Samat Konokbaev, Kyrgyz Republic

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Member of Executive Board, National Bank of Kyrgyz Republic
Transition Economy Program (’03/’04)

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Samat Konokbaev was appointed as Member of the Executive Board of the National Bank of the Kyrgyz Republic in October 2006. In this capacity, he participates in regular board meetings, and, among others, plays an active role in defining the main parameters of Kyrgyz monetary policy, banking supervision, and payment system development. Samat is also responsible for managing the IT division, the external and public relations subdivision, and the central depositary of the bank. In addition to being a board member of the central bank, in July 2008 Samat was appointed as member of the board of directors of the Development Fund, a newly established special fund that finances national priority development projects.

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Samat started his professional career in 1998 as economist, and later leading economist, at the Settlement & Savings Company, where he was responsible for preparing financial market reviews and assisting in the development of the annual business plan. In 2000, Samat started working for the Parliament of the Kyrgyz Republic as consultant to the chairman of the budget and finance committee and later head of economist at the fiscal analysis unit of the Legislative Assembly. Until his present appointment, Samat was also involved as advisor and economist in various reform projects for USAID, the Asian Development Bank, and Bearing Point LLC/KPMG.

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Prior to obtaining his Masters degree from GRIPS in 2004, Samat studied Information Technology at the Kyrgyz-Russian Slavic University and received his bachelor’s degree in 1999. He then pursued further studies in the same university and graduated from the economics faculty with a major in Banking and Finance in 2002

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What is your area of specialization and how did you come to work in this area?

As for my work with the National Bank of the Kyrgyz Republic my main responsibility is managing the IT division, the external and public relations subdivision, and the central depositary. As a member of the Board, I participate in the regular board meetings, and am responsible for the coordination of cooperation with central banks, external economic integration institutions, universities and academies. And finally, I am a member of the monetary policy and investment committees.

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Prior to joining the National Bank I worked in various fields, including the private and public sector, international organization and consultancy. Such diversity may not be so good in terms of “organic” career development, but it has provided me with the vast experience in a condensed period of time that has enabled me to deal with a wide range of issues in a rapidly changing environment. After the administration of the country changed in 2005, the new people were recruited in the public sector and I was among them.

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What are some of the biggest challenges you face in your work and what has been the most rewarding aspect of your career thus far?

I suppose the biggest challenge of any managerial work is defining comprehensible and realistic goals, designing measures and taking action for their achievement, most importantly motivating staff.

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I would like to mark my appointment – in parallel with my current duties just mentioned- as a member of the Board of Directors of the “Development Fund of the Kyrgyz Republic” as one of the most rewarding aspects. The Development Fund is the first financial development institution in the country and considered to be the real arm to foster development of the economy. Currently the Board of Directors is responsible for the start up of the Fund, a very challenging task.

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During your career at the National Bank of the Kyrgyz Republic, what achievement(s) are you most proud of?

I am most proud of becoming a real member of the team with my difficult character, although it is a joke.
On a more serious note, at the Board and the committees we discuss monetary policy and its various aspects. For a decision to be practically viable consensus is needed. You can have your special opinion but decisions are taken by the majority. Thus you sometimes have to set aside your own ideas and be supportive of opinions of the majority when it is implemented. This requires a high level of responsibility.

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How did your experience at GRIPS inform your career? What was the most important thing you learned while here?

Frankly speaking I initially choose GRIPS because it offered me an opportunity to get a Master’s degree in one year. But what I really got is a solid foundation on which to further enhance my knowledge. Through my study at GRIPS, I believe I developed a broader and more critical view on economic policy, as compared to the somehow more conventional theories you may learn in other, mostly Western, universities. I learned a lot from the very good “Money and Banking” course taught by Prof. W. Pfau and Prof. K. Ohno’s “International Economy” course.

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The economic theory that is commonly the basis for decision-making can produce weak results in a developing economy. The optimal decision is often a well-balanced compromise based on economic theory, experience, and knowledge of the local economy. Due to the current crisis and problems in the global financial system accumulated under the Bretton-Woods system, the modern theory of monetary economy and its respective practical policies will come under significant review. I think a person with good international education has an advantage in dealing with the current crisis and the many challenges facing the financial sector today.

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You are currently a Board Member of the National Bank of Kyrgyz Republic. In this capacity, what do you see as the main challenges for Kyrgyzstan over the course of the next five to ten years?

I think the main challenge for the Kyrgyz Republic will be to improve the balance of payment situation. The Kyrgyz Republic has been experiencing a growing current account deficit and policies need to be developed and implemented to address this problem. Also some of the benefits generated by re-export and trade that have had contributed to Kyrgyz’s economic welfare will disappear in the short term with the economic development of the main trade partners and with growing protectionist policies. The economy is still heavily “consumer” oriented.

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If talking about policy measures to be taken to rectify situation, first of all a good mix of reforms is needed, especially on the level of policy implementation. The focus will be on attracting a new generation of public managers and on installing a stable system directed to facilitating foreign direct investment in priority sectors.

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Did the, perhaps more lucrative, private sector ever hold any appeal for you?

Yes, I have received some offers from the private sector. My current job is very interesting and I am learning a lot every day. I am gradually building up experience in this area, necessary to develop into h4 professional. If the situation demands, I may put this experience to use in the non-government sector in the future.

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If you could choose another profession to be in, what would it be?

It would be in the restaurant business. Although it is a difficult business I like good cuisine and I like the idea of being able to have a direct impact on your customers. If you serve good food and create a nice atmosphere, people will be happy. And you’ll see it.

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What is your fondest memory of your time spent at GRIPS/GSPS?

Perhaps the time I spent with friends in various talks. It was really interesting to learn the viewpoints of my fellow students from different developing countries on various questions, from economic policy to their goals in life. Also, being in a new and unfamiliar environment, and surrounded by new and different people, can help you to better understand many issues, including personal understanding and feelings. I also recall the time spent in the library during the first term with almost no free time.

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What do you miss about Japan?

The experience of being a student again when you feel young and free. And the wonderful “sakura” season, when Japanese people gather in great numbers to enjoy the cherry blossoms and hold feasts under the flowering trees. And of course fresh sushi and the nice smell of miso-soup.

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What is your favourite thing to do when you are not working?

Recently I enjoy reading books and watching movies.

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How do you maintain a balance between your work and the rest of your life?

I try to finish my daily work on time. That means having 8-9 hours working days.

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What advice would you give to current GRIPS students?

I am not so keen to give advices but if I am asked to give one advice to current GRIPS student it would be to try finding an optimal balance between studying and exploring all the interesting and exciting things that Japan has to offer. Actually do not devote all your time to studying.