RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of April 4, 2025 No. 2025-P-12/14-1-(BS)

About implementation of the order of the Cabinet of Ministers of the Kyrgyz Republic of March 17, 2025 No. 171-r

For the purpose of ensuring stability of financial system and economic safety of the Kyrgyz Republic, implementation of the order of the Cabinet of Ministers of the Kyrgyz Republic of March 17, 2025 and according to Articles 4, of 5, of 9, of 28, 41 and 64 constitutional Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides No. 171-r:

1. Within the pilot project determined by the order of the Cabinet of Ministers of the Kyrgyz Republic of March 17, 2025 No. 171-r (further - the order of the Cabinet of Ministers), to commercial banks of the Kyrgyz Republic to perform transaction types, specified in Item 2 of the order of the Cabinet of Ministers, through the clearing bank determined by the Cabinet of Ministers of the Kyrgyz Republic (further - clearing bank).

2. Commercial banks of the Kyrgyz Republic for realization of Item 1 of this resolution in the period of pilot project are allowed to establish correspondence relations on accounts in the currency specified at the disposal of the Cabinet of Ministers with clearing bank as corresponding bank (intermediary bank).

3. To provide to commercial banks of the Kyrgyz Republic observance of all economic standard rates. At the same time requirements of regulatory legal acts of National Bank are obligatory to execution taking into account requirements of this resolution.

3-1. Establish to clearing bank the economic standard rate of the maximum extent of risk on one borrower or group of the connected borrowers who are not connected with bank (K1.3), at the level of no more than 50%. This value of the standard rate K1.3 is applied to clearing bank only for carrying out the transactions connected with implementation of the order of the Cabinet of Ministers.

4. The board and the board of directors of clearing bank bear the personal responsibility for ensuring execution of requirements of the legislation of the Kyrgyz Republic, including in the sphere of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income, and also for taking measures to ensuring stability of financial condition of clearing bank, timely carrying out transactions of clients and corresponding banks and to exception of all possible risks following from realization of this pilot project.

5. This resolution becomes effective since April 14, 2025 and is effective till September 17, 2025 according to the order of the Cabinet of Ministers.

At the same time:

- to perform transactions in the currency specified at the disposal of the Cabinet of Ministers in cash form through clearing bank since April 14, 2025;

- to perform transactions in the currency specified at the disposal of the Cabinet of Ministers in non-cash form through clearing bank since May 1, 2025.

6. To legal management:

- 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.

7. To management of methodology of supervision within 3 (three) working days from the date of publication of this resolution to bring it to the attention of OYuL "Union of Banks of Kyrgyzstan", commercial banks of the Kyrgyz Republic.

8. 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.

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