Regulatory Alerts2019-03-13 | 128162On the Norms of Mandatory Reserve Requirements for Banks
The Board of the National Bank of the Kyrgyz Republic issued Resolution No. 2019-P-07/10-2-(DKP) establishing mandatory reserve norms for banks, setting compliance rates at 4.00 percent for national currency and certain regional currencies, 15.00 percent for other foreign currencies, and zero percent for dematerialized metal accounts. The regulation defines eligible reserve assets—including correspondent account funds, gold holdings, and ATM cash—and mandates a minimum threshold of 70.00 percent, calculable daily using London Bullion Market Association gold fixings converted via the official USD/som cross-rate. It further specifies a zero percent compensation rate, three-times-the-refinancing-rate penalties for non-compliance with reserve requirements or threshold levels, and officially repeals six prior board resolutions effective April 1, 2019.
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Date of creation: 2025-10-13
Resolution of the Board of the National Bank of the Kyrgyz Republic dated March 13, 2019 No. 2019-P-07/10-2-(DKP)
On the Norms of Mandatory Reserve Requirements for Banks (As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic dated December 18, 2019 No. 2019-P-07/64-3-(DKP), March 30, 2020 No. 2020-P-07/18-2-(DKP), January 27, 2021 No. 2021-P-07/4-5-(DKP) June 9, 2021 No. 2021-P-07/31-1-(DKP), September 13, 2023 No. 2023-P-07/58-1-(DKP), October 8, 2025 No. 2025-P-07/50-7-(DKP))
In accordance with Articles 20, 27 and 68 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity" and the Regulation "On Mandatory Reserves", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic dated March 13, 2019 No. 2019-P-07/10-1-(DKP), the Board of the National Bank of the Kyrgyz Republic resolves:
- Establish the following sizes of mandatory reserves for liabilities included in the calculation base of mandatory reserves:
- for liabilities in national currency – at the level of 4.00 percent of the sum of liabilities in national currency included in the calculation base;
- for liabilities in Armenian drams, Belarusian rubles, Kazakh tenges, Chinese yuan Renminbi, Russian rubles – at the level of 4.00 percent of the sum of liabilities in Armenian drams, Belarusian rubles, Kazakh tenges, Chinese yuan Renminbi and Russian rubles included in the calculation base;
- for liabilities in foreign currencies, except those specified in sub-item 2 of this point – at the level of 15.00 percent of the sum of liabilities in these foreign currencies included in the calculation base;
- for liabilities under dematerialized metal accounts – at the level of zero percent of the sum of liabilities under dematerialized metal accounts included in the calculation base. (As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated September 13, 2023 No. 2023-P-07/58-1-(DKP))
- Approve the following composition of reserve assets intended for compliance with MRR:
- funds of banks on a correspondent account at the National Bank of the Kyrgyz Republic;
- gold assets on dematerialized metal accounts of banks at the National Bank of the Kyrgyz Republic;
- cash balances in bank ATMs of banks in national currency. (As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated January 27, 2021 No. 2021-P-07/4-5-(DKP))
2-1. Establish the following sizes of assets included in reserve assets for compliance with MRR:
- for funds of banks on a correspondent account at the National Bank of the Kyrgyz Republic – at the level of 100.00 percent of the total volume of funds specified in this sub-item;
- for gold assets on dematerialized metal accounts of banks at the National Bank of the Kyrgyz Republic – at the level of 100.00 percent of the total volume of assets specified in this sub-item;
- for cash balances in bank ATMs of banks in national currency – at the level of 30.00 percent of the total sum of funds specified in this sub-item. (As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated January 27, 2021 No. 2021-P-07/4-5-(DKP), June 9, 2021 No. 2021-P-07/31-1-(DKP))
2-2. The som equivalent of gold assets on a bank's metal account at the National Bank of the Kyrgyz Republic shall be calculated based on the latest fixings of the London Bullion Market Association, converted via the cross-rate of the official US dollar to som exchange rate established by the National Bank of the Kyrgyz Republic on the day preceding the report preparation date. (As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 9, 2021 No. 2021-P-07/31-1-(DKP))
- Establish the minimum threshold level at 70.00 percent of the volume of mandatory reserves established for the corresponding period. (As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated March 30, 2020 No. 2020-P-07/18-2-(DKP))
3-1. Daily compliance with the minimum threshold level of mandatory reserves shall be ensured through funds on a bank's correspondent account at the National Bank of the Kyrgyz Republic and gold assets on a dematerialized metal account of the bank at the National Bank of the Kyrgyz Republic. (As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 9, 2021 No. 2021-P-07/31-1-(DKP))
- Establish the compensation rate for banks' compliance with mandatory reserves at zero percent.
- Establish the penalty amount for non-compliance with mandatory reserve requirements for banks at three times the average refinancing rate of the National Bank of the Kyrgyz Republic over the base period.
