RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 29, 2025 No. 2025-P-12/71-3-(NPA)

About modification of some regulatory legal acts of National Bank of the Kyrgyz Republic

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. Make changes to the following resolutions of Board of National Bank of the Kyrgyz Republic it (is applied):

1) "About Regulations of activities of the microfinancial organizations in the territory of the Kyrgyz Republic" of February 19, 2003 No. 4/2;

2) "About approval of the Provision "About the Periodic Regulating Report of the Microcredit Company / Mikrocreditnogo Agencies" and the Provision "About the Periodic Regulating Report of Microfinance Company" of May 27, 2009 No. 25/3;

3) "About approval of Regulations of activities of the microfinancial organizations performing transactions by the Islamic principles of banking and financing" of May 30, 2014 No. 24/11;

4) "About approval of provisions of National Bank of the Kyrgyz Republic" of October 17, 2014 No. 45/1;

5) "About approval of Regulations of activities of guarantee funds" of February 28, 2024 No. 2024-P-12/8-3-(NPA).

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 inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective since April 1, 2026.

4. To management of methodology of supervision within 3 (three) working days from the date of official publication to bring this resolution to the attention of the microfinancial organizations, JSC Garantiyny fond, OYuL "Association of the Microfinancial Organizations".

5. To department "Secretariat of Board" within 3 (three) working days to bring this resolution to the attention of management of supervision of the non-bank organizations, regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. 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.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 29, 2025 No. 2025-P-12/71-3-(NPA)

Changes in some regulatory legal acts of National Bank of the Kyrgyz Republic

1. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "On" regulations of activities of the microfinancial organizations in the territory of the Kyrgyz Republic" of February 19, 2003 No. 4/2 the following changes:

in Regulations of activities of the microfinancial organizations in the territory of the Kyrgyz Republic approved by the above-stated resolution:

Item 1.8 to state 1) in the following edition:

"1.8. IFIs shall perform financial accounting of the transactions and create the financial reporting according to requirements of regulatory legal acts of National Bank.";

2) in Item 2.1:

- to add the paragraph of the eighth with the offer third the following content:

"This restriction does not extend to the credits issued within realization of other property of the IFC transformed from commercial bank.";

- add with subitem 2.1.2 of the following content:

"2.1.2. Microfinance companies, the deposits which are not performing acceptance, shall observe economic standard rates and the restrictions set by National Bank including:

- the minimum size of the paid authorized capital;

- standard rate of the minimum equity;

- maximum cumulative size of the microcredit;

- maximum cumulative amount of investments into the microfinancial organizations, leasing companies and banks;

- the maximum cumulative size of the means borrowed from founders (shareholders) - physical persons;

- the maximum cumulative size of the means borrowed from founders (shareholders) - legal entities;

- maximum amount of investments into property (fixed assets);

- maximum amount of release of debt securities.";

3) in Item 2.3:

- state subitem 2.3.1 in the following edition:

"2.3.1. Calculation of equity of IFC (for date of assessment) is made on the basis of the following indicators:

- common shares;

- preferred shares;

- the capital brought over nominal;

- the supplementary capital brought by physical persons and legal entities;

- reserves for future requirements;

- non-term subordinated debt.

The non-term subordinated debt is understood unsecured by pledge as the obligation which has no repayment periods, shall not be settled ahead of schedule upon the demand of creditors, and requirements for which in case of liquidation of IFC are settled in the last queue after satisfaction of all requirements from creditors, but before settlings with shareholders of IFC. The IFC shall have under any circumstances full authority on cancellation of payment of interest payments for subordinated debt. The non-term subordinated debt can be paid off at the initiative of IFC only after the minimum term constituting at least five years after receipt of preliminary permission of National Bank and also if repayment does not lead to violation of standard rates;

- unallotted profit / losses of last years;

- losses of the current year;

- minus investments into the capital (shares, equity) of other microfinancial organizations, leasing companies and banks.

