Regulatory Alerts2010-01-30 | 82535Regulation on Mandatory Reserves of Microfinance Companies Accepting Deposits
The National Bank of the Kyrgyz Republic issued this Regulation to establish mandatory reserve requirements for microfinance companies accepting deposits, mandating that they deposit funds in national currency into designated accounts at the central bank. It defines the calculation base, specifies a four-week calculation cycle using official exchange rates, and outlines precise formulas for determining reserve sizes and penalties for non-compliance. Furthermore, it stipulates unilateral penalty collection procedures, potential targeted inspections for repeated violations, and the suspension of penalties during bankruptcy proceedings.
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