Regulation on the Procedure for Conducting Exchange Operations with Cash Foreign Currency in the Kyrgyz Republic

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Creation date: 2026-01-23

Appendix 2
to the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 14, 2019 No. 2019-P-12/42-1-(NPA)

REGULATION

"On the Procedure for Conducting Exchange Operations with Cash Foreign Currency in the Kyrgyz Republic"

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic of September 28, 2021 No. 2021-P-33/53-8, August 17, 2022 No. 2022-P-33/52-3, December 28, 2022 No. 2022-P-12/83-7, June 14, 2023 No. 2023-P-12/38-4, December 8, 2023 No. 2023-P-12/76-1, December 27, 2023 No. 2023-P-12/82-7, January 17, 2024 No. 2024-P-12/1-3, October 16, 2024 No. 2024-P-12/53-2-(NF KU), January 22, 2025 No. 2025-P-12/2-3-(NF KU), March 19, 2025 No. 2025-P-12/11-7-(NF KU), December 19, 2025 No. 2025-P-12/68-2-(NPA))

The National Bank of the Kyrgyz Republic (hereinafter - the National Bank) by this Regulation establishes the procedure for conducting exchange operations with cash foreign currency by commercial banks (hereinafter - banks), their exchange points, microfinance companies (hereinafter - MFCs), microcredit companies (hereinafter - MCCs), credit unions (hereinafter - CUs), exchange bureaus, and specialized financial institutions (hereinafter - SFIs) on the territory of the Kyrgyz Republic in accordance with banking legislation.

(Para. lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of January 17, 2024 No. 2024-P-12/1-3)

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic of August 17, 2022 No. 2022-P-33/52-3, January 17, 2024 No. 2024-P-12/1-3)

Chapter 1. General Provisions

1. A legal entity holding a license for the right to conduct exchange operations with cash foreign currency has the right to buy and sell for its own funds (within the limits of working capital) in its own name only cash foreign currency and only for cash national currency of the Kyrgyz Republic (som) without restrictions.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic of September 28, 2021 No. 2021-P-33/53-8)

2. The sale and purchase of cash and non-cash foreign currency via non-cash settlement, payment of traveler's checks, and payments in foreign currency are carried out only by banks holding the corresponding license of the National Bank.

3. The following terms are used in this Regulation:

Bank - a legal entity created in the organizational-legal form of a joint-stock company (closed or open) and authorized to conduct banking activities based on a corresponding license issued by the National Bank in accordance with the Law of the Kyrgyz Republic "On Banks and Banking Activity" and normative legal acts of the National Bank.

Receipt-certificate - for the purposes of this Regulation, a document confirming an operation with a client regarding the exchange of cash foreign currency.

Credit Union - a financial-credit organization created in the form of a cooperative for the purpose of assisting its participants (members) by merging the personal savings of credit union participants and using them for mutual lending, as well as providing other financial services, including in accordance with Islamic principles of banking and financing.

Login - a set of characters identifying an MFC, MCC, CU, exchange bureau, and SFI as a user of the system (portal).

Microfinance Company - a specialized financial-credit organization created in the form of a joint-stock company, having received a license from the National Bank and conducting micro-lending to legal and natural persons, and other types of operations, including attracting term deposits from natural and legal persons, as provided by legislation.

Microcredit Company - a specialized financial-credit organization created in any organizational-legal form of a commercial organization, having received a certificate from the National Bank and conducting micro-lending to natural and legal persons and other types of operations provided by legislation.

Non-residents - persons who are not residents.

Exchange Point - a specially equipped place for conducting exchange operations with cash foreign currency, carried out by banks, specialized financial-credit organizations, and credit unions in accordance with the license of the National Bank of the Kyrgyz Republic.

Exchange Bureau - a specially equipped point created by a legal entity for conducting exchange operations with cash foreign currency, carried out in accordance with the license of the National Bank of the Kyrgyz Republic.

Working capital of an exchange bureau - the sum of the own funds of the exchange bureau at the time of submitting an application to the National Bank to open an exchange bureau, profit or loss received during the activity of the exchange bureau, as well as attracted funds.

