RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 29, 2020 No. 2020-P-33/38-4-(NFKU)

About temporary measures for suspension of conducting inspection checks of activities of commercial banks, non-bank financial credit institutions, guarantee fund, specialized financial credit institution, exchange and credit bureaus in connection with spread of koronavirusny infection of COVID-19

For the purpose of risk minimization of spread of koronavirusny infection of COVID-19 among employees of National Bank when implementing of service duties by them concerning supervision and licensing Board of National Bank of the Kyrgyz Republic, being guided by articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", decides:

1. To temporarily suspend execution of Items 13 and 29 of the Provision "About Licensing Procedure on the Right of Carrying Out Exchange Transactions with Cash Foreign Currency" approved by the resolution of Board of National Bank of the Kyrgyz Republic of July 27, 2011 No. 40/4" regarding conducting checks of placements on compliance to the requirements established in the above-named Provision within consideration of questions on licensing of exchange bureaus.

2. To temporarily suspend conducting inspection checks of commercial banks, non-bank financial credit institutions, guarantee fund, specialized financial credit institution, exchange and credit bureaus, including on requests of the third parties.

3. In case of stabilization of country situation by National Bank of the Kyrgyz Republic the corresponding checks of premises of exchange bureaus for the purpose of completion of licensed and procedural actions can be initiated.

4. This resolution becomes effective from the date of official publication and is effective before adoption of the relevant decision of Board of National Bank.

5. 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.

6. To management of supervision of non-bank financial credit institutions, Management of banking supervision 1, to Management of banking supervision 2 to bring this resolution to the attention of commercial banks, non-bank financial credit institutions, OYuL "Union of Banks of Kyrgyzstan", OYuL "Association of the Microfinancial Organizations", Association of exchange bureaus "Alyans", JSC Finance Company of Credit Unions, JSC Garantiyny fond, exchange bureaus and credit bureaus of the Kyrgyz Republic, all structural divisions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

7. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of supervision of non-bank financial credit institutions.

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