RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of March 28, 1999 No. 37

About approval of Rules of establishment of correspondence relations between National Bank of the Republic of Kazakhstan and banks, and also the organizations performing separate types of banking activities

For the purpose of enhancement of the regulatory legal base providing functioning of payment system of the Republic of Kazakhstan Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of establishment of correspondence relations between National Bank of the Republic of Kazakhstan and banks, and also the organizations performing separate types of banking activities and to enact them from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

2. To legal department (Sizova S. I.) together with Management of payment systems (Musayev R. N.) to register this resolution in the Ministry of Justice of the Republic of Kazakhstan.

3. To management of payment systems (Musayev R. N.) in week time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of branches of National Bank of the Republic of Kazakhstan, having obliged them to bring this resolution and the approved Rules to the attention of banks.

4. To impose control for execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Abdulina N. K.

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of March 28, 1999 No. 37

Rules of establishment of correspondence relations between National Bank of the Republic of Kazakhstan and banks, and also the organizations performing separate types of banking activities

Chapter 1. General provisions

1. These rules are developed according to the Laws of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" of March 30, 1995, "About banks and banking activity in the Republic of Kazakhstan" of August 31, 1995, "About payments and money transfers" of June 29, 1998 (further - the Law on payments and money transfers), other legal acts of the Republic of Kazakhstan and regulatory legal acts of National Bank of the Republic of Kazakhstan (further - National Bank).

2. These rules regulate procedure for opening, maintaining and closing of correspondent accounts in tenge and foreign currency of banks of the second level and JSC Development Bank of Kazakhstan (further - banks), and also the organizations performing separate types of banking activities (further - the organizations), in National Bank. Correspondent accounts are opened after the conclusion between National Bank and bank and/or the organization of the agreement of correspondent account. According to terms of the contract of correspondent account the National Bank shall accept the money arriving for benefit of bank or the organization, to carry out orders of bank or the organization about the translation (issue) of the corresponding amounts of money to bank, organization or the third parties and to render other services provided by the agreement of correspondent account.

3. These rules do not extend to balance sheet accounts of National Bank and personal accounts opened on them reflecting line item of financial accounting of National Bank and also into the accounts opened for deposition of the amounts of the minimum reserve requirements of National Bank to bank according to the regulatory legal acts of National Bank establishing procedure for accomplishment by banks of the minimum reserve requirements.

4. The National Bank has the right to perform on paid basis maintaining correspondent account, accomplishment of transactions on receiving and delivery of cash of bank, organization and other services. Types and the amount of payment for the services provided to them are determined by National Bank independently.

5. The terms used in these rules mean the following:

1) the initiator of money transfer (further - the initiator) - person who showed the first for execution specifying about money transfer;

2) bank identification code - the sequence of symbols intended for identification of banks and organizatsiyuchastnik of payment systems of the Republic of Kazakhstan in case of presentation of instructions about transfer or payment;

3) specifying - the order of the sender to bank receiver about transfer or payment shown owing to the agreement or the law. Instructions are constituted in the form of the order or in the form of the requirement;

4) the reference book bank identification the kodovsistematizirovanny list of banks and organizations containing their bank identification codes and other details;

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