At the same time investments into the capital (shares, equity) are understood as remaining balance of actually invested funds in the capital of the microfinancial organizations, leasing companies and banks.";

- to state the paragraph of the sixth of subitem 2.3.2 in the following edition:

"UK - the minimum authorized capital established by the resolution of Board of "About the Minimum Size of the Authorized Capital of Non-bank Financial Credit Institutions" National Bank of October 5, 2022 No. 2022-P-33/61-2-(NFKU) for the deposits which are again opened and operating with IFC, not performing acceptance, respectively.";

Subitem 2.4.1 of Item 2.4 to state 4) in the following edition:

"2.4.1. The IFC has the right to perform investments only into the microfinancial organizations, leasing companies and banks.";

Item 2.4-5 to add 5) with the paragraph the second the following content:

"This restriction, and also its value, can individually be established for specific IFC according to the decision of Committee on supervision of National Bank.";

Paragraphs of the sixth and seventh of subitem 2.5.1 of Item 2.5 to state 6) in the following edition:

"-about the size of the means borrowed from founders (shareholders) - physical persons, with indication of the list of founders (shareholders) - physical persons, conditions of borrowings by founders (shareholders) (the size, term, rate, loan currency, etc.);

- about the size of the means borrowed from founders (shareholders) - legal entities, with indication of the list of founders (shareholders) - legal entities, conditions of borrowings by founders (shareholders) - legal entities (the size, term, rate, loan currency, etc.).";

Item 2.7 to state 7) in the following edition:

"2.7. For calculation of the amount of dividends of IFC shall use the smallest of the sizes of net profit calculated according to International accounting standards (further - IFRS) and requirements of National Bank.

In case of availability of one of the following threats of stability of activities of IFC, the National Bank can limit dividend payout of IFC if:

It will lead 1) to violation of economic standard rates and the restrictions set by National Bank;

2) the IFC does not observe economic standard rates and the restrictions set by National Bank;

3) in the presence of losses of last years or for accounting year;

4) the instruction/requirement of National Bank for additional accrual of reserve of covering of potential losses and losses, according to requirements of National Bank is not performed;

5) there is unexecuted requirement of National Bank directed as corrective action.";

8) in Item 4.2:

- in paragraph one after the word "standard rates" to add with the words "and restrictions";

- the fourth to state the paragraph in the following edition:

"-adequacy (sufficiency) of equity;"

- add with the paragraph the fifth the following content:

"-adequacy total (sufficiency) of the capital;";

- the twelfth and thirteenth to state paragraphs in the following edition:

"-the maximum cumulative size of the means borrowed from founders (shareholders) - physical persons;

- the maximum cumulative size of the means borrowed from founders (shareholders) - legal entities;";

- add with the paragraph of the following content:

"-maximum amount of release of debt securities.";

The paragraph the fourth subitem 5.2.2 of Item 5.2 to state 9) in the following edition:

"UK - the minimum authorized capital established by the resolution of Board of "About the Minimum Size of the Authorized Capital of Non-bank Financial Credit Institutions" National Bank of October 5, 2022 No. 2022-P-33/61-2-(NFKU) for again opened and acting with IFC, attracting deposits, respectively.";

10) in Item 5.3:

- in paragraph one and in subitems 5.3.1 and 5.3.2 of the word of "capital" shall be replaced with words "equity";

- in subitem 5.3.2 the third and fourth to state paragraphs in the following edition:

"SK - equity of IFC for date of assessment (according to Item 2.3.1 of these rules).

SA - the amount of the balance sheet assets for date of assessment minus deposit amount placed in commercial banks as pledge in the amount of the amount of the raised funds in national currency for the purpose of hedging of currency risks, and also the intangible assets connected with the technical and software products directed to increase in number of clients and scope of services.";

To add 11) with Item 5.3-1 of the following content:

"5.3-1. The total capital of IFC (for date of assessment) is determined as the amount of the following indicators:

- equity;

- profit of the current year (the profit after the taxation got in the current year);

- general reserves on covering of potential losses and loan losses;

- general reserves on covering of potential losses and losses on other assets;

- reserve on revaluation of fixed assets;

- reserve on revaluation of securities;

- subordinated debt.

The subordinated debt is understood unsecured by pledge as the obligation which shall not be settled ahead of schedule upon the demand of creditors and the requirement according to which in case of liquidation of IFC are settled in the last queue after satisfaction of all requirements from creditors, but before settlings with shareholders of IFC. The creditor has no rights to early repayment of future planned payments (interest income or the main amount on the subordinated credit / loan), except as specified bankruptcies and liquidations. The minimum repayment period shall constitute at least 5 (five) years. Depreciation of subordinated debt is performed on the basis of method of uniform assignments for the remained five years before repayment period. The subordinated debt can be paid off only after the minimum term constituting at least 5 (five) years after receipt of preliminary permission of National Bank and also if repayment does not lead to violation of standard rates.

