RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 25, 2017 No. 2017-P-07/45-5-(DKP)

About mandatory reserve requirements to the microfinance companies performing acceptance of deposits

According to Articles 20, "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides 27 and 68 Laws of the Kyrgyz Republic:

1. Establish for the microfinance companies performing acceptance of deposits, the following sizes of required reserves according to the obligations entering calculation base of required reserves:

a) according to obligations in national currency - at the 4,0 level of percent of the amount of the obligations entering calculation base in national currency;

b) according to obligations in Armenian drams, Belarusian rubles, the Kazakh tenges, the Chinese yuans renminbi, Russian rubles - at the 4,0 level of percent of the amount of the obligations entering calculation base in Armenian drams, Belarusian rubles, the Kazakh tenges, the Chinese yuans renminbi and Russian rubles;

c) according to obligations in the foreign currencies except for specified in the subitem (b) of this Item - at the 12,0 level of percent of the amount of the obligations entering calculation base in these foreign currencies.

2. To calculate the size of required reserves as the amount of required reserves according to obligations in national currency and required reserves according to obligations in foreign currency.

3. Establish the amount of payment for deposition in National Bank of the Kyrgyz Republic of required reserves by the microfinance companies performing acceptance of deposits at the level of zero percent.

4. Establish the size of penalty for non-compliance with mandatory reserve requirements for the microfinance companies performing acceptance of deposits in the amount of triple average discount rate of National Bank of the Kyrgyz Republic for base period.

5. In the list of the obligations which are part of calculation base of required reserves for the microfinance companies performing acceptance of deposits to include all categories of deposits (deposits) attracted with microfinance companies based on the license of National Bank of the Kyrgyz Republic.

6. 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.

7. To economic management to bring this resolution to the attention of microfinance companies.

8. This resolution becomes effective from the date of official publication.

9. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic N. Zhenish.

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