Financial Intelligence Agency - the authorized state body of the Kyrgyz Republic in the field of combating the financing of criminal activity and legalization (money laundering) of criminal proceeds.

Password - a secret/unique set of characters intended for users (MFCs, MCCs, CUs, exchange bureaus, and SFIs) of the portal, which must meet information security requirements.

Login and password are assigned by the National Bank and issued to the head of the exchange point, MFC, MCC, CU, and SFI together with the license. Transfer to third parties (persons not related to MFCs, MCCs, CUs, exchange bureaus, and SFIs) of the login and password is prohibited.

(Para. lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 19, 2025 No. 2025-P-12/68-2-(NPA))

Suspicious operation (transaction) - an operation (transaction) falling under the following signs:

a) if there is suspicion or sufficient grounds to suspect that the funds are income obtained criminally, including from predicate crimes, or are related to the legalization (money laundering) of criminal proceeds;

b) if there is suspicion or sufficient grounds to suspect that the funds are related to financing:

• terrorists and extremists;

• terrorist and extremist organizations (groups);

• terrorist and extremist activity;

• organized groups or criminal communities;

• proliferation of weapons of mass destruction.

Threshold amount - a value established by the Cabinet of Ministers of the Kyrgyz Republic.

Portal - an automated information collection system via an internet site developed by the National Bank to receive electronic reporting from accountable organizations (MFCs, MCCs, CUs, exchange bureaus, and SFIs), which also serves as the sole means of transmitting reports on foreign currency operations for accountable organizations (MFCs, MCCs, CUs, exchange bureaus, and SFIs).

Residents - these are:

1. natural persons permanently residing in the Kyrgyz Republic, including those temporarily abroad. Foreign natural persons permanently residing in the Kyrgyz Republic become residents after submitting an immigration notification to the relevant authorities;

2. legal entities created in accordance with the legislation of the Kyrgyz Republic, with their location in the Kyrgyz Republic;

3. diplomatic and other official representations of the Kyrgyz Republic located abroad;

4. branches and representations of foreign legal entities created in accordance with the legislation of the Kyrgyz Republic, with their location in the Kyrgyz Republic;

5. branches and representations of legal entities of the Kyrgyz Republic located abroad.

Sanction Lists - The Consolidated Sanction List of the Kyrgyz Republic and the Consolidated Sanction List of the UN Security Council.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic of September 28, 2021 No. 2021-P-33/53-8, December 28, 2022 No. 2022-P-12/83-7, October 16, 2024 No. 2024-P-12/53-2-(NF KU), January 22, 2025 No. 2025-P-12/2-3-(NF KU), December 19, 2025 No. 2025-P-12/68-2-(NPA))

Chapter 2. Rights and Obligations of Banks, Exchange Bureaus, Microfinance and Microcredit Companies, Credit Unions, and Specialized Financial Institutions

4. Banks, exchange bureaus, MFCs, MCCs, CUs, and SFIs independently organize and conduct their activities within the competence provided to them by the legislation of the Kyrgyz Republic.

5. An exchange bureau has the right to cease currency exchange activities before the expiration of the license term. In this case, the exchange bureau must submit within 3 (three) working days a letter to the National Bank indicating the reasons for ceasing the exchange bureau's activity and the original license.

An exchange bureau that has opened an additional exchange bureau must also submit a letter regarding the registration of the additional exchange bureau.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 17, 2022 No. 2022-P-33/52-3)

6. Banks, exchange bureaus, MFCs, MCCs, CUs, and SFIs are obliged to independently collect, summarize, and submit to the National Bank information (reporting) on exchange operations conducted in cash foreign currency.

SFIs are also obliged to submit reporting on non-cash exchange operations on a daily basis in electronic form.

In this regard, MFCs, MCCs, CUs, exchange bureaus, and SFIs must submit reporting on cash foreign currency exchange operations on a daily basis with detailed breakdown of all available currencies via the portal.

