Resolution of the Board of the National Bank of the Kyrgyz Republic No. 45/2 of October 17, 2014 on Amendments to Resolution No. 5/6 of March 2, 2006

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of October 17, 2014 No. 45/2

On Amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the 'Temporary Order on the Application of Special Classification of Loans Meeting Certain Criteria' of March 2, 2006 No. 5/6"

In accordance with Articles 7 and 43 of the Law "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. Make the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the 'Temporary Order on the Application of Special Classification of Loans Meeting Certain Criteria' of March 2, 2006 No. 5/6":

in the Temporary Order on the application of special classification of loans meeting certain criteria, approved by the aforementioned Resolution:

• rephrase the title in the state language as follows:

"Temporary Order on the Application of Special Classification of Loans Meeting Certain Criteria";

• rephrase paragraph 1.1 as follows:

"1.1 The Temporary Order on the application of special classification of loans meeting certain criteria" (hereinafter – the Order) is developed on the basis of the legislation of the Kyrgyz Republic with the aim of optimizing approaches to assessing credit risks and costs arising from lending by commercial banks and other financial credit institutions licensed and regulated by the National Bank of the Kyrgyz Republic, including those operating in accordance with Islamic principles of banking and financing, taking into account the special terminology used by them in carrying out banking operations (hereinafter – banks/FIUs).

2. This Resolution enters into force after the expiration of fifteen days from 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 Supervision and Licensing Methodology Department must bring this Resolution to the attention of commercial banks, the Association of Microfinance Organizations, the Association of Credit Unions and Cooperatives of Kyrgyzstan, the National Association of Credit Unions, JSC "Financial Company of Credit Unions", and the association of legal entities "Association for the Development of Islamic Economy, Finance and Industry".

5. Control over the implementation of this Resolution is entrusted to the Deputy Chairman of the National Bank of the Kyrgyz Republic L.D. Orozbaeva.

Chairman	T. Abdygulov