Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 29, 2012 No. 21/1

About activities of the microfinancial organizations

For the purpose of prevention of cases of failure to carry out by the microfinancial organizations of requirements of article 2 of the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic" (further - the Law), determining that the purpose of the microfinancial organizations is rendering available services in microfinancing for overcoming poverty, increase in the employment level, assistance to development of entrepreneurship and social mobilization of the population of the Kyrgyz Republic, and also for the purpose of increase in trust of society to the microfinancial organizations of the Kyrgyz Republic, the licensed and regulated National Bank of the Kyrgyz Republic, preserving stable financial system, maintenance and protection of consumer interests of services of the microfinancial organizations, according to Articles 7, 43 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", Articles 2, of 5, 35 Laws of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", The board of National Bank of the Kyrgyz Republic decides:

1. To the microfinancial organizations (microfinance companies, the microcredit companies and the mikrocreditny agencies) to be guided in the activities by the purpose of implementation of available services in microfinancing for overcoming poverty, increase in the employment level, assistance to development of entrepreneurship and social mobilization of the population of the Kyrgyz Republic determined by the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic" and to open measures for realization of the purpose in the charters and credit policies.

2. In case of absence in the charter, credit policies and other documents provided by the microfinancial organization for receipt of the license/certificate, the provisions regulating questions (measures) of goal achievement determined by the Law, licensing and/or certificates on accounting registration of the Kyrgyz Republic by National Bank it is not made.

3. The loan interest rate, issued by the microfinancial organization, shall not exceed the declared (published) effective interest rate operating at the time of issuance of credit.

4. The microfinancial organizations shall not utilize as the raised funds commercial credits on the conditions inappropriate to the purpose, the stipulated in Clause 2 Laws "About the Microfinancial Organizations in the Kyrgyz Republic".

5. The microfinancial organizations shall have sufficient reasons for the fact that the microcredits issued by them on the basis of the credit of commercial banks will be used for goal achievement, determined by the Law.

6. To the microfinancial organizations to bring the credit policies into accord with this Resolution in a month.

7. Recommend to the operating microfinancial organizations (microfinance companies, the microcredit companies and the mikrocreditny agencies) to bring the activities into accord with Item 1 of this Resolution.

8. This Resolution becomes effective after fifteen days from the date of official publication.

9. To legal management:

- publish this Resolution on the official site 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.

10. To management of methodology of supervision and licensing to bring this Resolution to the attention of the microfinancial organizations.

11. To impose control of execution of this Resolution on the vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

Chairman of the board of National Bank of the Kyrgyz Republic

Z.Asankozhoyeva

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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