Regulatory Alerts2021-12-08 | 114435Regulation on Cashless Payments in the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued this Regulation to establish a comprehensive legal and operational framework for conducting cashless payments within its territory, governing both national and foreign currency transactions. It mandates standardized procedures, documentation formats, and electronic processing for all participating banks, clients, and payment system operators while clearly defining key concepts such as acceptance, direct debit, and letters of credit. The Regulation further enforces strict timelines for interbank settlements, requires straight-through processing infrastructure, and grants electronic payment documents the same legal standing as paper instruments in judicial proceedings.
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