Resolution of the Board of the National Bank of the Kyrgyz Republic of 2 April 2026 No. 2026-П-09/20-4-(НПА)

On Amendments

to the Resolution of the Board of the National Bank of the Kyrgyz Republic

«On Approval of the Rules of Trading on the Interbank Foreign Exchange Market through the Automated Trading System of the National Bank of the Kyrgyz Republic» of 28 March 2013 No. 10/16

In accordance with Articles 5, 9 and 64 of the Constitutional Law of the Kyrgyz Republic «On the National Bank of the Kyrgyz Republic», the Board of the National Bank of the Kyrgyz Republic resolves:

• 1. To introduce amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic «On Approval of the Rules of Trading on the Interbank Foreign Exchange Market through the Automated Trading System of the National Bank of the Kyrgyz Republic» of 28 March 2013 No. 10/16 (attached).

• 2. This Resolution shall enter into force upon the expiry of 15 (fifteen) days from the day of its official publication.

• 3. To the Legal Department:

  • from the day of receipt of the relevant documents, within 3 (three) working days, to publish this Resolution on the official website of the National Bank of the Kyrgyz Republic;

  • after official publication, to send this Resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

• 4. To the Monetary Operations Department, within 3 (three) working days, to bring this Resolution to the attention of commercial banks.

• 5. To entrust control over the execution of this Resolution to the member of the Board of the National Bank of the Kyrgyz Republic supervising the Monetary Operations Department.

Chairman A. Baketaev

Annex
to the Resolution of the Board of the National Bank of the Kyrgyz Republic of 2 April 2026 No. 2026-П-09/20-4-(НПА)

Amendments

to the Resolution of the Board of the National Bank of the Kyrgyz Republic

«On Approval of the «Rules of Trading on the Interbank Foreign Exchange Market

through the Automated Trading System of the National Bank

of the Kyrgyz Republic» of 28 March 2013 No. 10/16

To introduce to the Resolution of the Board of the National Bank of the Kyrgyz Republic «On Approval of the «Rules of Trading on the Interbank Foreign Exchange Market through the Automated Trading System of the National Bank of the Kyrgyz Republic», of 28 March 2013 No. 10/16 the following amendments:

in the Rules of Trading on the Interbank Foreign Exchange Market through the Automated Trading System of the National Bank of the Kyrgyz Republic, approved by the above-mentioned Resolution:

• to supplement with paragraph 11-1. of the following content:

«11-1. Compliance check – is internal measures, procedures and control systems applied by financial institutions for the purpose of complying with legislation in the sphere of countering the financing of criminal activity and legalization (laundering) of criminal proceeds.»;

• in Annex 1 (General Agreement between the National Bank of the Kyrgyz Republic and a commercial bank on the procedure for conducting operations through the Automated Trading System of the National Bank of the Kyrgyz Republic and settlements) to the above-mentioned Rules:

• in paragraph 2.4. the words «and write-off» shall be excluded;

• paragraph 2.6. shall be set out in the following wording:

«2.6. In the event of a change in the details of currency accounts, the parties undertake to immediately notify each other in writing, with the signature of officials authorized to dispose of funds, within a period not later than the day of conclusion of the transaction.»;

• in paragraph 2.9. the words «country of correspondent banks» shall be replaced by the words «country of issue of the trading currency»;

in paragraph 5.4.:

• subparagraph 5.4.2. shall be set out in the following wording:

«5.4.2. In the event of the bank's failure to fulfill its obligations to credit funds in foreign currency and upon fulfillment by the National Bank of obligations to credit funds in national currency, the bank undertakes to credit the funds in foreign currency within 5 (five) working days. In the event of non-crediting of funds within the above-mentioned period, the transaction is considered terminated and the parties are obliged to return the previously received funds. In the event of an exchange rate difference arising when crediting funds in foreign currency on a different date, the bank undertakes to pay the National Bank the exchange rate difference that has arisen.»;

• to supplement with subparagraph 5.4.2.-1. of the following content:

«5.4.2.-1. The bank grants the National Bank the right to undisputedly (indisputably) write off the amount of penalty for each calendar day of delay from the amount of funds in foreign currency not credited on the value date agreed upon conclusion of the transaction. The write-off of the penalty amount is carried out in national currency from the bank's correspondent account with the National Bank at the official exchange rate established by the National Bank on the date of write-off of the penalty. The formula for calculating the penalty is presented in paragraph 5.6. of this General Agreement.

