Regulatory Alerts2014-05-30 | 50047Temporary Regulation on Payment Cards of the Central Treasury of the Ministry of Finance of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic, together with the Ministry of Finance, issued this Temporary Regulation to standardize the issuance, management, and acquiring procedures for corporate payment cards of the Central Treasury under the 'Budget Recipient Card' pilot project. The document mandates that all card transactions be processed in national currency through the 'Elkart' system, while clearly defining the operational obligations, risk monitoring duties, and technical requirements for the Treasury, authorized organizations, acquirers, and processing centers. It further establishes strict protocols for card issuance, fund accounting, dispute resolution, blocking mechanisms, and final settlements to guarantee secure and transparent utilization of state budget funds.