Resolution of the Board of the National Bank of the Kyrgyz Republic dated April 29, 2009 No. 23/5 on Amendments and Additions to Resolution No. 37/8

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

dated April 29, 2009 No. 23/5

On Amendments and Additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 15, 2005 No. 37/8 "On Approval of the Regulation 'On the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic', registered in the Ministry of Justice of the Kyrgyz Republic on January 18, 2006, registration number 8-06"

In accordance with Articles 7 and 43 of the 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 make amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 15, 2005 No. 37/8 "On Approval of the Regulation 'On the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic', registered in the Ministry of Justice of the Kyrgyz Republic on January 18, 2006, registration number 8-06", in accordance with the Appendix to this Resolution.

2. The Department of Banking Calculations, together with the Legal Department, is to direct this Resolution for state registration in the Ministry of Justice of the Kyrgyz Republic in the established manner.

3. This Resolution enters into force after state registration in the Ministry of Justice of the Kyrgyz Republic and subsequent official publication.

4. After publication of the registered regulatory act, the Legal Department is to inform the Ministry of Justice of the Kyrgyz Republic about the source of publication (name of the publication, its number and date).

5. The Department of Banking Calculations is to bring this Resolution to the attention of commercial banks, regional departments, and the representative office of the National Bank of the Kyrgyz Republic in the Batken region.

6. Control over the execution of this Resolution is entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic Z.L. Chokoev.

Chairman of the Board of the National Bank of the Kyrgyz Republic	M. Alapaev

	Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated April 29, 2009 No. 23/5

AMENDMENTS to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 15, 2005 No. 37/8 "On Approval of the Regulation 'On the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic', registered in the Ministry of Justice of the Kyrgyz Republic on January 18, 2006, registration number 8-06"

To make the following amendments to the Regulation "On the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 15, 2005, No. 37/8 "On Approval of the Regulation 'On the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic', registered in the Ministry of Justice of the Kyrgyz Republic on January 18, 2006, registration number 8-06":

1. In the twelfth paragraph of Section 2, replace the words "gross settlement system" with the words "real-time gross settlement system".

2. In paragraph 4.2 of Section 4, replace the words "gross system" with the words "real-time gross settlement system".

3. In paragraphs 7.14, 7.18, and 7.20, replace the words "gross settlement system" with the words "real-time gross settlement system" in the appropriate cases.

4. Redraft paragraph 9.2 of Section 9 as follows:

"9.2. The limit on the maximum amount of a single payment in the system is set at 1.0 million som. The limit is determined based on the assessment of the threshold amount of a single payment in the system, which may cause financial risks in the system. Payments exceeding 1.0 million som are considered large payments and are processed in the real-time gross settlement system. The limit does not apply to payments from special participants of the system submitted to the system in the form of bilateral net positions of special participants."