Regulatory Alerts2004-03-11 | 5839On Payment Processing Timeframes in the Kyrgyz Republic's Payment System and Liability for Violation of Such Timeframes
The Government and National Bank of the Kyrgyz Republic jointly issued Decree No. 144/1/6 to establish strict payment processing timeframes of one to two banking days for interbank, client-to-client, and card or cash transactions within the national payment system. The decree mandates that clients may claim interest at three times the central bank's discount rate for each day of delayed crediting, while requiring banks and clearing participants to implement necessary operational measures. It simultaneously repeals two prior 1998 and 2001 decrees and takes effect ten days after official publication.
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