7. A bank is obliged:

1. to timely and accurately submit all necessary reports and required information to the National Bank;

2. to timely bring to the attention of the exchange point normative documents and other information related to exchange operations with cash foreign currency;

3. to organize training for cashiers (employees) of the exchange point whose activities are related to the receipt and issuance of cash, to train them in the procedure for conducting cash operations, working with foreign currency, and methods for determining the authenticity of banknotes, obtaining the corresponding certificate (witness)(*);

4. if the amount of the exchange operation with cash foreign currency is equal to or exceeds the threshold amount, record in the journal of registration of information on operations with clients (hereinafter - the journal) the necessary information about the completed operation, including information about the client, and submit it to the Financial Intelligence Agency within 3 (three) working days from the date of the operation.

The journal must be numbered, bound, and sealed with the bank's seal (Appendix 1a). Keeping the journal in electronic form is allowed provided that a security system ensuring the safety of information is installed in the exchange points, and regular backup of the journal is performed. The information specified in this sub-item must be stored for at least 5 (five) years.

Note: (*) Training is conducted by the National Bank or an educational institution authorized by the National Bank for such training.

8. Banks, MFCs, MCCs, CUs, exchange bureaus, and SFIs are obliged:

1. to comply with the legislation of the Kyrgyz Republic;

2. to comply with the procedure for conducting exchange operations with cash foreign currency;

3. to comply with the procedure for conducting cash operations;

4. to allow unrestricted access to the National Bank employees to the cash desk and other premises of the exchange bureau, MFC, MCC, CU, and SFI for the purpose of checking their activities upon presentation of a document serving as the basis for the check;

5. to familiarize employees with the rules for working with material values, the procedure for conducting exchange operations with cash foreign currency;

6. to use a cash register registered in the prescribed manner in tax authorities or a computer equipped with a fiscal card;

7. to use a currency detector to control the authenticity of banknotes;

8. to have a certificate of ownership or a lease agreement for the premises;

9. to have an advertising sign, working hours, and an information stand with established purchase and sale rates of currency, and information for service consumers (clients) of the exchange bureau, MFC, MCC, CU, and SFI;

10. to have a seal (stamp) with the mandatory indication of the name, settlement, and tax identification number (TIN), in accordance with legislative requirements;

11. to have booklets of certificates, except for banks and their exchange points;

12. at the consumer's request, inform about the name of the license holder, the number and date of its registration, the full name of the employee of the exchange bureau, MFC, MCC, CU, and SFI who provided the currency exchange service;

13. to ensure safety conditions for the work of employees and clients of the exchange bureau, exchange point, MFC, MCC, CU, and SFI;

14. to organize training for employees of the exchange bureau, MFC, MCC, CU, and SFI whose activities are related to the receipt and issuance of cash, to train them in the procedure for conducting cash operations, working with foreign currency, and methods for determining the authenticity of banknotes, obtaining the corresponding certificate (witness);

15. to have the corresponding technical equipment for submitting reporting to the National Bank;

16. to timely and accurately submit reporting data on conducted exchange operations to the National Bank. MFCs, MCCs, CUs, and exchange bureaus submit reporting data to the National Bank in electronic form, according to Appendix 1. Banks submit reporting data in accordance with the deadlines established by the National Bank within the framework of periodic regulatory banking reports, SFIs - within the framework of periodic regulatory reports.

In case of failure to submit reporting, banks, MFCs, MCCs, CUs, exchange bureaus, and SFIs are obliged to notify the National Bank in writing of the reasons for non-submission of reporting no later than the next working day.

MFCs, MCCs, CUs, exchange bureaus/additional exchange bureaus, and SFIs are obliged to indicate non-working (weekend) days on the portal by 9:30 on the non-working (weekend) day. MFCs, MCCs, CUs, exchange bureaus/additional exchange bureaus, and SFIs are prohibited from working on days indicated on the portal as non-working (weekend) days.