5.3-1.1. Adequacy total (sufficiency) of the capital.

5.3-1.1. Value of the standard rate of adequacy of total (sufficiency) of the capital Sq.m needs to be maintained at the level of at least 9%.

5.3-1.2. The norm of total adequacy of the capital of IFC is determined on formula:

Sq.m = Sumk / SA * 100%,

where:

Sumk - the total capital of IFC for date of assessment calculated according to Item 5.3-1.;

SA - the amount of the balance sheet assets for date of assessment minus deposit amount placed in commercial banks as pledge in the amount of the amount of the raised funds in national currency for the purpose of hedging of currency risks, and also the intangible assets connected with the technical and software products directed to increase in number of clients and scope of services";

12) in Item 5.4:

- the fifth subitem 5.4.2 to state the paragraph in the following edition:

"For IFC, engaged in wholesale crediting, the maximum cumulative size of the microcredit issued to the same person shall not exceed 20 percent from the equity size.";

- in subitem 5.4.3:

- in the version in official language in paragraph five of the word "not return" to replace with the word "non-return";

- in paragraph six to exclude the word "mortgage";

The second subitem 5.5.3 of Item 5.5 the word "come" to exclude 13) in the paragraph;

Item 5.6 to add 14) with subitem 5.6.2-1 of the following content:

"5.6.2-1. The standard rate of the maximum extent of risk on term deposits of physical persons and other obligations to physical persons (M5.1) is calculated by formula:

M5.1 = Sumk / SDFL * 100%,

where:

Sumk - the total capital of IFC;

SDFL - the amount of term deposits and other obligations to physical persons, including savings (deposit) certificates, bonds, etc.

This standard rate, and also its value can individually be established for specific by IFC according to the decision of Committee on supervision of National Bank.";

Shall be replaced with words 15) in subitems 5.7.1 and 5.7.2 of Item 5.7 of the word "About Requirements to Transactions of the Microfinance Companies Attracting Deposits with Affiliated and Connected Persons of Microfinance Company" "About requirements to transactions of the microfinance companies attracting deposits, with the affiliated and tied with microfinance company and the housing and savings credit company faces", approved by the resolution of Board of National Bank of June 15, 2017 No. 2017-P-12/25-6-(NPA)";

Item 5.13 to add 16) with the paragraph the second the following content:

"This restriction, and also its value can individually be established for specific IFC according to the decision of Committee on supervision of National Bank.";

Item 6.8 to state 17) in the following edition:

"6.8. For calculation of the amount of dividends of IFC shall use the smallest of the sizes of net profit calculated according to IFRS and requirements of National Bank.

The IFC shall get permission of National Bank to dividend payout to shareholders of IFC. Documents for receipt of permission of National Bank to dividend payout shall be provided in National Bank no later than ten working days before carrying out IFC general shareholder meeting. Plans of IFC for payment due dates of dividends, the indicators of net profit calculated according to IFRS and requirements of National Bank and calculations for observance of economic standard rates after dividend payout shall be attached to documents.

The National Bank can limit dividend payout of IFC in case of availability of one of the following threats of stability of activities of IFC:

It will lead 1) to violation of economic standard rates and the restrictions set by National Bank;

2) the IFC does not observe economic standard rates and the restrictions set by National Bank;

3) in the presence of losses of last years or for accounting year;

4) the instruction/requirement of National Bank for additional accrual of reserve of covering of potential losses and losses, according to requirements of National Bank is not performed;

5) there is unexecuted requirement of National Bank directed as corrective action.";

Item 7.6 to state 18) in the following edition:

"7.6. For the MKK which are engaged in wholesale crediting (apeksny institutes) and having obligations to creditors (including FKO) to establish the standard rate of adequacy (sufficiency) of equity.

Value of the standard rate of adequacy (sufficiency) of equity Sq.m needs to be maintained at the level of at least 8%.

The norm of adequacy (sufficiency) of equity is determined on formula:

SQ.M = CK / CA * 100%,

where:

SK - MKK equity for date of assessment (according to Item 7.7 of these rules);

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