- Establish the penalty amount for non-compliance with the minimum threshold level of mandatory reserves at three times the refinancing rate of the National Bank of the Kyrgyz Republic established for the corresponding day.
- Approve the list of liabilities for calculating mandatory reserves for banks (attached).
- Recognize the following Resolutions of the Board of the National Bank of the Kyrgyz Republic as having lost force:
- "On Reviewing the Size of Compensation for Compliance with Mandatory Reserve Requirements" dated September 30, 2008 No. 36/2;
- "On Approving the List of Liabilities for Calculating Mandatory Reserves" dated September 15, 2010 No. 73/3;
- "On the Daily Minimum Level of Mandatory Reserves for Banks" dated November 14, 2014 No. 50/1;
- "On Amending the Resolution of the Board of the National Bank of the Kyrgyz Republic 'On the Daily Minimum Level of Mandatory Reserves for Banks'" dated November 14, 2014 No. 50/1 as amended on December 8, 2014 No. 54/2;
- "On the Sizes of Mandatory Reserves for Commercial Banks" dated December 23, 2015 No. 78/7;
- "On the Size of Penalty for Non-Compliance with Mandatory Reserve Requirements" dated October 25, 2017 No. 2017-P-07-45-4-(DKP).
- To the Legal Department:
- publish this resolution on the official website of the National Bank of the Kyrgyz Republic;
- after official publication, submit 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.
- To the Economic Department to bring this resolution to the attention of banks.
- This resolution enters into force on April 1, 2019.
- Control over the execution of this resolution is entrusted to a member of the Board of the National Bank of the Kyrgyz Republic overseeing the Economic Department.
Chairman T. Abdygulov
Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated "13" March 2019 g. No. 2019-P-07/10-2-(DKP)
List of Liabilities for Calculating Mandatory Reserves for Banks* (As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated December 18, 2019 No. 2019-P-07/64-3-(DKP), October 8, 2025 No. 2025-P-07/50-7-(DKP))
| No. | Type of Liabilities | Indicator Code | Name of Indicator |
|---|---|---|---|
| 1 | Current accounts | 211021 | Correspondent accounts of non-resident banks (loro) |
| 212021 | Current accounts of other financial and credit organizations | ||
| 212031 | Current accounts of other financial organizations | ||
| 212041 | Current accounts of commercial organizations | ||
| 212051 | Current accounts of non-commercial organizations | ||
| 212061 | Current accounts of individual entrepreneurs | ||
| 212071 | Accounts of the Treasury of the Kyrgyz Republic | ||
| 212081 | Current accounts of the Social Fund of the Kyrgyz Republic | ||
| 212111 | Current accounts of local authorities and other government organizations | ||
| 212121 | Current accounts of other financial and credit organizations - non-residents | ||
| 212131 | Current accounts of other financial organizations - non-residents | ||
| 212141 | Current accounts of commercial organizations - non-residents | ||
| 212151 | Current accounts of non-commercial organizations - non-residents | ||
| 212161 | Current accounts of individual entrepreneurs - non-residents | ||
| 2 | Demand deposits | 213021 | Demand deposits of other financial and credit organizations |
| 213031 | Demand deposits of other financial organizations | ||
| 213041 | Demand deposits of commercial organizations | ||
| 213051 | Demand deposits of non-commercial organizations | ||
| 213061 | Demand deposits of individual entrepreneurs | ||
| 213071 | Demand deposits of individuals (physical persons) | ||
| 213081 | Demand deposits of the Ministry of Finance of the Kyrgyz Republic | ||
| 213091 | Demand deposits of non-resident banks | ||
| 213101 | Demand deposits of other FCOs - non-residents | ||
| 213111 | Demand deposits of other financial organizations - non-residents | ||
| 213121 | Demand deposits of commercial organizations - non-residents | ||
| 213131 | Demand deposits of non-commercial organizations - non-residents | ||
| 213141 | Demand deposits of individual entrepreneurs - non-residents | ||
| 213151 | Demand deposits of individuals (physical persons) - non-residents | ||
| 3 | Term deposits | 214021 | Term deposits of other financial and credit organizations with maturity up to 1 year |
| 215021 | Term deposits of other financial and credit organizations with maturity from 1 to 3 years | ||
| 216021 | Term deposits of other financial and credit organizations with maturity over 3 years | ||
| 214031 | Term deposits of other financial organizations with maturity up to 1 year | ||
| 215031 | Term deposits of other financial organizations with maturity from 1 to 3 years | ||
| 216031 | Term deposits of other financial organizations with maturity over 3 years | ||
| 214041 | Term deposits of commercial organizations with maturity up to 1 year | ||
| 215041 | Term deposits of commercial organizations with maturity from 1 to 3 years | ||
| 216041 | Term deposits of commercial organizations with maturity over 3 years | ||
