RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 27, 2008 No. 33/5

About approval of the Provision "About Signs of Solvency and Rules of Exchange of Banknotes and Coins of the Kyrgyz Republic"

Having considered the project of the provision "About Signs of Solvency and Rules of Exchange of Banknotes and Coins of the Kyrgyz Republic", being guided by Articles 7, of 18, 43 Laws of the KR "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Signs of Solvency and Rules of Exchange of Banknotes and Coins of the Kyrgyz Republic" it (is applied).

2. To direct to management of cash liquidity together with Legal department in accordance with the established procedure 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 regulation 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. From the moment of enforcement of this resolution to declare invalid the resolution of Board of NBKR No. 30/4 of 17.11.1998 about the provision "About Signs of Solvency of Banknotes of National Currency" registered in the Ministry of Justice of the Kyrgyz Republic of December 2, 1998, registration number 39.

6. To management of cash liquidity to bring this resolution to the attention of commercial banks and financial credit institutes, the licensed NBKR, exchange bureaus, regional managements and Representative office of NBKR in Batken Province.

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of August 27, 2008 No. 33/5

Regulations on signs of solvency and rules of exchange of banknotes and coins of the Kyrgyz Republic

This Provision establishes signs of solvency of banknotes and coins of the Kyrgyz Republic and the rule of exchange of the damaged banknotes and coins of the Kyrgyz Republic.

Part I General provisions

1. Banknotes and coins of the Kyrgyz Republic (further - the banknotes and coins) having the status of legal tender currency in the territory of the Kyrgyz Republic (including withdrawn from circulation) which are not containing counterfeit signs, without damages or the having damages of the following nature are payment:

a) the banknotes polluted, which are worn out, torn, having attritions, small openings, punctures, foreign texts, spots, prints of stamps; the lost corners, edges, but the kept at least 50 percent of the area of banknote;

b) coins the having small mechanical damages but which kept the image on obverse/reverse initial form and kept at least 80 percent of weight.

2. Payment banknotes / coins shall be accepted by all legal entities and physical persons during the calculating and payments without restrictions.

3. Are subject to exchange in commercial banks in the territory of the Kyrgyz Republic:

3.1. the banknotes which are not containing counterfeit signs, but having damages of the following nature:

a) lost considerable fragment, (including burned, subjected to impact of hostile environment, charred and decayed), but the kept at least 80 percent from the initial area of banknote;

b) stuck together from fragments (without quantity of fragments) if one fragment or several fragments certainly belonging to one banknote occupy at least 80 percent from the initial area of banknote;

c) the changed coloring and luminescence in ultraviolet rays if on them images are distinctly checked;

d) scrap of the manufacturer.

3.2. the coins which are not containing counterfeit signs, but having damages of the following nature:

a) the changes of initial form (bent, flattened, nadpilenny), but the kept image on obverse and reverse;

b) the traces of impact of high temperatures and hostile environment (which are melted off, etched, changed color);

c) scrap of the manufacturer.

4. Commercial banks shall make exchange of the banknotes/coins listed in Items 1 and 3 of this provision by issue to physical person or legal entity of the equivalent (exchanged) amount suitable (1) banknotes/coins or by its transfer on the bank account opened in commercial bank, directly after acceptance of banknotes/coins if the banknote/coin does not raise doubts in authenticity. If banknotes/coins raise doubts in authenticity, then such banknotes / coins go for examination in National Bank of the Kyrgyz Republic and exchange in case of their replacement with National Bank.

5. Are subject to exchange in organizations of National Bank of the Kyrgyz Republic (further - National Bank):

5.1. In the amount of 100 percent from banknote nominal, the counterfeits which are not containing signs, but the having damages of the following nature:

a) lost considerable fragment, (including burned, subjected to impact of hostile environment, charred and decayed), but the banknotes which kept at least 51 percent from the initial area;

b) stuck together from fragments (without quantity of fragments) if one or several fragments certainly belonging to one banknote occupy at least 51 percent from the initial area of banknote;

c) the changed coloring and luminescence in ultraviolet rays if on them images are distinctly checked;

d) the having prints of stamps or special tags used by law enforcement agencies for conducting various special operations which have luminescence in case of radiation of banknotes ultraviolet rays;

e) scrap of the manufacturer.

5.2. In the amount of 50 percent from banknote nominal, the counterfeits which are not containing signs kept 50 percent from the initial area (including burned, subjected to impact of hostile environment, charred and decayed). The banknotes which kept less than 50 percent of the area are not subject to acceptance and exchange.

5.3. In the amount of 100 percent from coin nominal, the counterfeits which are not containing signs kept the image on obverse and reverse in the presence of 80 percent of weight and having damages of the following nature:

a) the changes of initial form (bent, flattened, nadpilenny), but the kept image on obverse and reverse;

b) the traces of impact of high temperatures and hostile environment (which are melted off, etched, changed color);

c) scrap of the manufacturer.

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