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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 28, 2013 No. 10/14

About approval of the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Transactions by National Bank on Security Purchase of the Kyrgyz Republic in the Secondary Market on Conditions Outright (Rediscount Transaction)"

(as amended on 25-10-2017)

According to article 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Transactions by National Bank on Security Purchase of the Kyrgyz Republic in the Secondary Market on Conditions Outright (Rediscount Transaction)" it (is applied).

2. Publish this resolution on the official site of National Bank of the Kyrgyz Republic.

3. After official publication to send to Legal management 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 15 days from the date of official publication.

5. Determine that regulations of the Provision "About Procedure for Carrying Out the Kyrgyz Republic of Transactions by National Bank on Security Purchase of the Kyrgyz Republic in the Secondary Market on Conditions Outright (Rediscount Transaction)", are applied from the moment of input of the Automated trade system in commercial operation.

6. To management of monetary transactions to bring this resolution to the attention of commercial banks.

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Abdybala tegin Page.

Chairman of the board of National Bank of the Kyrgyz Republic

Z.Asankozhoyeva

 

Regulations on procedure for carrying out the Kyrgyz Republic of transactions by National Bank on security purchase of the Kyrgyz Republic in the secondary market on conditions outright (rediscount transaction)

1. General provisions

1. This Regulations on procedure for carrying out transactions on security purchase of the Kyrgyz Republic (further - the Provision) determine procedure for carrying out the Kyrgyz Republic by National Bank (further - National Bank) transactions by security purchase in the secondary market at commercial banks of the Kyrgyz Republic (further - the Participant) on conditions outright (further - rediscount transaction) through the automated trade system of National Bank (further - automatic telephone exchange).

2. The National Bank performs rediscount operations according to the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity".

3. The conditions and rules established by Regulations on work of the Automated trade system of National Bank of the Kyrgyz Republic (further - Regulations on work of automatic telephone exchange), extend to this Provision

4. Rediscount operation is performed for the purpose of liquidity provision to bank system in national currency. Rediscount operation is performed according to the decision of Committee on monetary control of National Bank (further - KDKR).

5. Participants of rediscount transactions are the commercial banks meeting the requirements of the item 11 of this provision. On board decision of National Bank other member of the financial market of the republic can be allowed to rediscount transaction.

6. Relations of the Participant with National Bank on rediscount transaction are regulated by this Regulations and the corresponding bilateral agreement on procedure for carrying out transactions by National Bank on security purchase in the secondary market at commercial banks of the Kyrgyz Republic on conditions outright (rediscount transactions) between National Bank and the Participant, according to appendix 1 to this Provision (further - the Agreement).

2. Determinations and terms

For the purposes of this provision except provided below, the determinations and terms established in Regulations on work of automatic telephone exchange are applied:

7. Date of rediscount transaction - the day announced by National Bank in parameters of rediscount transaction in which there is conclusion of rediscount transaction.

8. Completion date of rediscount transaction - the day announced by National Bank in parameters of rediscount transaction in which there is the actual purchase / security sale, by means of the corresponding write-off / transfer of money and transition of the property right on securities.

9. Rediscount transaction - transaction on purchase of securities by National Bank in the secondary market at Participants with established by National Bank at the price of and for up to repayment of acquired securities.

3. General terms of carrying out rediscount transaction

10. Relations of Participants on rediscount transactions on depositary accounting of securities are regulated by the corresponding bilateral agreement.

11. For receipt of access to rediscount transaction the Participant shall send the intent letter of receipt of access to rediscount transaction to National Bank, and also not be in the processes and/or procedures provided by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" (Temporary administration, liquidation of bank) and to have:

- have the license of National Bank for the right of carrying out banking activities in national and/or foreign currency and not have restrictions for release, purchase, sale, servicing of securities, and also service of depositary;

- correspondent account in national currency in National Bank;

- the account of "depot" in Depositary;

- the Agreement signed with National Bank.

On separate board decision of National Bank Participants who are in the processes and/or procedures provided by the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" can be allowed to rediscount transaction.

12. The basis for participation in rediscount transaction is availability of the signed Agreement and the request for the conclusion of rediscount transaction which is drawn up as appropriate and provided by means of automatic telephone exchange.

13. KDKR of National Bank determines the following conditions:

- type of securities;

- the total amount of money on rediscount transaction;

- term to the securities redemption.

14. The conditions of carrying out rediscount transaction specified in the item 13 of this provision appear National Bank means of automatic telephone exchange and in the way of placement of the information message on the website of National Bank.

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