BISHKEK – In a significant shake-up within Kyrgyzstan’s financial sector, President Sadyr Zhaparov has dismissed two deputy chairmen of the National Bank, signaling a major shift in the country’s monetary policy management.

According to Trend News Agency, citing the administration of the president, Deputy Chairmen Manas Zhakypov and Kaiyp Kulenbekov were removed from their positions due to President Zhaparov’s loss of confidence in their ability to manage the country’s monetary policy effectively. The dismissals were prompted by their failure to stabilize the exchange rate, resulting in widespread economic repercussions affecting consumers, businesses, and financial stability. Additionally, National Bank Chairman Melis Turgunbaev was reprimanded for his inadequate leadership and oversight of the bank’s management.