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The document ceased to be valid since  May 26, 2017 according to Item 1 of the Resolution of Board of National Bank of the Kyrgyz Republic of  April 26, 2017 No. 17/2

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 5, 2016 No. 5/3

About approval of the draft of Provisional regulations "About procedure for carrying out the Kyrgyz Republic of swap transactions by National Bank (without delivery) with commercial banks"

According to Articles 4, "About National Bank of the Kyrgyz Republic" the Board of National Bank of the Kyrgyz Republic decides 5 and 34 Laws of the Kyrgyz Republic:

1. Approve Provisional regulations "About procedure for carrying out the Kyrgyz Republic of swap transactions by National Bank (without delivery) with commercial banks" it (is applied).

2. 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 entering into the State register of regulatory legal acts of the Kyrgyz Republic.

3. This resolution becomes effective from the date of its official publication.

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

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic N. Zhenish.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of February 5, 2016 No. 5/3

Provisional regulations for procedure for carrying out the Kyrgyz Republic of swap transactions by National Bank (without delivery) with commercial banks

1. General provisions

1. These Provisional regulations for procedure for carrying out the Kyrgyz Republic of swap transactions by National Bank (without delivery) with commercial banks (further - Provisional regulations) determine procedure for carrying out the Kyrgyz Republic by National Bank (further - National Bank) swap transactions (without delivery) and implementation of settlings with commercial banks (further - the Participant).

2. The National Bank carries out swap transactions (without delivery) on board decision of National Bank.

3. Swap transactions (without delivery) are carried out for the purpose of support of commercial banks when converting foreign currency loans to national currency.

4. Subsidizing of possible losses of the Participant when carrying out converting of foreign currency loans in national currency and National Bank when carrying out swap transactions (without delivery) for the purpose of support of the Participant when converting of the credits issued in foreign currency in national currency is performed according to the procedure, established in the act of the Government of the Kyrgyz Republic.

5. Participants of swap transactions (without delivery) are the commercial banks meeting the requirements of Item 12 of these Provisional regulations.

6. Relations of the Participant with National Bank on swap transactions (without delivery) are regulated by these Provisional regulations and the corresponding bilateral agreement for procedure for carrying out swap transactions (without delivery) between National Bank and the Participant, according to appendix 1 to these Provisional regulations (further - the Agreement).

2. Determinations and terms

7. Swap transaction (without delivery) - transaction of i) in case of which National Bank buys from the Participant foreign currency in exchange for national currency; ii) which does not provide physical exchange of the main amount of foreign and national currencies; iii) in case of which the Participant and/or National Bank make only payment of the added percent. Payment of interest payments from National Bank is performed on board decision of National Bank.

8. Day of carrying out swap transaction (without delivery) - the working day in which there is agreement signature on swap transaction (without delivery).

9. Day of completion of swap transaction (without delivery) - the working day in which there is payment of the added percent into the corresponding accounts of National Bank and/or the Participant.

10. Swap transaction term (without delivery) - is determined as the period expressed in calendar days since the day following behind day of carrying out swap transaction (without delivery) and about day of completion of swap transaction (without delivery) inclusive.

11. The term of charge of percent on swap transaction (without delivery) - is determined as the period expressed in calendar days since the day following behind day of carrying out swap transaction (without delivery) and about day of completion of swap transaction (without delivery) inclusive.

3. Conditions of carrying out swap transactions (without delivery)

12. For participation in swap transaction (without delivery) the Participant on date of swap transaction (without delivery) shall:

- have the license of National Bank for carrying out banking activities in national currency without restrictions;

- have the license of National Bank for the right of carrying out banking activities in foreign currency without restrictions;

- have correspondent account in national currency in National Bank;

- have correspondent account in foreign currency;

- provide Uchastnik's obligation that converting of the credits will be performed on voluntary basis at the request of the borrower Uchastnik (Appendix 3 to these Provisional regulations) according to the relevant act of the Government of the Kyrgyz Republic;

- provide the plan of Bank for converting of foreign currency loans in national currency (Appendix 2 to these Provisional regulations) according to the relevant act of the Government of the Kyrgyz Republic.

13. The National Bank determines and approves the following parameters on swap transaction (without delivery):

- transaction terms;

- amount of money in national currency;

- amount of money in foreign currency;

- interest rate for national currency;

- interest rate for foreign currency;

- the official rate operating in day of carrying out;

- the official rate operating in day of completion.

14. The participant shall convert foreign currency loans into national currency, is strict according to the plan of Bank for converting of foreign currency loans in national currency according to the relevant act of the Government of the Kyrgyz Republic.

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