Regulatory Alerts2015-07-15 | 130303Policy on Oversight of the Payment System of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued this Policy to establish a comprehensive oversight framework for domestic payment systems, defining their status (national, significant, systemically important) and critical service providers based on quantitative thresholds such as transaction volume, participant coverage, and systemic risk exposure. The Policy mandates continuous monitoring through statistical reporting, periodic qualitative assessments, and on-site inspections to ensure operational stability, cost-effectiveness, and compliance with international financial market infrastructure standards. It requires payment system operators, participants, and critical service providers to implement risk mitigation measures, maintain business continuity, and proactively report new products or systemic risks to the National Bank within stipulated timelines.