Resolution of the Board of the National Bank of the Kyrgyz Republic No. 2019-P-13\49-9-(NPA) of September 25, 2019 on Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Signs of Payment Validity and Rules for the Exchange of Banknotes and Coins of the Kyrgyz Republic"

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Date of creation: 2019-09-27

Resolution of the Board of the National Bank

of the Kyrgyz Republic

of September 25, 2019

No.

2019-P-13\49-9-(NPA)

On Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Signs of Payment Validity and Rules for the Exchange of Banknotes and Coins of the Kyrgyz Republic"" dated August 27, 2008 No. 33/5

In accordance with Articles 17 and 68 of the Law of the Kyrgyz Republic

"On the National Bank of the Kyrgyz Republic, Banks and Banking Activity", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Make amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Signs of Payment Validity and Rules for the Exchange of Banknotes and Coins of the Kyrgyz Republic"" dated August 27, 2008 No. 33/5 (attached).

2. This Resolution shall enter into force upon the expiration of fifteen days from the day of its official publication.

3. The Legal Department:

• publish this Resolution on the official website of the National Bank of the Kyrgyz Republic;

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

4. The Department for the Development of the State Language and Document Management shall bring this Resolution to the attention of commercial banks, regional departments, and the Batken Representative Office of the National Bank of the Kyrgyz Republic.

5. Control over the implementation of this Resolution shall be entrusted to the Member of the Board of the National Bank of the Kyrgyz Republic overseeing the Cash Management Department.

Chairman T. Abdygulov

Appendix

to the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of September 25, 2019

No.

2019-P-13\49-9-(NPA)

Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Signs of Payment Validity and Rules for the Exchange of Banknotes and Coins of the Kyrgyz Republic"" dated August 27, 2008 No. 33/5

Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Signs of Payment Validity and Rules for the Exchange of Banknotes and Coins of the Kyrgyz Republic"" dated August 27, 2008 No. 33/5:

in the Regulation "On Signs of Payment Validity and Rules for the Exchange of Banknotes and Coins of the Kyrgyz Republic", approved by the aforementioned Resolution:

• rephrase paragraph 4 as follows:

"4. Commercial banks are obliged to exchange banknotes/coins listed in paragraphs 1 and 3 of this Regulation by issuing to a physical or legal person an equivalent (exchanged) sum of sound 1 banknotes/coins or by crediting it to a bank account opened in a commercial bank, immediately after acceptance of the banknotes/coins, if the banknote/coin does not raise doubts about its authenticity. If the banknotes/coins raise doubts about authenticity, such banknotes/coins are sent for examination to the National Bank of the Kyrgyz Republic and are exchanged in case of their replacement by the National Bank. ";

• rephrase paragraph 6 as follows:

"6. The National Bank is obliged to exchange banknotes/coins listed in paragraphs 1 and 5 of this Regulation by issuing to a physical or legal person an equivalent (exchanged) sum of sound banknotes and coins or by crediting it to a bank account opened for a physical or legal person in one of the commercial banks, immediately after acceptance of the banknotes/coins for examination, if the banknote/coin does not raise doubts about its authenticity. ";

• rephrase paragraph 16 as follows:

"16. The exchange of damaged banknotes/coins specified in paragraphs 1, 3 and 5 of this Regulation for sound ones, as well as the exchange of banknotes/coins of one denomination for others in the National Bank and commercial banks, is carried out without limitation of the amount and without charging fees for these services.

In case of unlawful refusal to exchange damaged banknotes/coins or to exchange sound banknotes/coins of one denomination for others in commercial banks, commercial banks bear responsibility in accordance with Article 210 of the Code of the Kyrgyz Republic on Violations. ";

• rephrase paragraph 17 as follows:

"17. Banknotes/coins withdrawn from circulation but subject to exchange, which do not contain signs of forgery, without damage or with damage listed in paragraphs 1, 3 and 5 of this Regulation, are accepted and exchanged in the manner provided for in paragraphs 2, 4 and 6 of this Regulation, unless otherwise established by the legislation of the Kyrgyz Republic. ";

• in paragraph 18, replace the words and numbers "in paragraphs 3 and 5" with the words and numbers "in paragraphs 1, 3 and 5";

• in paragraph 19, replace the numbers and words "No. 44/3 of August 10, 2011" with the words and numbers "of December 28, 2010 No. 95/4";

• supplement the Regulation with paragraph 20 of the following content:

"20. In case of illegal use and reproduction of images of banknotes/coins of the national currency or any semi-finished products of their images (in one or several colors), which by their properties (size, color, image) can be accepted in payment circulation as genuine banknotes of the national currency of the Kyrgyz Republic, physical and legal persons bear responsibility in accordance with Article 214 of the Code of the Kyrgyz Republic on Violations. ";

• in appendices 5 and 6, replace the word "banknotes" in various cases with the words "banknotes/coins" in the corresponding cases.

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