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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 9, 2015 No. 76/6

About approval of the Provision "About grossovy settlement system in real time in the Kyrgyz Republic

(as amended on 14-06-2017)

According to articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Law "About Payment System of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Grossovy Settlement System in Real Time in the Kyrgyz Republic" it (is applied).

2. Declare invalid the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Grossovy Settlement System in Real Time" of June 1, 2007 No. 29/3.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send 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.

4. This resolution becomes effective after fifteen days from the date of official publication.

5. To management of payment systems to bring this resolution to the attention of commercial banks of the Kyrgyz Republic.

6. To management on work with documents and communications to bring this resolution to regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province.

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L. Orozbayeva.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of December 9, 2015 No. 76/6

Provision "About Grossovy Settlement System in Real Time in the Kyrgyz Republic"

Chapter 1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 14.06.2017 No. 2017-P-19/24-7

2. This Provision determines appointment and rules of functioning of grossovy settlement system in real time in the Kyrgyz Republic (further - system, GSRRV), including regulates the mechanism of carrying out payments and calculations through system, establishes procedure for exchange of payment documents and messages, and also regulates conditions of participation, suspension and the termination of participation in system.

3. This Provision extends to activities of the financial credit institutions licensed by National Bank of the Kyrgyz Republic (further - National Bank), their clients, other organizations having the account opened in National Bank and also the specialized participants who signed on voluntary basis the General agreement with National Bank about participation in system (further - the General agreement).

4. Payments and calculations are carried out in system according to this Provision, the Instruction "About procedure for carrying out payments and calculations in grossovy settlement system in real time in the Kyrgyz Republic", the Formats of electronic messages in the Grossovy Settlement system in real time (GSRRV) and rules of their filling approved by the Resolution of Board of National Bank of September 25, 2007 No. 43/5, the Contract on establishment of correspondence relations between National Bank and the correspondent and the General agreement approved by the Resolution of Board of National Bank of May 27, 2009 No. 25/11,.

5. In this Provision the following terms and determinations are used.

Grossovy settlement system in real time - the set of procedures, rules, technologies and technical infrastructure providing carrying out interbank due and large payments and implementation of final settlement on each payment on individual basis in real time.

Final settlement - the calculation which is carried out on the accounts of financial credit institutions opened in National Bank. Final settlement is unconditional and irrevocable.

Queue of payments - situation in case of which on the account of the participating payer opened in National Bank there are not enough means for implementation of final settlement. At the same time payments of the participating payer are established in queue of payments by the principle of FIFO taking into account priorities, stipulated in Item the 46th this provision.

The principle "everything or nothing" - is used when carrying out final settlement of net line items of the participants of system calculated in systems of retail payments. If at least one of participants of system has not enough means for payment of the net debit line item, the system will not see final settlement of net line items for all participants to their complete settlement.

The mode of real time - the mode of processing of payment documents, information providing immediate interaction of system of processing of payment documents, information with external processes at speed, commensurable with speed of course of these processes.

Due payments - the payments of participants of system and their clients including connected with monetary policy realization, payments according to transactions in the interbank financial markets (the national cash, currency markets, the capital markets and securities), and also payments on final net line items of participants of systems of retail payments.

FIFO (First In, First Out) - the principle of payment processing by streamlining of processing of payments according to the procedure of their receipt in payment system.

Chapter 2. Appointment, purpose and tasks of system

6. The system is system and significant payment system and is intended for carrying out in non-cash form in national currency of the Kyrgyz Republic of due and large payments, ensuring immediate and final settlement on each payment on individual basis in real time according to the principle of FIFO taking into account the established priorities according to the correspondent (current) accounts of participants opened in National Bank.

7. The purpose of system is ensuring reliability, safety and efficiency, and also increase in efficiency when implementing calculations for due and large payments.

8. Goal achievement of system assumes the solution of the following tasks:

1) ensuring financial stability of national economy;

2) ensuring immediate and final carrying out calculations between all participants of system;

3) decrease in financial, operational and legal risks when carrying out payments and calculations;

4) acceleration of turnover of money due to reducing terms of carrying out payments and calculations;

5) providing mechanisms of effective management of liquidity when implementing calculations;

6) requirements satisfaction of participants of system concerning carrying out payments;

7) implementation of actions of monetary policy of the Kyrgyz Republic;

8) ensuring carrying out payment under transactions in the financial markets of the Kyrgyz Republic;

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