, and training. In the initial period, the various IMF teams dealt with the basics, including providing “model” central bank laws, useful organizational structures, advice on the tasks of individual departments and their preferable groupings. IMF staff also arranged for training to be provided to the NBKR. Setting Up an Independent Central Bank Since the mid-1990s, the focus of central bank modernization has shifted from basic changes to the adaptation of the NBKR to the challenges of an independent central bank.

However, the 1998 regional financial crisis dealt a severe blow to the nascent reforms across the economy and induced banking sector distress. Sharp currency depreciation and debt accumulation made for difficult reforms. x The more recent period, dating back to 2001, has seen the restoration of macroeconomic stability and implementation of major structural reforms. Economic growth has been vibrant, inflation has been reduced to single digit levels, significant remonetization has taken place, some progress has been made in addressing banking sector problems, and monetary instruments have been developed.

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