Central Bank of Kyrgyzstan kills SWIFT across borders to prevent money laundering

According to the Cointelegraph, the Central Bank of Kyrgyzstan has suspended the SWIFT financial network for cross-border trade due to the unrest sparked by the elections. On October 7, Aida Karabaeva, director of the Central Bank of Kyrgyzstan, announced in a statement that SWIFT had temporarily suspended its Kyrgyz operations. Karabaeva said the bank's decision to ban SWIFT transactions was aimed at preventing the emergence of investments and protecting securities. It has been argued that the central bank plans to resume trading in SWIFT as soon as the domestic situation stabilizes. The Central Bank of Kyrgyzstan has agreed to temporarily suspend the activities of local financial institutions due to political unrest. On October 7, the Central Bank issued a statement calling for the suspension of financial institutions and banks in Kyrgyzstan.