| 214051 | Term deposits of non-commercial organizations with maturity up to 1 year | ||
| 215051 | Term deposits of non-commercial organizations with maturity from 1 to 3 years | ||
| 216051 | Term deposits of non-commercial organizations with maturity over 3 years | ||
| 214061 | Term deposits of individual entrepreneurs with maturity up to 1 year | ||
| 215061 | Term deposits of individual entrepreneurs with maturity from 1 to 3 years | ||
| 216061 | Term deposits of individual entrepreneurs with maturity over 3 years | ||
| 214071 | Term deposits of individuals (physical persons) with maturity up to 1 year | ||
| 215071 | Term deposits of individuals (physical persons) with maturity from 1 to 3 years | ||
| 216071 | Term deposits of individuals (physical persons) with maturity over 3 years | ||
| 214091 | Term deposits of the Social Fund of the Kyrgyz Republic with maturity up to 1 year | ||
| 215081 | Term deposits of the Social Fund of the Kyrgyz Republic with maturity from 1 to 3 years | ||
| 216091 | Term deposits of the Social Fund of the Kyrgyz Republic with maturity over 3 years | ||
| 214101 | Term deposits of the Ministry of Finance of the Kyrgyz Republic with maturity up to 1 year | ||
| 215091 | Term deposits of the Ministry of Finance of the Kyrgyz Republic with maturity from 1 to 3 years | ||
| 216101 | Term deposits of the Ministry of Finance of the Kyrgyz Republic with maturity over 3 years | ||
| 214121 | Term deposits of local authorities and other government organizations with maturity up to 1 year | ||
| 215111 | Term deposits of local authorities and other government organizations with maturity from 1 to 3 years | ||
| 216121 | Term deposits of local authorities and other government organizations with maturity over 3 years | ||
| 214131 | Term deposits of non-resident banks with maturity up to 1 year | ||
| 215131 | Term deposits of non-resident banks with maturity from 1 to 3 years | ||
| 216131 | Term deposits of non-resident banks with maturity over 3 years | ||
| 214141 | Term deposits of other financial and credit organizations - non-residents with maturity up to 1 year | ||
| 215141 | Term deposits of other financial and credit organizations - non-residents with maturity from 1 to 3 years | ||
| 216141 | Term deposits of other financial and credit organizations - non-residents with maturity over 3 years | ||
| 214151 | Term deposits of other financial organizations - non-residents with maturity up to 1 year | ||
| 215151 | Term deposits of other financial organizations - non-residents with maturity from 1 to 3 years | ||
| 216151 | Term deposits of other financial organizations - non-residents with maturity over 3 years | ||
| 214161 | Term deposits of commercial organizations - non-residents with maturity up to 1 year | ||
| 215161 | Term deposits of commercial organizations - non-residents with maturity from 1 to 3 years | ||
| 216161 | Term deposits of commercial organizations - non-residents with maturity over 3 years | ||
| 214171 | Term deposits of non-commercial organizations - non-residents with maturity up to 1 year | ||
| 215171 | Term deposits of non-commercial organizations - non-residents with maturity from 1 to 3 years | ||
| 216171 | Term deposits of non-commercial organizations - non-residents with maturity over 3 years | ||
| 214181 | Term deposits of individual entrepreneurs - non-residents with maturity up to 1 year | ||
| 215181 | Term deposits of individual entrepreneurs - non-residents with maturity from 1 to 3 years | ||
| 216181 | Term deposits of individual entrepreneurs - non-residents with maturity over 3 years | ||
| 214191 | Term deposits of individuals (physical persons) - non-residents with maturity up to 1 year | ||
| 215191 | Term deposits of individuals (physical persons) - non-residents with maturity from 1 to 3 years | ||
| 216191 | Term deposits of individuals (physical persons) - non-residents with maturity over 3 years | ||
| 4 | Metal accounts | 217021 | Metal accounts of other financial and credit organizations |
| 217031 | Metal accounts of other financial organizations | ||
| 217041 | Metal accounts of commercial organizations | ||
| 217051 | Metal accounts of non-commercial organizations | ||
| 217061 | Metal accounts of individual entrepreneurs | ||
| 217071 | Metal accounts of individuals (physical persons) | ||
| 217081 | Metal accounts of non-resident banks | ||
| 217091 | Metal accounts of other financial and credit organizations - non-residents | ||
| 217101 | Metal accounts of other financial organizations - non-residents | ||
| 217111 | Metal accounts of commercial organizations - non-residents | ||
| 217121 | Metal accounts of non-commercial organizations - non-residents | ||
| 217131 | Metal accounts of individual entrepreneurs - non-residents | ||
| 217141 | Metal accounts of individuals (physical persons) - non-residents |
*The list of liabilities included in the calculation base does not include deposits of resident banks.
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