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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 26, 2009 No. 35/3

About approval of the Provision "About Transactions of Commercial Banks with Precious Metals"

(as amended on 08-06-2017)

According to article 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", article 33 of the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" and the Law of the Kyrgyz Republic "About precious metals and gemstones", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve new edition of the Provision "About Transactions of Commercial Banks with Precious Metals" according to appendix to this resolution.

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic of August 15, 2001 No. 30/5 "About the project of the Regulations on transactions of commercial banks with precious metals";

- the resolution of Board of National Bank of the Kyrgyz Republic of March 13, 2003 No. 7/4 "About modification and amendments in the Provision "About Transactions of Commercial Banks with Precious Metals".

3. This resolution becomes effective in month after official publication.

4. Send to legal department 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.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Bokontayev K. K.

 

Chairman

Alapayev M. O.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of August 26, 2009 No. 35/3

Regulations on transactions of commercial banks with precious metals

I. General provisions

1.1. This provision establishes requirements of National Bank of the Kyrgyz Republic (further - National Bank) to carrying out the Kyrgyz Republic of transactions by commercial banks with precious metals.

1.2. The terms applied within this provision:

1.2.1. Precious metals are:

- gold in the affined standard and measuring ingots;

- silver in the affined standard and measuring ingots;

- platinum in the affined standard and measuring ingots.

1.2.2. The affined standard ingots of precious metals - the made and marked ingots of precious metals and conforming to the International standards of quality accepted by the London association of the market of precious metals (Appendix 1).

1.2.3. The affined measuring ingots - the made and marked ingots from precious metals emitted (issued) by the National Bank or the affinaging company certified by the London association of the market of precious metals weighing 1000 grams and less with content of chemically net main metal 99,95-99,99 of percent of ligaturny mass of ingot for gold at least 99,90 of percent of ligaturny mass of ingot for silver/platinum suffices.

1.2.4. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 21.12.2016 No. 49/7

1.2.5. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 15.07.2015 No. 38/1

1.2.6. The weight Ligaturny (gross) - the actual lump of the alloy containing precious metal.

1.2.7. One troy ounce is measure of weight, component 31, 1035.

1.2.8. Test - the content of certain precious metal measured in shares per thousand of alloy units of mass.

1.2.9. Metal accounts are the accounts opened by bank for clients for the purpose of accounting and implementation of transactions with precious metals.

1.2.10. The depersonalized metal accounts are the accounts opened by bank for accounting of precious metals without instruction of individual signs and making of transactions for attraction and placement of precious metals.

1.2.11. Metal accounts of safe custody - the customer accounts intended for accounting of the precious metals transferred to bank with preserving their individual signs (the name, the number of values, test, the producer, serial number, etc.).

1.3. Requirements of this provision extend only to the affined standard and measuring ingots from the precious metals specified in subitem 1.2.1 of Item 1.2 of this provision. Commercial banks are not allowed to perform transactions with gemstones and other forms of precious metals.

1.4. According to the international practice of carrying out transactions with precious metals, transactions with gold are made in quantitative units of net mass of metal (in troy ounces or grams), transactions with platinum and silver - in quantitative units of ligaturny mass of metal.

For accounting of precious metals in grams, it is necessary to make rounding to the tenth shares as follows:

1) if the 100-th share is more or is equal 5, the tenth share increases on 1, all signs following it are excluded;

2) if the 100-th share less 5, the tenth share remains without changes, all signs following it are excluded.

1.5. The cash assets and obligations expressed in precious metals are subject to revaluation on daily basis on the evening fixing of the London association of the market of precious metals established in the day preceding day of carrying out revaluation.

At the same time revaluation of the affined measuring ingots emitted by National Bank is performed according to accounting policy of bank.

II. Transactions of commercial banks with ingots of precious metals

2.1. The bank in the presence of transactions with precious metals in the list of the permitted banking activities to the license of bank for the right of carrying out banking activities can perform the following operations with precious metals in cash and non-cash form:

- maintaining metal accounts and attraction on its own behalf precious metals for the stipulated terms from other commercial banks, legal entities and physical persons;

- placement of precious metals for the stipulated terms on its own behalf on the metal accounts opened in other banks;

- loan granting to banks in precious metals, and receipt of the credits from banks in precious metals;

- purchase and sale of precious metals on its own behalf for customer account;

- purchase and sale of precious metals on its own behalf on own account;

- implementation of transactions with derivative financial instruments with use of precious metals.

Commercial banks are forbidden to perform transactions with precious metals, except above-mentioned transactions.

Commercial banks can perform purchase and sale of coins from the precious metals (gold, silver, platinum) which are means of payment without receipt of permission of National Bank to the right of carrying out banking activities with precious metals.

2.2. Precious metals with which banks perform transactions within this provision shall meet the following requirements:

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