17. to timely and accurately submit information requested by the National Bank in writing;

18. to have a license (original) in the exchange bureau, MFC, MCC, CU, and SFI for the right to conduct exchange operations with cash foreign currency. An additional exchange bureau must have the original letter of registration and a copy of the license of the exchange bureau that opened it, certified by the seal of the legal entity that opened it;

19. to have employment agreements and contracts on material liability with each employee of the exchange bureau/additional exchange bureau, MFC, MCC, CU, and SFI;

20. upon expiration of the license, within 3 (three) working days, surrender the original license. An exchange bureau that has opened an additional exchange bureau must also surrender the letter of registration of the additional exchange bureau;

21. to report to the National Bank about changes in the location, phone number of the exchange bureau/additional exchange bureau, MFC, MCC, CU, and SFI no later than 3 (three) working days from the date of their change;

22. to cease conducting operations from the moment the license expires, as well as upon change of address - until the re-registration of the license of the exchange bureau or the letter of registration of the additional exchange bureau;

23. to appoint an employee responsible for compliance with the requirements of the Law of the Kyrgyz Republic "On Combating the Financing of Criminal Activity and Legalization (Money Laundering) of Criminal Proceeds";

24. to check the client for the presence or absence in the Sanction Lists and when a client conducts an exchange operation with cash foreign currency equal to or exceeding 100,000 som(*) (or an equivalent amount in foreign currency, calculated at the official exchange rate of the National Bank on the day of the operation (transaction);

(*) In accordance with the Regulation "On the Procedure for Conducting Due Diligence of Clients", approved by the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of November 14, 2025 No. 739.

25. during the conduct of exchange operations with cash foreign currency, also comply with the requirements established in the normative legal acts of the National Bank on internal control for the purpose of combating the financing of criminal activity and legalization (money laundering) of criminal proceeds;

26. if the amount of the exchange operation with cash foreign currency is equal to or exceeds 100,000 som(*) (or an equivalent amount in foreign currency, calculated at the official exchange rate of the National Bank on the day of the operation (transaction), record in the journal of registration of information on operations with clients (hereinafter - the journal) the necessary information about the completed operation, including information about the client;

The journal must be numbered, bound, and sealed with the seal of the bank, exchange bureau, MFC, MCC, CU, and SFI (Appendix 1a). Keeping the journal in electronic form is allowed provided that a security system ensuring the safety of information is installed in the exchange bureaus, MFCs, MCCs, CUs, and SFIs, and regular backup of the journal is performed. The information specified in this sub-item must be stored for at least 5 (five) years.

In cases where an operation with cash foreign currency falls under the signs of a suspicious operation (transaction), the bank, MFC, MCC, CU, SFI, and exchange bureau are obliged to send a report on the suspicious operation (transaction) to the Financial Intelligence Agency within 5 (five) hours from the moment the operation is recognized as suspicious in the prescribed manner, regardless of the amount of the operation.

A report on an exchange operation with cash foreign currency conducted by natural or legal persons from high-risk countries must be sent to the Financial Intelligence Agency regardless of the amount of the operation within 2 (two) working days from the date of its completion.

The list of operations (transactions) with natural or legal persons from high-risk countries subject to reporting to the Financial Intelligence Agency is determined in the manner established by the Cabinet of Ministers of the Kyrgyz Republic.

A report on an exchange operation with cash foreign currency conducted by a natural person who has served a sentence for carrying out legalization (money laundering) of criminal proceeds, criminal activity, as well as for financing such activity, must be sent to the Financial Intelligence Agency within 2 (two) working days from the date of its completion.

Reports on exchange operations with cash foreign currency in an amount equal to or exceeding the threshold amount - within three working days from the date of such operation (transaction) are sent to the Financial Intelligence Agency in accordance with the requirements established by the Financial Intelligence Agency.

The list of operations (transactions) with cash and non-cash funds and their threshold amount are established by the Cabinet of Ministers of the Kyrgyz Republic.

27. to ensure training of employees on issues of combating the financing of criminal activity and legalization (money laundering) of criminal proceeds;

27-1) to appoint an employee responsible for providing daily reporting;

28. to comply with other requirements established by the legislation of the Kyrgyz Republic.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic of September 28, 2021 No. 2021-P-33/53-8, August 17, 2022 No. 2022-P-33/52-3, December 28, 2022 No. 2022-P-12/83-7, December 27, 2023 No. 2023-P-12/82-7, October 16, 2024 No. 2024-P-12/53-2-(NF KU), December 19, 2025 No. 2025-P-12/68-2-(NPA))

9. The requirements specified in sub-items 1-5, 7-13, 27, 28 of item 8 of this Regulation apply to the exchange points of banks.

