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CONSTITUTIONAL LAW OF THE KYRGYZ REPUBLIC

of August 11, 2022 No. 92

About National Bank of the Kyrgyz Republic

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 30, 2022

Chapter 1. General provisions

Article 1. Subject of regulation of this constitutional Law

1. This constitutional Law determines legal status, the purposes and procedure for activities, function and power, and also guarantee of independence of National Bank of the Kyrgyz Republic (further - National Bank).

2. The regulations containing in other legislative and other regulatory legal acts and concerning subject of regulation of this constitutional Law shall correspond to this constitutional Law. In case of collisions between this constitutional Law and other regulatory legal acts regulations of this constitutional Law are applied.

Article 2. Legal status of National Bank

1. The National (Central) Bank is bank of the Kyrgyz Republic (Bank of Kyrgyzstan, Kyrgyz Banky) and is in its property.

2. The National Bank is legal entity with independent form of business - "Central Bank of the Kyrgyz Republic", performing the activities according to this constitutional Law and not pursuing the profit earning aims.

3. The location of National Bank is the city of Bishkek. Legal entities, branches (representations) have the right to create National Bank and to appoint the representatives in the Kyrgyz Republic and beyond its limits.

4. The National Bank has seal with the image of the State Emblem of the Kyrgyz Republic and with the name.

5. The National Bank as the legal entity bears responsibility according to the obligations all property belonging to it.

6. The National Bank has the right to take a legal action in protection of own, state and public concerns.

Article 3. Purpose of activities of National Bank

The purpose of activities of National Bank is achievement and maintenance of price stability by means of carrying out the corresponding monetary policy.

Article 4. Main objectives of National Bank

The main objectives promoting goal achievement of activities of National Bank are maintenance of purchasing power of national currency, ensuring efficiency, safety and reliability of bank and payment systems of the Kyrgyz Republic for assistance to the long-term economic growth of the republic.

Article 5. Functions and powers of National Bank

National Bank:

Determines 1) and pursues monetary policy;

Develops 2) and performs single monetarist policies;

3) owns and manages all international reserves;

4) promotes financial stability of the Kyrgyz Republic;

5) has exclusive right of carrying out issue of bank notes of national currency of the Kyrgyz Republic and will organize cash circulation;

6) has rights of carrying out issue (release) of electronic money;

7) performs issue of allowing documents, including within the special regulating modes, according to this constitutional Law and the laws of the Kyrgyz Republic;

8) exercises regulation and supervision of bank system of the Kyrgyz Republic, including of activities of banks and banking groups;

9) exercises regulation and supervision of non-bank financial credit institutions and other legal entities, persons under surveillance to National Bank;

10) exercises supervision of payment system (oversight), promotes effective, reliable and safe functioning of payment system of the Kyrgyz Republic;

11) realizes various forms and the principles of bank financing, including the Islamic principles of banking and financing, determines rules of banking operations and transactions according to standards of Sharia;

12) performs banking activities according to this constitutional Law;

13) is performed by regulation and monitoring of activities of temporary administrators of persons under surveillance to National Bank of persons and liquidators of banks, and also non-bank financial and credit the organization, determined by National Bank;

14) is performed by anti-monopoly regulation of activities of persons, persons under surveillance to National Bank;

15) exercises supervision of observance by persons, persons under surveillance to National Bank, legislations of the Kyrgyz Republic in the sphere of consumer protection of banking and payment services;

16) exercises the right of preferential purchase of the affined precious metals and gemstones according to the legislation of the Kyrgyz Republic regulating questions of the address of precious metals;

17) issues the affined measuring ingots from precious metals;

18) is last resort lender for banks according to this constitutional Law;

19) represents the interests and acts on behalf of the Kyrgyz Republic in the international organizations for monetary policy, bank and payment systems;

20) is constituted together with state body in the field of official statistics by paying balance and determines the international investment line item of the Kyrgyz Republic;

Develops 21) and publishes regulatory legal acts according to this constitutional Law and the bank law of the Kyrgyz Republic;

22) establishes service of the financial conciliator, determines legal status, procedure for activities, forming and interaction of service of the financial conciliator with the state and other bodies, determines procedure for extrajudicial consideration of disputes between suppliers of financial services and their consumers, and also approves fees of suppliers of financial services on content of service of the financial conciliator;

23) performs other powers according to the legislation of the Kyrgyz Republic.

Article 6. Main transactions of National Bank

1. For goal achievement of activities and accomplishment of the main objectives the National Bank has the right to perform the following transactions:

1) to grant the loans to banks, in exceptional cases the credit of final instance to the non-bank financial credit institutions attracting deposits which have problems with solvency, according to this constitutional Law;

2) to buy and sell the government securities issued by the Cabinet of Ministers of the Kyrgyz Republic (further - government securities), in the secondary market;

3) to buy and sell foreign currency;

4) to buy and sell the securities issued by National Bank and also the securities issued by foreign states, the international organizations and other securities determined by National Bank;

5) to buy and sell precious metals, gemstones and other types of currency values;

6) to accept deposits from banks, other financial organizations, including the foreign financial organizations;

7) to provide money in national currency on the terms of the paid nature, to urgency, recoverability to the international financial institutions created by the Kyrgyz Republic together with other states on the projects and programs of preferential financing of economy of the Kyrgyz Republic performed by them on security highly liquid freely convertible foreign currency of no more than fifteen percent from the paid authorized capital of the international organization in case of compliance of these transactions to the purposes of implementable monetary policy of National Bank;

8) to open accounts in banks and other financial organizations;

9) to open correspondent accounts for banks, including foreign;

10) to act as the intermediary in the transactions connected with the means provided by the international financial institutions for financing of various programs;

11) to provide money in national currency on the conditions determined by Board of National Bank, to Agency on protection of deposits of the Kyrgyz Republic for the purpose of ensuring financial stability of system of protection of deposits of the Kyrgyz Republic;

To import 12) into the country and to export precious metals, gemstones and any currency from the country;

13) to perform other banking activities according to the bank law of the Kyrgyz Republic.

2. The National Bank performs separate banking activities and services on paid basis. Types of service and the amount of payment are determined by National Bank independently taking into account provisions of Article of 1 present of the constitutional Law.

3. The National Bank has the right to perform the transactions specified regarding 1 this Article including according to the Islamic principles of banking and financing.

Article 7. Organization of activities of National Bank

1. The National Bank will independently organize and performs the activities within the competence established by this constitutional Law and the bank law of the Kyrgyz Republic.

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