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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 28, 2018 No. 2018-P-12/7-7

About approval of the Provision "About Procedure for Placement of Foreign Currency Cash by Commercial Banks on the Deposit Accounts Opened in National Bank of the Kyrgyz Republic"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Procedure for Placement of Foreign Currency Cash by Commercial Banks on the Deposit Accounts Opened in National Bank of the Kyrgyz Republic" it (is applied).

2. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective after fifteen days from the date of official publication.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks, National bank of development of the Kyrgyz Republic, OYuL "Union of Banks of Kyrgyzstan", regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova T.Dzh.

Acting as chairman of the board of National Bank of the Kyrgyz Republic

N. Zhenish

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of February 28, 2018 No. 2018-P-12/7-7

Regulations on procedure for placement of foreign currency cash by commercial banks on the deposit accounts opened in National Bank of the Kyrgyz Republic

1. General provisions

1. This Provision establishes the minimum requirements to procedure for placement by commercial banks (further - Bank) foreign currency cash on the deposit accounts opened by Bank in National Bank of the Kyrgyz Republic (further - National Bank).

2. The bank places on deposit accounts of National Bank foreign currency cash for the purpose of liquidity risk management of Bank, decrease in financial risks and concentration of means.

3. Money transfer in foreign currency of Bank into the deposit accounts opened in National Bank shall be applied only after exhaustion by Bank of opportunities of transfer of the specified foreign currency cash into accounts in other financial credit institutions (further - FKO).

4. The bank shall hold events for opening of accounts in other FKO for the purpose of transfer on them of the foreign currency cash placed on deposit accounts of National Bank taking into account the conditions established by Committee on supervision of National Bank (further - Committee on supervision).

5. The money of Bank in foreign currency placed on deposit accounts of National Bank is considered as a part of quick assets when calculating standard rates of liquidity.

6. The money of Bank in foreign currency placed on deposit accounts of National Bank cannot be used for accomplishment of the standard rate of mandatory reserve requirements.

2. Conditions of placement of foreign currency cash on the deposit accounts opened by Bank in National Bank

7. For receipt of possibility of placement of foreign currency cash on deposit accounts of Natsionalnogo banka Bank shall send the official appeal about intention to place foreign currency cash in National Bank which is considered by National Bank within one working day. At the same time the Bank shall conform to the following requirements:

- have correspondent account in National Bank;

- not be in the modes provided by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" (temporary administration, direct banking supervision).

On separate board decision of National Bank the banks which are in the modes/procedures provided by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" (temporary administration, direct bank supervision / procedures of financial improvement), can place foreign currency cash on deposit accounts.

8. The official address shall contain:

- reasons/reasons for Bank based on which the Bank initiates question of placement of foreign currency cash in National Bank;

- information on FKO in which from correspondent account money transfer of Bank in foreign currency for the subsequent placement on the deposit accounts opened in National Bank will be made;

- currency type;

- amount;

- placement term;

- the actions plan of Bank on opening of alternative accounts in FKO with indication of terms of closing of deposit accounts in National Bank.

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