Bank Employees Day in Kyrgyzstan Date in the current year: May 10, 2024

Bank Employees Day in Kyrgyzstan Bank Employees Day is one of the official professional holidays in the Kyrgyz Republic. It is celebrated annually on May 10 to commemorate the introduction of the som — the country’s currency — on this day in 1993.

The banking system of modern Kyrgyzstan began to form after the collapse of the Soviet Union. The National Bank of the Kyrgyz Republic was created in 1991, shortly after the country’s independence from the USSR. In the initial years of its independence, Kyrgyzstan, just as most other post-Soviet states, continued to rely on the Soviet ruble as its currency.

However, the turbulent political and economic situation in the former Soviet republics made maintaining a common currency unsustainable. The ruble zone begin to collapse, prompting the post-Soviet states to introduce their own currencies. The National Bank of the Kyrgyz Republic officially introduced the Kyrgyzstani som on May 10, 1993. Kyrgyzstan was one of the first post-Soviet republics to introduce its own currency and the first one in Central Asia.

The anniversary of the introduction of the som is celebrated annually as Kyrgyzstani Bank Employees Day. It is the official professional holiday of all people working in the banking system of Kyrgyzstan, which consists of the National Bank of the Kyrgyz Republic and commercial banks.

The National Bank of Kyrgyzstan is responsible for determining and implementing the country’s monetary policy, issuing licenses for all types of bunking operations, issuing the national currency, and regulating foreign currency transactions, as well as the purchase, sale and exchange of foreign currency.

Although a significant number of commercial banks were established in Kyrgyzstan in 1993 and 1994, the transition from a Soviet-style banking system was long and difficult, with government-owned banks dominating the banking system of Kyrgyzstan. As of December 2021, there were 23 commercial banks (including the Bishkek branch of the National Bank of Pakistan) and 312 branches of commercial banks in Kyrgyzstan. They employed over 16,500 people.

Banking activities Kyrgyzstan are regulated by the Laws of the Kyrgyz Republic “On the National Bank”, “On Banks and Banking”, “On Bank Secrecy”, “On Bank Depositor Protection”, and other applicable legislation. Banking operations are subject to licensing by the National Bank, and commercial banks can be established and operate only as closed or open joint-stock companies.

Bank Employees Day was officially establishment by the government of Kyrgyzstan in 2003 to commemorate the tenth anniversary of the national currency, as well as to highlight the contribution of bank employees to the country’s socioeconomic development. The inaugural celebration took place on May 10, 2003.

Like other professional holidays in Kyrgyzstan, Bank Employees Day is not a non-working holiday unless it falls on a weekend. It is marked by special events held at Kyrgystani banks to honor employees who’ve made a significant contribution or reached a milestone within their respective banks.

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