Regulatory Alerts | 115429Regulation on the Sale and Reverse Repurchase of Gold by the National Bank of the Kyrgyz Republic on the Interbank Domestic Market through the Automated Trading System of the National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued this Regulation to establish the procedure for commercial banks to purchase and reverse-repurchase gold on the interbank domestic market via its Automated Trading System (ATS). It mandates that participants maintain correspondent and anonymous metal accounts, submit single irrevocable applications through the ATS, and settle transactions in soms based on London PM Fixing rates and official USD/som exchange rates. The Regulation defines interest accrual, pricing formulas, distribution rules for oversubscribed volumes, and imposes a 0.5 percent unconditional penalty fee on either party for failure to meet settlement obligations or timely crediting of funds and gold.
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