RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 27, 2008 No. 33/4

About approval of the Provision "About Calculation of Effective Interest Rate in case of Distribution of Information on Amount of Remuneration on Banking Services"

Having considered the project of the Provision "About Calculation of Effective Interest Rate in case of Distribution of Information on Amount of Remuneration on Banking Services", being guided by the Laws of the KR "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Calculation of Effective Interest Rate in case of Distribution of Information on Amount of Remuneration on Banking Services" it (is applied).

2. In accordance with the established procedure to direct to management of methodology of supervision and licensing together with Legal department this resolution to state registration in the Ministry of Justice of the Kyrgyz Republic.

3. This resolution becomes effective after state registration in the Ministry of Justice of the Kyrgyz Republic and the subsequent official publication.

4. After publication of the registered regulatory legal act to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

5. To impose control of execution of this resolution on the vice-chairman of NBKR Bokontayev K. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of August 27, 2008 No. 33/4

Regulations on calculation of effective interest rate in case of distribution of information on amount of remuneration on banking services

1. General provisions

1.1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 15.06.2017 No. 2017-P-12/25-12

1.2. The purpose of this provision is determination of procedure for calculation by commercial banks and other financial credit institutions, licensed and/or regulated by National Bank of the Kyrgyz Republic (further - banks), loan interest rates and to deposits in reliable, annual, effective, comparable basis in case of distribution of information on amount of remuneration on banking services.

2. Terms and determinations

For the purposes of this provision the following concepts are used:

Annual effective interest rate - interest rate in reliable, annual, effective, comparable basis when which calculating the payments of the client connected with receipt of the credit or remuneration to the client for placement of money on the deposit account are considered. The annual effective interest rate is calculated according to this Provision.

The deposit connected with the credit - the deposit which is providing the granted loan or availability of which is obligatory under the terms of the agreement of the credit.

Clients - the physical, legal entities or individual entrepreneurs intending or using services of bank.

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