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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 28, 2013 No. 10/8

About approval of the Provision "About Intra Overnight Credit of National Bank of the Kyrgyz Republic"

(as amended on 14-12-2022)

According to articles 7 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 Intra Overnight Credit of National Bank of the Kyrgyz Republic" it (is applied).

2. Declare invalid the Provision "About Intra Overnight Credit of National Bank of the Kyrgyz Republic" approved by the resolution of Board of National Bank of the Kyrgyz Republic of February 11, 2009 No. 7/11, registration number of the Ministry of Justice of the Kyrgyz Republic of February 24, 2009 No. 22-09 from the date of enforcement of regulations of the Provision "About Intra Overnight Credit of National Bank of the Kyrgyz Republic" according to Item 6 of this resolution.

3. Publish this Resolution on the official site of National Bank of the Kyrgyz Republic.

4. After official publication to send to Legal management this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. This resolution becomes effective after 15 days from the date of official publication. 

6. Determine that regulations of the Provision "About Intra Overnight Credit of National Bank of the Kyrgyz Republic", are applied from the moment of input of the Automated trade system in commercial operation.

7. To management of monetary transactions to bring this resolution to the attention of commercial banks.

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

Chairman

Z.Asankozhoyeva

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 28, 2013 No. 10/8

Regulations on intra overnight credit of National Bank of the Kyrgyz Republic

1. General provisions

1. This Provision "About Intra Overnight Credit of National Bank of the Kyrgyz Republic" (further - the Provision) determines conditions and procedure for provision by National Bank of the Kyrgyz Republic (further - National Bank) intra overnight credit to the commercial banks of the Kyrgyz Republic (further - Banks/banks) licensed by National Bank through the automated trade system of National Bank (further - automatic telephone exchange).

2. The intra overnight credit is granted by National Bank to Bank according to articles 6 and 17 of the constitutional Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", this Provision, Regulations on work of the Automated trade system of National Bank of the Kyrgyz Republic and the General agreement about intra overnight credit signed between National Bank and Bank (further - the General agreement). The standard form of the General agreement is given in Appendix 1 to this Provision.

3. The intra overnight credit is granted to Bank for the purpose of increase in overall performance of payment system of the Kyrgyz Republic.

4. Issue of intra overnight credit is performed in national currency, on interest-free basis, under mortgage providing in the form of pledge, in any working day.

5. The obligation of Bank on return of intra overnight credit is provided with pledge in the form of pledge. Pledge subject in the form of pledge are government securities of the Cabinet of Ministers of the Kyrgyz Republic and note of National Bank (further - securities). Requirements to sufficiency amount (in percentage expression), to type and other parameters of mortgage providing in the form of securities are established by Committee of monetary control of National Bank (further - KDKR). the securities pledged to National Bank cannot be pledged or repawned to the third party.

6. The outstanding intra overnight credit is automatically prolonged in automatic telephone exchange till next working day, with renewal on credit "overnight", with interest rate which is established for use of the credit "overnight" for date of renewal. Prolongation of the credit is performed only once.

7. Rules of work and time regulations of application for receipt of intra overnight credit and repayment of intra overnight credit in automatic telephone exchange it is regulated by Regulations on work of the Automated trade system of National Bank of the Kyrgyz Republic (further - Regulations on work of automatic telephone exchange).

8. The conditions and rules established by Regulations on work of automatic telephone exchange extend to this Provision.

2. The used terms and concepts

For the purposes of this provision, except provided below, the determinations and terms established in Regulations on work of automatic telephone exchange are applied.

9. Intra overnight credit - the loan in som granted by National Bank to Bank for the purpose of ensuring timely and uninterrupted carrying out payments in payment system of the Kyrgyz Republic with repayment in day of issue of intra overnight credit under mortgage providing in the form of pledge.

10. The credit "overnight" - the loan in som granted by National Bank to Bank during the operational day with repayment no later than the next working day on fixed interest rate, under mortgage providing in the form of pledge.

11. Authorization of intra overnight credit - the procedure performed by the authorized person of National Bank for confirmation and further execution of the Request for receipt of intra overnight credit.

12. Depositary - the legal entity of the Kyrgyz Republic performing accounting and storage of securities, registration of transition and confirmation of the property right to securities.

13. Investment sub-account of the account of "depot" - the sub-account of Bank opened in Depositary for the purposes of accounting and storage of the securities belonging to Bank on the property right.

14. Reserve sub-account balance of "depot" - the sub-balance of Bank opened in Depositary, intended for reservation of securities in the course of attraction of the credits "overnight" and intra day.

15. The authorized person - the employee of structural division of National Bank who is authorized to authorize requests for attraction of intra overnight credit.

3. Conditions and procedure for provision of intra overnight credit

16. The intra overnight credit is granted with respect for the general principles of crediting: urgency, recoverability and security.

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