Regulatory Alerts2017-10-25 | 83455On Mandatory Reserve Requirements for Microfinance Companies Accepting Deposits
The Board of the National Bank of the Kyrgyz Republic issued Resolution No. 2017-P-07\45-5-(DKP) on October 25, 2017, establishing mandatory reserve requirements for microfinance companies accepting deposits. The regulation sets reserve ratios at 4.0 percent for national currency and select regional currencies, and 12.0 percent for other foreign currencies, calculated as a combined total against the deposit calculation base. It further mandates a zero percent deposit fee for reserves held at the central bank, imposes penalties equal to three times the average key interest rate for non-compliance, and requires all licensed deposit categories to be included in the calculation base.
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