of March 29, 2023 No. 2023-P-14/20-4-(PS)
About the Main directions of development of payment system of the Kyrgyz Republic for 2023-2027
According to Articles 5, "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides 9 and 64 constitutional Laws of the Kyrgyz Republic:
1. Approve the Main directions of development of payment system of the Kyrgyz Republic for 2023-2027 (are applied).
2. To legal management:
- from the date of receipt of the relevant documents, within 3 (three) working days to 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.
3. This resolution becomes effective after 15 (fifteen) days from the date of official publication.
4. To management of payment systems after official publication within 3 (three) working days to bring this resolution to the attention of management of safety and information protection, management on automation of activities of bank, department of bureau SWIFT, management of bank calculations, managements of planning, budgeting and control of National Bank of the Kyrgyz Republic, regional managements, Representative offices of National Bank in Batken Province, commercial banks, Interbank Processing Center Ltd, OYuL "Union of Banks of Kyrgyzstan", operators of payment systems and payment institutes.
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
to the Resolution of Board of National Bank of the Kyrgyz Republic of March 29, 2023 No. 2023-P-14/20-4-(PS)
According to the constitutional Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" one of tasks is ensuring efficiency, safety and reliability of payment system of the Kyrgyz Republic. For accomplishment of this task of effort of National Bank of the Kyrgyz Republic (further - National Bank) will be directed to maintenance of work of payment systems at the high technological level by implementation of new digital payment and financial technologies.
"The main directions of development of payment system of the Kyrgyz Republic for 2023-2027" (further - the document ONRPS for 2023-2027) determine the purpose, tasks and vector of development of payment system for the medium-term period, and will be approved with the Strategic directions of activities of National Bank of the Kyrgyz Republic for 2022-2025 approved by the resolution of Board of National Bank of September 22, 2021 No. 2021-P-07/52-1-(VD) with the Main directions of development of banking sector for 2022-2025 approved by the resolution of Board of National Bank of the Kyrgyz Republic of December 29, 2021 No. 2021-P-35/75-7-(BS) and also with the National program for development of the Kyrgyz Republic till 2026 regarding development of banking sector approved by the Presidential decree of the Kyrgyz Republic of October 12, 2021 No. 435.
In the medium-term period the priority directions of National Bank in the field of payment system taking into account development and implementation of new digital payment technologies will be:
- increase in share of cashless payments and calculations, especially in regions of the country;
- enhancement of the regulatory legal base, including for development of digital payment technologies and innovative products. At the same time special attention will be paid to the project on creation and development of digital currency of National Bank of the Kyrgyz Republic;
- enhancement of mechanisms for intersystem integration between all participants of the payment market and development of national payment system;
- enhancement of mechanisms of regulation and interaction in information security field for financial credit institutions, operators of payment systems / payment institutes, taking into account use of the best world practices;
- safety of functioning of payment system;
- support and assistance to participants of the market in case of implementation of the innovative products and services aimed at the development of the domestic market within the actions for digitalization of payment services in the Kyrgyz Republic;
- and other directions.
The document ONRPS for 2023-2027 contains:
- results of realization of the main directions of development of payment system for 2018-2022;
- results of implementation of the Concept of development of the digital payment technologies in the Kyrgyz Republic for 2020-2022 and the actions plan approved by the resolution of Board of National Bank of March 27, 2020 No. 2020-P-14/17-4-(PS);
- target indicators and priorities in development of national payment system for 2023-2027.
The document is based on the principles:
- compliance of strategic objectives and tasks to the regulatory legal acts regulating banking activity and work of payment systems;
- the weighed approach in development of national payment system, including implementation of banking innovative services and digital payment services taking into account assessment of possible risks and their adaptation to market conditions of the Kyrgyz Republic;
- opennesses of development of national payment system in the conditions of digitalization of economies on the basis of the interaction of National Bank, Interbank Processing Center Ltd (further - MPTs Ltd) interested public authorities of the Kyrgyz Republic and participants of the market of payment services;
- enhancement of the regulatory legal acts aimed at providing the balanced legal regulation of all elements of payment system, and also development and implementation of digital payment services;
- uses of the best foreign experience.
The realization of the document ONRPS for 2023-2027 will be enabled by National Bank together with concerned parties according to the Actions plan with indication of specific measures and terms of accomplishment (Appendix 1).
In the territory of the Kyrgyz Republic components of payment system are provided as follows:
1. System of large payments of National Bank - Grossovaya settlement system in real time (further - GSRRV).
2. Systems of retail payments: System of package clearing of small retail and regular payments (further - joint project company), settlement systems payment cards, money transfer systems, settlement systems with use of electronic money, systems of instant payments of operators of non-bank payment systems.
3. Infrastructure for transfer of financial messages (service bureau of SWIFT of National Bank, Interbank communication network).
Functionally the structure of payment system of the Kyrgyz Republic is provided in appendix 2.
For the period 2018-2022 increase in amount of payments in interbank payment system was observed that testifies to tendency of increase in role of payment system in real economy of the republic.
If in 2018 through interbank payment systems (GSRRV and joint project company) carried out payments for total amount 3220, 9 billion som, then in 2021 through GSRRV and joint project company 1 billion som was carried out 5559,. The amount of payments in GSRRV and joint project company increased by percent 72,6.
Such growth of amount of interbank payments resulted, mainly, from increase in amount of payments on banking activities, including on transactions through the Automated trade system of National Bank (transaction with securities, foreign currency, with credit operations).
For the end of September, 2022 through interbank payment systems (GSRRV and joint project company) registered 6,5 by one million payments for total amount 7001, in 7 billion som.
In the market of bank payment cards the positive tendency was also observed.
If for the end of 2018 the total quantity of the issued bank payment cards constituted 2,4 of one million pieces, then following the results of 2021 this indicator constituted 3,8 of one million cards, and as of the end of 2022 total number of the issued bank payment cards made more 5,2 of one million cards. At the same time the number of the issued cards of the national Elkart system in 2018 made 1,2 of one million pieces, in 2021 - 2269,2 of one thousand pieces, and as of the end of 2022 - 3011,3 of one thousand pieces.
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