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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 8, 2021 No. 2021-P-14/68-7-(PS)

About approval of the Provision "About Clearing Settlements in the Kyrgyz Republic"

According to articles 20 and 68 of the Law "About National Bank of the Kyrgyz Republic, Banks and Banking Activity" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Clearing Settlements in 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 inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective since March 1, 2022.

4. To management of payment systems to bring this resolution to the attention of the Ministry of Finance of the Kyrgyz Republic, commercial banks, operators of payment systems and payment institutes, OYuL "Union of Banks of Kyrgyzstan", Interbank Processing Center Ltd.

5. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of payment systems.

Chairman of National Bank of the Kyrgyz Republic

K. Bokontayev

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 8, 2021 No. 2021-P-14/68-7-(PS)

Regulations on clearing settlements in the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision determines procedure of clearing settlements in the territory of the Kyrgyz Republic, relation between her participants, and also forms and requirements to execution of the payment documents used by commercial banks when implementing clearing settlements.

2. Clearing settlements in the territory of the Kyrgyz Republic are perfromed according to the Civil code of the Kyrgyz Republic, the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", "About payment system of the Kyrgyz Republic", regulatory legal acts of National Bank of the Kyrgyz Republic (further - National Bank) and this Provision.

3. Action of this provision extends to legal entities and physical persons when carrying out clearing settlements in the territory of the Kyrgyz Republic in national currency.

4. The procedure for carrying out cashless payments in foreign currency is established in contracts between clients and banks according to the bank law of the Kyrgyz Republic and business customs applied in the international banking practice.

Chapter 2. Concepts and determinations

5. For the purposes of this provision the following concepts are used:

The acceptance - the consent of the payer to payment of cash and commodity documents. The acceptance is applied when calculating for goods, services and the performed works during which payment is made with the consent of (acceptance) of the payer according to the settlement documents which are written out by the supplier.

Cashless payment - execution of monetary commitment by transfer by the payer from the bank account of money without participation of cash in the form established by the bank law of the Kyrgyz Republic.

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