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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 28, 2013 No. 10/16

About approval "Rules of the biddings in the interbank foreign exchange market through the Automated trade system of National Bank of the Kyrgyz Republic"

(as amended on 30-08-2017)

According to article 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 the biddings in the interbank foreign exchange market through the Automated trade system of National Bank of the Kyrgyz Republic" it (is applied).

2. Declare invalid "Rules of the biddings in the interbank foreign exchange market through trade and information electronic system of National Bank of the Kyrgyz Republic", the Boards of National Bank of the Kyrgyz Republic approved by the resolution of December 23, 2009 No. 50/2 from the date of enforcement of regulations "Rules of the biddings in the interbank foreign exchange market through the Automated trade system 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 "Rules of the biddings in the interbank foreign exchange market through the Automated trade system 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

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of March 28, 2013 No. 10/16

Rules of the biddings in the interbank foreign exchange market through the Automated trade system of National Bank of the Kyrgyz Republic

1. General provisions

1. These rules of the biddings in the interbank foreign exchange market through the Automated trade system of National Bank of the Kyrgyz Republic (further - Rules) determine procedure for carrying out transactions with foreign currency in the interbank foreign exchange market of the Kyrgyz Republic through the Automated trade system of National Bank of the Kyrgyz Republic (further - automatic telephone exchange).

2. These rules are developed by National Bank of the Kyrgyz Republic (further - National Bank) for the purpose of assistance to development of the efficient, reliable, transparent and liquid interbank foreign exchange market of the Kyrgyz Republic by means of functioning of automatic telephone exchange.

3. The conditions and rules established by Regulations on work of the Automated trade system of National Bank of the Kyrgyz Republic (further - Regulations on work of automatic telephone exchange), extend to these rules.

4. These rules regulate procedure and the principles of behavior of Bidders in case of the conclusion of transactions through automatic telephone exchange proceeding from the principles of fair competition and ensuring equality of all Bidders.

5. Bidders in automatic telephone exchange are the commercial banks of the Kyrgyz Republic meeting requirements of item 14 of these rules. The National Bank is Bidder with special status.

6. The bidder can carry out the following types of transactions through automatic telephone exchange on its own behalf at own expense and on its own behalf at the request of clients at their expense:

- purchase sale of non-cash foreign currency for non-cash Kyrgyz som (further - som);

- purchase sale of cash foreign currency for som;

- purchase sale of non-cash foreign currency on conditions swap, one of currencies of exchange of which are som.

7. The bargain concluded through automatic telephone exchange on coordination of Bidders does not require obligatory signing of the written agreement according to this transaction, and obligation fulfillment according to the transaction is made according to the procedure and conditions established by these rules. Bidders can sign the separate bilateral agreements regulating detailed conditions of carrying out payment under the transaction.

8. Relations according to the concluded bargains between the Bidder and National Bank are regulated by these rules and the corresponding bilateral General agreement about procedure for carrying out transactions through automatic telephone exchange and calculations between National Bank and the Bidder, according to appendix 1 to these rules.

9. In case of the conclusion of transactions through automatic telephone exchange the Bidder shall be guided by these rules.

2. Determinations and terms

For the purposes of these rules, except provided below, the determinations and terms established in Regulations on work of automatic telephone exchange are applied:

10. Transaction date - trading day in which there is conclusion of the transaction in automatic telephone exchange.

11. Value date - trading day in which there is transfer/cash receipt into accounts of the Bidder in accordance with the terms of the concluded bargain in automatic telephone exchange.

12. The transaction of purchase sale of foreign currency - agreement signature between the seller and the buyer of foreign currency in case of which one party agrees to sell foreign currency and another agrees to purchase foreign currency at the stipulated price and on resolutive conditions.

13. The transaction of purchase sale of foreign currency on conditions swap (the transaction swap) - agreement signature on currency exchange in case of which one party agrees to exchange foreign currency on national currency of other party with the obligation of the return exchange of the main amounts and the added percent through in advance stipulated term.

3. Access to the biddings

14. For receipt of access to the biddings on foreign currencies in automatic telephone exchange, commercial bank shall send to National Bank the intent letter of receipt of access to the biddings on foreign currencies in automatic telephone exchange and meet the following requirements:

- have the license of National Bank for the right of carrying out banking activities in national and/or foreign currency and have permission to purchase and sale (exchange) of foreign currency on its own behalf and on implementation of account transactions in foreign currency for clients and on acquisition (exchange) of foreign currency on behalf of the client;

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