Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of 15 March 2023

No. 2023-П-17/16-4-(НПА)

On the minimum amount

of the charter and own (regulatory) capital of commercial banks

In accordance with Articles 5, 9 and 64 of the Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and Article 21 of the Law of the Kyrgyz Republic "On Banks and Banking Activities", the Board of the National Bank of the Kyrgyz Republic resolves:

1. To establish the minimum amount of charter capital for newly created commercial banks (including the capital requirement for branches of foreign banks) in the amount of not less than 1 billion soms.

2. To establish for existing commercial banks (including branches of foreign banks) the following minimum amounts of charter capital within the following timeframes:

• from 1 April 2023 – 600 million soms;

• from 1 July 2024 – 800 million soms;

• from 1 July 2026 – 1 billion soms.

3. To establish for existing systemically important commercial banks (including branches of foreign banks) the minimum amount of charter capital in the amount of 2 billion soms with a formation deadline of 1 July 2023.

4. To establish that if a commercial bank becomes systemically important, then within one year from the day of notification by the National Bank of compliance with the criteria of systemic importance, the commercial bank must bring the amount of charter capital up to the established requirement.

5. To establish the economic ratio for the minimum amount of own (regulatory) capital for newly created and existing commercial banks (including branches of foreign banks) in the amount of not less than the minimum amount of charter capital established for newly created commercial banks, in accordance with paragraph 1 of this resolution, and existing commercial banks, in accordance with paragraphs 2 and 3 of this resolution.

At the same time, to establish that if a bank becomes systemically important, then the own (regulatory) capital of such a bank must be brought up to the established amount within 3 (three) months from the day of notification of the bank by the National Bank of compliance with the criteria of systemic importance.

6. To recognize as no longer in force the Resolution of the Board of the National Bank of the Kyrgyz Republic "On the minimum amount of charter and own (regulatory) capital of commercial banks" of 8 June 2017 No. 2017-П-12/23-3-(НПА) from 1 April 2023.

7. This resolution enters into force from 1 April 2023.

8. 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.

9. To the Licensing Department, within 3 (three) working days, to bring this resolution to the attention of the Legal Entity Association "Union of Banks of Kyrgyzstan", commercial banks, structural subdivisions, regional departments, and the Representative Office of the National Bank in Batken Oblast.

10. To assign control over the execution of this resolution to the member of the Board of the National Bank supervising the Licensing Department.

Chairman K. Bokontaev