A delay in crediting funds in foreign currency on the part of the bank is possible only in cases of occurrence of force majeure circumstances (force majeure), as well as in case of delay in execution of payment by a correspondent/intermediary bank in connection with a compliance check. In this case, no penalty is charged. The delay is possible up to 5 (five) working days. In the event of non-crediting of funds within the above-mentioned period, the transaction is considered terminated and the parties are obliged to return the previously received funds.»;

• subparagraph 5.4.4. shall be set out in the following wording:

«5.4.4. The bank grants the National Bank the right, in the event of absence on the bank's correspondent account with the National Bank of a sufficient amount of funds in national currency, to undisputedly (indisputably) write off from the bank's correspondent account the amount of penalty for each calendar day of delay from the amount of funds in national currency not credited on the value date agreed upon conclusion of the transaction. The formula for calculating the penalty is presented in paragraph 5.6. of this General Agreement.»;

in paragraph 5.5.:

• subparagraph 5.5.1. shall be set out in the following wording:

«5.5.1. In the event of non-fulfillment by the National Bank of obligations to credit funds in the national currency on the value date agreed upon when concluding the transaction, the National Bank undertakes, at the bank's request, to pay a penalty for each calendar day of delay on the amount of funds in the national currency not credited on the value date agreed upon when concluding the transaction. The formula for calculating the penalty is presented in paragraph 5.6. of this General Agreement.»;

• supplement subparagraph 5.5.2. with paragraphs of the following content:

«In the event of non-fulfillment by the National Bank of obligations to credit funds in foreign currency on the value date agreed upon when concluding the transaction, the National Bank undertakes to credit the funds within 5 (five) business days and, at the bank's request, to pay a penalty for each calendar day of delay on the amount of funds not credited on the value date agreed upon when concluding the transaction. The formula for calculating the penalty is presented in paragraph 5.6. of this General Agreement.

The amount of the penalty is paid by the National Bank in the national currency by transfer to the bank's correspondent account with the National Bank at the official exchange rate established by the National Bank on the date of transfer.

A delay in crediting funds in foreign currency on the part of the National Bank is possible only in cases of the occurrence of force majeure circumstances (force majeure), as well as in the event of a delay in the execution of payment by a correspondent/bank-intermediary due to a compliance check. In this case, no penalty is accrued. The delay is possible for up to 5 (five) business days. In the event of non-crediting of funds within the above-mentioned period, the transaction is considered terminated and the parties are obliged to return the previously received funds.»;

• restate subparagraph 5.5.4 as follows:

«5.5.4. In the event of non-fulfillment by the National Bank of obligations to supply cash foreign currency, the National Bank, at the bank's request, pays the bank a one-time fine in the amount of 0.1% of the amount of the concluded transaction at the official exchange rate established by the National Bank on the date of transfer. In this case, no penalty is paid.»;

• restate paragraph 5.6. as follows:

«5.6. In the event of non-fulfillment by the parties of obligations to credit non-cash foreign/national currency, the amount of the penalty for the Parties is determined as follows:

• the violating Party shall, in accordance with the established procedure, pay a penalty in the amount of the accounting interest rate of the Central/National Bank of the country of issue of the given non-credited currency, in effect on the date of conclusion of the transaction, increased by 1% and calculated on the amount of the transaction for each calendar day of delay of such payment. The base for calculation is 360 days in a year for all currencies.

• formula for calculating the penalty in the event of non-crediting of foreign non-cash currency: transaction amount * (rate of the Central/National Bank of the country of issue of the given non-credited currency + 1%) * number of days of delay / 360 days.

• formula for calculating the penalty in the event of non-crediting of national non-cash currency: transaction amount * (rate of the National Bank of the Kyrgyz Republic + 1%) * number of days of delay / 360 days.»;

• supplement with paragraph 5.7. of the following content:

«5.7. Payment of the penalty does not release the party from fulfilling obligations under the transaction.»;

• recognize paragraph 6.2. as having lost force;

• restate the name of chapter 7. as follows:

«7. FORCE MAJEURE CIRCUMSTANCES (FORCE MAJEURE)»;

• restate paragraph 7.3. as follows:

«7.3. In cases of the occurrence of force majeure circumstances (force majeure) or a delay in the execution of payment by a correspondent/bank-intermediary due to a compliance check, the deadline for the Parties to fulfill obligations under this General Agreement is postponed proportionally to the time during which such circumstances and their consequences are in effect.».