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The document ceased to be valid since  February 20, 2018 according to Item 1 of the Resolution of Board of National Bank of the Kyrgyz Republic of  January 31, 2018 No. 2018-P-09/4-4-(NPA)

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 5, 2016 No. 5/4

About approval of Provisional regulations "About loan granting of the Kyrgyz Republic by National Bank to commercial banks when converting foreign currency loans in national currency"

(as amended on 17-05-2017)

According to articles 28 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 Provisional regulations "About loan granting of the Kyrgyz Republic by National Bank to commercial banks when converting foreign currency loans in national currency" 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. 5/4

Provisional regulations "About loan granting of the Kyrgyz Republic by National Bank to commercial banks when converting foreign currency loans in national currency"

1. General provisions

1. These Provisional regulations "About loan granting of the Kyrgyz Republic by National Bank to commercial banks when converting foreign currency loans in national currency" (further - Provisional regulations) determine general terms and procedure for provision by National Bank of the Kyrgyz Republic (further - National Bank) domestic currency loan to the commercial bank of the Kyrgyz Republic having the license of National Bank (further - bank), for the purpose of converting of the credits issued to physical persons in foreign currency in national currency, on conditions and according to the procedure, determined in the relevant act of the Government of the Kyrgyz Republic.

2. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 17.05.2017 No. 19/2

3. The loan is granted in national currency with respect for the general principles of crediting: urgency, paid nature, recoverability and security.

4. The loan is granted to bank for the purpose of converting of the credits issued to physical persons in foreign currency in national currency, on conditions and according to the procedure, determined in the relevant act of the Government of the Kyrgyz Republic.

5. Participants are the banks meeting the requirements of items 4 and the 13th these Provisional regulations.

6. Provision conditions, loan interest rate and volume of credit are determined by Board of National Bank.

7. The National Bank grants the loan for up to six months, with possibility of prolongation.

8. The obligation of bank on repayment of the loan is provided with pledge. Subject of pledge is only the non-cash foreign currency (US dollars), in the form of the rights of requirements of the money which is on the interest-free deposit account in National Bank. Requirements to sufficiency amount (in percentage expression) and to other parameters of pledge are established by Board of National Bank.

9. Relations of bank with National Bank on the credits are regulated by these Provisional regulations and the corresponding bilateral Credit agreement, according to Appendix 1 to these Provisional regulations and the Pledge agreement, according to Appendix 2 to these Provisional regulations. Relations of the bank operating according to the Islamic principles of financing with National Bank are regulated by these Provisional regulations and the corresponding bilateral agreement according to Appendix 5 to these Provisional regulations and the Pledge agreement according to Appendix 6 to these Provisional regulations.

2. Terms and determinations

10. The pledge agreement - the agreement signed between National Bank and bank within Provisional regulations based on which the obligation of bank on return of borrowing facilities is provided with pledge. The agreement determines conditions and procedure for provision of pledge and is integral part of Provisional regulations.

11. The credit agreement - the agreement signed between National Bank and bank within Provisional regulations based on which the National Bank grants to bank the loan. The agreement determines conditions of provision and procedure for loan repayment and is integral part of Provisional regulations.

12. Operational day according to regulations of operational day of National Bank during period of time from 8:30 till 16:30 each working day.

3. Conditions and procedure for receipt of the credit

13. For receipt of the credit from National Bank, the bank shall answer the following conditions:

- have the license of National Bank for carrying out banking activities in national and foreign currency;

- have correspondent account in national currency in National Bank;

- have the signed Agreement on opening and servicing of deposit accounts in foreign currency for mortgage providing in National Bank of the Kyrgyz Republic;

- provide the sufficient mortgage providing meeting the requirements established by these Provisional regulations and other regulatory legal acts of the Kyrgyz Republic;

- provide the decision of relevant organs of management of bank (according to the charter of bank) about receipt of the credit and about provision of pledge in the providing the required credit and the corresponding letter petition on loan granting with indication of the purpose of receipt of the credit signed authorized by person of bank with indication of the volume of credit and pledge;

- provide the plan of bank for converting of foreign currency loans in national currency (Appendix 3 to these Provisional regulations) according to the relevant act of the Government of the Kyrgyz Republic.

- provide the obligation of bank that converting of the credits will be performed on voluntary basis at the request of the borrower of bank (Appendix 4 to these Provisional regulations) and to correspond to the relevant act of the Government of the Kyrgyz Republic;

- not be in the mode of temporary administration, liquidation;

- provide in National Bank the power of attorney from bank name to person responsible for receipt of bank statements, payment orders of bank and other documents.

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