Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

The document ceased to be valid since  April 1, 2019 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of  March 13, 2019 No. 2019-P-07/10-1-(DKP)

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 19, 2010 No. 8/2

About approval of the Provision "About Required Reserves"

(as amended on 25-10-2017)

According to articles 22 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Required Reserves" it (is applied).

2. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 19.05.2010 No. 34/1

3. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 25.10.2017 No. 2017-P-07/45-4-(DKP)

4. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic of March 14, 2001 No. 5/5 "About the new editorial office "Regulations on Required Reserves";

- the resolution of Board of National Bank of the Kyrgyz Republic of November 26, 2008 No. 42/3 "About new edition of the Provision "About Required Reserves", registered in the Ministry of Justice of the Kyrgyz Republic of December 31, 2008, registration number No. 157-08;

- the resolution of Board of National Bank of the Kyrgyz Republic of February 2, 2000 No. 4/3 "About the exchange rate of US dollar applied to converting of currency deposits when calculating mandatory reserve requirements".

5. Since May 31, 2010 to establish the exchange rates of foreign currencies for recalculation of the currency obligations entering the list for calculation of required reserves, and foreign currency deposits in NBKR used for calculation of required reserves at the level of the official rates of National Bank of the Kyrgyz Republic.

6. This resolution becomes effective since May 31, 2010.

7. After official publication to 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.

8. To economic management to bring this resolution to the attention of structural divisions and commercial banks.

9. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic Abdybala tegin Page.

Chairman

M. Alapayev

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of March 19, 2010 No. 8/2

Regulations on required reserves

1. General provisions

1.1. This Provision establishes requirements to banks on deposition in National Bank of the Kyrgyz Republic (further - the National Bank) required reserves, determines the size of required reserves, procedure of payments and accomplishment by commercial banks, National bank of development of the Kyrgyz Republic of mandatory reserve requirements, and also procedure of payments and recovery of penalty for their non-compliance.

1.2. Required reserves are cash amount which banks shall deposit with NBKR on the conditions established by National Bank.

Mandatory reserve requirements (further - ORT) are requirements to bank on deposition in National Bank of required reserves.

The calculation base is the somovy and currency obligations of bank considered on its deposit and other accounts. The list and currency structure of the obligations entering calculation base affirms Board of National Bank.

The size of required reserves is established by Board of National Bank percentage of calculation base.

Reserve assets are cash amount of remaining balance in ATMs of bank in national currency, money on correspondent account in National Bank, and also assets in the form of gold on the depersonalized metal bank account in National Bank.

1.3. Required reserves are one of instruments of monetary policy and are used by National Bank as the regulator of amount of cash aggregates, bank loan and demand for liquidity.

1.4. The size of required reserves can be changed for the purpose of monetary policy. For various categories of the obligations which are part of calculation base various percentage values can be established.

1.5. Deposition of required reserves is performed in the form of placement of money by bank on correspondent account in National Bank.

1.6. Banks shall carry out ORT during action of the license for making of banking activities, except the cases provided in item 3.6 of this provision.

2. Procedure of payments of required reserves

2.1. Required reserves are calculated once for the period in four weeks, in the first working day of the current base period and are determined on the basis of daily average calculation base for the previous base period, and the size of required reserves established by Board of National Bank. The established value of required reserves acts on extent of four weeks of base period. The Somovy equivalent of the currency obligations entering calculation base is calculated on the official rate of foreign currency in relation to the som established by National Bank.

2.2. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 14.11.2014 No. 50/2

2.3. No. 34/1 is excluded according to the Resolution of Board of National Bank of the Kyrgyz Republic of 19.05.2010

2.4. Calculation of required reserves is made on the following formula:

Формула к ППНБ КР от 20.01.2016 г. №41

where:

ORT - required reserves for the current base period;

OBT-1 - the obligations of bank entering calculation base for each day of the previous base period;

The paragraph the fifth Item 2.4 ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 20.01.2016 No. 4/1

Dt-1 - the number of the calendar days of the previous base period taken into consideration of required reserves, i.e. 28 days.

2.5. Calculation made according to Item 2.4. this provision, certified by the signature of the head of bank, it is represented in form according to Appendix 1 in National Bank, in the first working day of new base period till 12:00 o'clock. In case of untimely provision of calculation, and also representation of unreliable information the bank bears responsibility according to regulatory legal acts of National Bank.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.