Resolution of the Board of the National Bank of the Kyrgyz Republic No. 42/2 of November 30, 2000 on Approving the Regulation on the Procedure for Issuing Licenses for Foreign Currency Cash Exchange Operations

Registered in the Ministry of Justice of the Kyrgyz Republic

December 15, 2000. Registration number 200

Bishkek

November 30, 2000 No. 42/2

RESOLUTION OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On Approval of the Regulation on the Procedure for Issuing Licenses

for the Right to Conduct Exchange Operations with Cash

Foreign Currency

Having reviewed the draft "Regulation on the Procedure for Issuing Licenses for the Right to Conduct Exchange Operations with Cash Foreign Currency", the Board of the National Bank of the Kyrgyz Republic resolves:

1. Approve the "Regulation on the Procedure for Issuing Licenses for the Right to Conduct Exchange Operations with Cash Foreign Currency" (attached) and bring it into force from the date of state registration in the Ministry of Justice of the Kyrgyz Republic.

2. Recognize as invalid the "Regulation on the Procedure for Issuing Licenses for the Right to Conduct Exchange Operations with Cash Foreign Currency", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of September 28, 1995 No. 23/1, from the date of entry into force of the "Regulation on the Procedure for Issuing Licenses for the Right to Conduct Exchange Operations with Cash Foreign Currency".

3. Establish that the forms of licenses previously issued for the right to conduct exchange operations with cash foreign currency remain valid until the expiration of their terms.

4. The Legal Department of the NBKR to conduct registration in the Ministry of Justice of the Kyrgyz Republic of the "Regulation on the Procedure for Issuing Licenses for the Right to Conduct Exchange Operations with Cash Foreign Currency".

5. Current exchange bureaus to bring their activities into compliance with the requirements of the newly adopted regulations and to register exchange bureaus with the Department for Supervision of Non-Bank Institutions of the Banking Supervision Department within 3 months from the date of entry into force of the "Regulation on the Procedure for Issuing Licenses for the Right to Conduct Exchange Operations with Cash Foreign Currency".

6. The Banking Supervision Department of the NBKR to bring this resolution to the attention of the regional departments of the National Bank of the Kyrgyz Republic, authorized banks, and authorized legal entities that have concluded an agreement with the NBKR for the collection and summarization of information on exchange bureau operations.

7. Authorized banks and authorized legal entities to bring this resolution to the attention of exchange bureaus providing daily reporting.

8. Control over the implementation of this resolution is assigned to K.Sh. Sharshekeeva, Deputy Chairman of the National Bank of the Kyrgyz Republic.

Chairman of the Board of the National Bank of the Kyrgyz Republic U. Sarbanov