RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 28, 2013 No. 10/15

About approval of "Rules of determination of the official rates of foreign currencies in relation to the Kyrgyz som"

According to articles 17 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 "Rules of determination of the official rates of foreign currencies in relation to the Kyrgyz som" it (is applied).

2. Declare invalid the "Rules of determination by National Bank of the Kyrgyz Republic of the official rates of foreign currencies in relation to the Kyrgyz som" approved by the resolution of Board of National Bank of the Kyrgyz Republic of July 29, 2009 No. 32/2 from the date of enforcement of regulations of Rules of determination of the official rates of foreign currencies in relation to the Kyrgyz som 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 Rules of determination of the official rates of foreign currencies in relation to the Kyrgyz som, 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.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of March 28, 2013 No. 10/15

Rules of determination by National Bank of the Kyrgyz Republic of the official rates of foreign currencies in relation to the Kyrgyz som

1. General provisions

1. These rules of determination by National Bank of the Kyrgyz Republic of the official rates of foreign currencies in relation to the Kyrgyz som (further - Rules) establish procedure for determination by National Bank of the Kyrgyz Republic (further - National Bank) the official rates of foreign currencies in relation to the Kyrgyz som (further - som) and rules of their announcement.

2. The National Bank determines the official rates of foreign currencies in relation to som according to the constitutional Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" and article 7 of the Law of the Kyrgyz Republic "About foreign currency transactions".

3. The official rates of foreign currencies determined by National Bank reflect the prices of monetary units of foreign currencies expressed in national currency units of the Kyrgyz Republic.

4. The National Bank determines and announces the official rates of foreign currencies in relation to som for the purpose of their use in accounting and calculations, without obligation of National Bank to buy or sell foreign currencies on the established rates.

5. The National Bank determines the official rates of foreign currencies in relation to som:

- on daily basis - US dollar exchange rates, euro, Russian ruble and the Kazakh tenge (Appendix 1 to these rules);

- on weekly basis - rates of other foreign currencies (Appendix 2 to these rules).

6. The official rates of foreign currencies in relation to som become effective the next calendar day after day of calculation and are effective before entry into force of the following official rates of foreign currencies.

7. Numerical value of the official rates of foreign currencies in relation to som is determined by National Bank to within four signs after comma.

8. Information on the official rates of foreign currencies in relation to som is updated in day of their determination on the official website of National Bank.

9. In case of technical failures or other circumstances, and also in case of impossibility of receipt of information on official rates / foreign currency quotations from Reuters news Agency the foreign exchange rates can be received from Bloomberg news Agency. In case of impossibility of data acquisition from the sources stated above, values are determined by official rates / foreign currency quotations as value of the last operating official years / quotations of the corresponding currencies.

10. In case of impossibility of calculation and determination of the official rates of currencies to som owing to emergence of force majeur circumstances, values of the official rates of foreign currencies to som are determined as values of the last operating official rates of the corresponding currencies and are effective before entry into force of the following official rates.

2. Determinations and terms

11. The automated trade system of National Bank of the Kyrgyz Republic (further - automatic telephone exchange) - the hardware and software system of National Bank intended for automation of process of carrying out transactions in the financial markets of the Kyrgyz Republic.

12. Cross-rate - the rate of one currency to another calculated through their rates to US dollar.

13. News agencies of Reuters/Bloomberg (News Agency Bloomberg Reuters / news Agency) - the international information and trade systems allowing to obtain information on foreign currency quotations in the world foreign exchange markets in real time.

14. Settlement period of US dollar exchange rate - period of time from 15:00 o'clock (the Bishkek time is hereinafter specified) the previous trading day till 15:00 o'clock the present trading day for which there is calculation of the weighted average rate of US dollar to som.

15. Technical failure - impossibility of carrying out calculation of the official rates of foreign currencies to som during the certain period of time owing to violation for technical reasons the normal mode of functioning of automatic telephone exchange.

16. Trading day - the official working day in the Kyrgyz Republic in which operations in automatic telephone exchange are performed. As a rule, trading days are the working days Monday through Friday.

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