On Mandatory Reserve Requirements for Microfinance Companies Accepting Deposits

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Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 25, 2017 No. 2017-P-07\45-5-(DKP)

On Mandatory Reserve Requirements for Microfinance Companies Accepting Deposits

In accordance with Articles 20, 27 and 68 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activity", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Establish for microfinance companies accepting deposits the following sizes of mandatory reserves on liabilities included in the calculation base for mandatory reserves: a) on liabilities in the national currency – at 4.0 percent of the sum of liabilities in the national currency included in the calculation base; b) on liabilities in Armenian drams, Belarusian rubles, Kazakh tenge, Chinese yuan renminbi, Russian rubles – at 4.0 percent of the sum of liabilities in Armenian drams, Belarusian rubles, Kazakh tenge, Chinese yuan renminbi, and Russian rubles included in the calculation base; c) on liabilities in foreign currencies, except those specified in sub-paragraph (b) of this paragraph – at 12.0 percent of the sum of liabilities in such foreign currencies included in the calculation base.

2. The amount of mandatory reserves shall be calculated as the sum of mandatory reserves on liabilities in the national currency and mandatory reserves on liabilities in foreign currencies.

3. Establish the deposit fee for mandatory reserves deposited by microfinance companies accepting deposits with the National Bank of the Kyrgyz Republic at zero percent.

4. Establish the penalty for non-compliance with mandatory reserve requirements by microfinance companies accepting deposits at three times the average key interest rate of the National Bank of the Kyrgyz Republic for the base period.

5. Include in the list of liabilities forming the calculation base for mandatory reserves for microfinance companies accepting deposits all categories of deposits (deposits) attracted by microfinance companies based on the license of the National Bank of the Kyrgyz Republic.

6. To the Legal Department:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;
• after official publication, submit this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.

7. The Economic Department shall bring this resolution to the attention of microfinance companies.

8. This resolution shall enter into force from the date of official publication.

9. Supervision of the implementation of this resolution shall be entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic N. Zhenisha.

Chairman K. Kulmatov

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