Regulatory Alerts2009-10-14 | 127583Instruction on the Procedure for Compliance with Limits on Open Currency and Precious Metals Positions by Islamic Banks
The National Bank of the Kyrgyz Republic issued an Instruction establishing the calculation methods and compliance limits for open currency and precious metals positions for Islamic banks and banks with Islamic windows. The regulation mandates daily reporting of these positions and sets specific caps, such as 15% for individual currencies and 20% for the total aggregate position, relative to the bank's net total capital. Non-compliance triggers financial penalties, potential license revocation for systemic violations, and requires immediate notification and remediation plans from bank management.
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