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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of April 27, 2022 No. 2022-P-12/27-4-(BS)

About additional temporary solutions of National Bank of the Kyrgyz Republic concerning application of penalties

For the purpose of preserving stability in bank system and 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 68 Laws of the Kyrgyz Republic:

1. To the commercial banks and non-bank financial credit institutions registered in the Kyrgyz Republic not to impose and not to levy penalties, including penalty (penalties/penalty fee), on borrowers for non-execution / improper execution of the obligations provided by credit agreements in connection with changes of cash flows and financial position of borrowers in view of influence on their activities of negative consequences of the external economic shock.

At the same time borrowers shall confirm influence on their activities of negative consequences of the external economic shock for release from imposing of penalties, including penalties (penalty/penalty fee).

2. Commercial banks and non-bank financial credit institutions by provision of information in credit bureau shall specify the payment delay reason on the corresponding credits of borrowers, as consequences of spread of koronavirusny infection and the external economic shock.

3. Continue to provide to credit bureaus with mark in the corresponding column information on all borrowers with the status of violation of conditions of the credit agreement in view of influence on their activities of negative consequences of spread of koronavirusny infection and the external economic shock.

4. Declare invalid:

1) the resolution of Board of National Bank of the Kyrgyz Republic "About provisional rules of regulation of activities of financial credit institutions in connection with COVID-19 pandemic" of March 18, 2020 No. 2020-P-12/13-1-(BS);

2) the resolution of Board of National Bank of the Kyrgyz Republic "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About provisional rules of regulation of activities of financial credit institutions in connection with COVID-19 pandemic" of March 18, 2020 No. 2020-P-12/13-1 (BS)" of April 9, 2020 No. 2020-P-14/21-1-(PS);

3) item 4 of the resolution of Board of National Bank of the Kyrgyz Republic "About Provisional rules of classification of assets and implementation of the corresponding allocations to reserve on covering of potential losses and losses by commercial banks and separate non-bank financial credit institutions" of April 29, 2020 No. 2020-P-12/25-7-(NPA);

4) in the resolution of Board of National Bank of the Kyrgyz Republic "About modification of some regulatory legal acts of National Bank of the Kyrgyz Republic" of June 17, 2020 No. 2020-P-33/35-1-(NFKU):

- paragraph of the seventh of Item 1 of the resolution;

- appendix Item 6;

5) the resolution of Board of National Bank of the Kyrgyz Republic "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About provisional rules of regulation of activities of financial credit institutions in connection with COVID-19 pandemic" of March 18, 2020 No. 2020-P-12/13-1-(BS)" of December 28, 2020 No. 2020-P-14/75-1-(PS).

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

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 management of methodology of supervision and licensing of banks to bring this resolution to the attention of OYuL "Union of Banks of Kyrgyzstan", commercial banks, all structural divisions, regional managements, representative offices of National Bank in Batken Province.

8. To management of supervision of non-bank financial credit institutions to bring this resolution to the attention of OYuL "Association of the Microfinancial Organizations", microfinancial organizations, credit unions, JSC Finance Company of Credit Unions, JSC Garantiyny fond, credit bureaus.

9. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of methodology of supervision and licensing of banks.

Acting as Chairman of National Bank of the Kyrgyz Republic

Z.Chokoyev

 

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