WASHINGTON: Kyrgyzstan is advancing its plans to implement a digital currency with the support of the International Monetary Fund (IMF), as discussions on the technical rollout of a digital som took center stage during a recent meeting. The dialogue occurred between Melis Turgunbaev, the Chairman of the National Bank of Kyrgyzstan, and Tobias Adrian, the Director of the IMF’s Monetary and Capital Markets Department, at the Annual Meetings of the IMF and World Bank Group.

According to Trend News Agency, the meeting focused on the cooperation necessary for the development of Kyrgyzstan’s monetary policy framework, as the nation prepares for a pilot launch of the digital som in 2027. This digital currency will function as a legal payment method within Kyrgyzstan, with the National Bank acting as the platform’s operator.

The discussions took place amid the backdrop of the 2024 Annual Meetings of the IMF and World Bank Group, a gathering that brings together key stakeholders, including central bankers, finance a
nd development ministers, and private sector leaders. These meetings address pressing global issues such as financial stability and economic growth, offering a platform for collaboration and dialogue among various sectors.