The National Bank of the Kyrgyz Republic has rolled out new tools to develop and improve the country’s interbank money market, including a new market rate, the Bishkek Interbank Rate (BIR), as an interbank benchmark interest rate. BIR is described as a market-based indicator of the cost of money in the short-term segment of the interbank market and is intended to serve as a reference for pricing a wide range of financial instruments in the Kyrgyz Republic. It will be calculated daily by the National Bank and published on its official website. The National Bank has also developed a model to visualise the term structure of interest rates, presented as a yield curve of government securities and the National Bank’s own securities in the national currency, showing the relationship between a security’s price and its maturity. The National Bank indicated it will continue work to further develop and improve the interbank money market.
National Bank of the Kyrgyz Republic introduces the Bishkek Interbank Rate benchmark and a yield curve tool for the interbank money market
The National Bank of the Kyrgyz Republic has introduced the Bishkek Interbank Rate (BIR) as a new benchmark interest rate for the interbank money market. BIR will be calculated daily and serve as a reference for pricing various financial instruments. Additionally, the bank has developed a model to visualize the term structure of interest rates, including a yield curve for government and its own securities.