Regulatory Alerts2021-10-27 | 105355Regulation on the Insurance (Reserve) Fund for Interbank Retail Payment Systems
The National Bank of the Kyrgyz Republic issued this Regulation to establish a mandatory insurance (reserve) fund that ensures timely and guaranteed final settlement of net positions for interbank retail payment systems. The document defines three formation methods, specifies that the fund must cover average daily net debit positions, and outlines procedures for liquidity shortfalls, participant contributions, and fund replenishment. It further establishes strict timelines, interest accruals, and penalty calculations for participants who utilize or fail to repay funds from the reserve within operational days.
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