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2023-07-26 | 115561

Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2023-P-14/45-4-(PS) on Suspension of Certain Provisions of Resolution No. 30/6 Regarding Money Transfer Rules dated July 26, 2023

The Board of the National Bank of the Kyrgyz Republic issued Resolution No. 2023-P-14/45-4-(PS) on July 26, 2023, to suspend paragraphs three and four of its 2009 money transfer rules and mandate that international transfers within the country be delivered to recipients in the sender's chosen foreign currency. The resolution further requires that recalls or cancellations of these transfers be processed in the original currency, thereby preventing speculative foreign exchange operations through domestic money transfer systems. This measure takes effect 15 days after official publication and remains valid until the Board adopts a subsequent decision.

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Date Created: 2023-07-31

Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 26, 2023 No. 2023-P-14/45-4-(PS)

On Suspension of Certain Provisions of Resolution No. 30/6 of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Rules for Money Transfers via Money Transfer Systems in the Kyrgyz Republic" dated July 15, 2009

In order to prevent possible speculative operations with foreign currency through money transfer systems in the Kyrgyz Republic, and in accordance with Articles 5, 9, and 64 of the Constitutional Law "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

  1. Suspend the operation of paragraphs three and four of point 1.2 of the Rules for Money Transfers via Money Transfer Systems in the Kyrgyz Republic, approved by Resolution No. 30/6 of the Board of the National Bank of the Kyrgyz Republic dated July 15, 2009, until a corresponding decision is adopted by the Board of the National Bank of the Kyrgyz Republic.

  2. Establish that during the suspension period of paragraphs three and four of point 1.2 of the Rules for Money Transfers via Money Transfer Systems in the Kyrgyz Republic, approved by Resolution No. 30/6 of the Board of the National Bank of the Kyrgyz Republic dated July 15, 2009, until a corresponding decision is adopted by the Board of the National Bank of the Kyrgyz Republic :

  • a money transfer via an international money transfer system within the territory of the Kyrgyz Republic is provided to the recipient in the currency sent by the sender and different from the national currency of the Kyrgyz Republic – the som;
  • the recall/cancellation of a money transfer via an international money transfer system from the territory of the Kyrgyz Republic is carried out in the same currency in which the money transfer was sent.

  1. This Resolution enters into force upon the expiration of 15 (fifteen) days from the date of official publication and remains in effect until a corresponding decision is adopted by the Board of the National Bank of the Kyrgyz Republic.

  2. To the Legal Department:

  • from the date of receipt of the corresponding documents, within 3 (three) working days, 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.

  1. To the Payment Systems Department: after official publication, within 3 (three) working days, bring this Resolution to the attention of commercial banks and money transfer system operators.

  2. To the "Board Secretariat" Department: within 3 (three) working days, bring this Resolution to the attention of the Banking Supervision Department, regional departments, and the Representative Office of the National Bank of the Kyrgyz Republic in the Batken Region.

  3. Entrust control over the implementation of this Resolution to a Board Member of the National Bank of the Kyrgyz Republic overseeing the Payment Systems Department.

Chairman K. Bokonbaev

Contacts Public Reception: +996 (312) 61-04-86, +996 (312) 66-90-15 ext. 1257, 1256 Consumer Rights Protection Department: +996 (312) 66-90-15 ext. 1671, 1666 Report Corruption: +996 (312) 66-90-15 ext. 2120, +996 (312) 61-04-00 Official Exchange Rate Auto-Information: +996 (312) 61-07-11 Numismatic Museum: +996 (312) 66-90-15 ext. 1232, +996 (312) 61-24-14 E-mail: mail@nbkr.kg Media Relations: press@nbkr.kg 720010, Kyrgyz Republic, Bishkek, Kievskaya St., 189

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