10. The requirements specified in sub-items 22, 25 of item 8 of this Regulation apply only to exchange bureaus.

Chapter 3. Procedure for Conducting Exchange Operations with Cash Foreign Currency

11. Banks, exchange bureaus, MFCs, MCCs, CUs, and SFIs must conduct operations for the purchase and sale of cash foreign currency in compliance with the requirements of banking legislation, legislation in the field of combating the financing of criminal activity and legalization (money laundering) of criminal proceeds, the Procedure for Registration and Application of Cash Registers approved by the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of April 8, 2022 No. 193 (in case of using cash registers in accordance with the requirements of the legislation of the Kyrgyz Republic), the Instruction on Working with Suspicious Banknotes and Coins of National Currency, and this Regulation.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic of October 16, 2024 No. 2024-P-12/53-2-(NF KU), December 19, 2025 No. 2025-P-12/68-2-(NPA))

12. Exchange bureaus, MFCs, MCCs, CUs, and SFIs conduct operations with cash foreign currency in accordance with purchase and sale rates established within the authority of the head (responsible employee) of the exchange bureau, MFC, MCC, CU, and SFI.

Banks establish purchase and sale rates of foreign currency for exchange points in accordance with the procedure established by this Regulation.

13. In the presence of cash foreign currency, information stands must contain accurate information about purchase and sale rates for all types of foreign currency available in the bank, exchange bureau, MFC, MCC, CU, and SFI.

The purchase and sale of cash foreign currency for national currency is carried out only at the rate indicated on the information stand of purchase and sale rates of foreign currencies, based on the principles of a public contract. Refusal to buy or sell foreign currency when there is an opportunity to conduct exchange operations is not allowed.

The purchase and sale of foreign currency at a rate not indicated on the information stand is prohibited.

Purchase and sale rates of foreign currencies may be established up to four decimal places after whole numbers with mandatory use of a comma. Establishing currency rates without using a comma or indicating more than four decimal places after whole numbers, as well as other actions misleading clients about currency rates, are prohibited.

14. When purchasing, selling, or exchanging foreign currency, banks and their exchange points, exchange bureaus, MFCs, MCCs, CUs, and SFIs are not entitled to introduce any restrictions or set different rates depending on the denomination or year of issue of banknotes that have not lost their status as a means of payment.

15. Banks, exchange bureaus, MFCs, MCCs, CUs, and SFIs have the right to independently establish and charge a commission fee when conducting exchange operations with foreign currency banknotes whose authenticity is not in doubt, but which have the following damages:

• change of original color or stained with dye;

• obvious printing defects;

• torn and glued, if individual parts undoubtedly belong to the same banknote;

• lost corners, edges, torn, having small holes, punctures (if they do not indicate their cancellation);

• burnt or burned areas.

Banks, exchange bureaus, MFCs, MCCs, CUs, and SFIs are not entitled to establish and charge a commission fee when conducting exchange operations with foreign currency banknotes whose authenticity is not in doubt, including in the presence of a stamp and/or seal, except for US dollar banknotes issued up to and including 2006, which have not lost their status as a means of payment. In this case, the size of the commission fee must be justified taking into account expenses related to the export of the aforementioned US dollar banknotes.

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic of October 16, 2024 No. 2024-P-12/53-2-(NF KU), March 19, 2025 No. 2025-P-12/11-7-(NF KU))

Attention! Changes introduced by the Resolution of the Board of the National Bank of the Kyrgyz Republic of March 19, 2025 No. 2025-P-12/11-7-(NF KU) into item 15 enter into force on May 1, 2025.

16. Banknotes not subject to purchase and sale due to the damages specified in item 15 of this Regulation and other damages, with the consent of the owner, may be accepted only by the bank for exchange (expertise) at a correspondent bank (foreign bank).

Acceptance of foreign currency is carried out by a bank employee only based on a client's application (Appendix 2), which specifies the quantity of banknotes, series and number, year of issue, their nominal value, and the total amount of all banknotes presented for exchange. When accepting foreign currency, the client is issued