Resolution of the Board of the National Bank of the Kyrgyz Republic No. 45/6 of December 10, 2008 on Amendments and Additions to Resolution No. 37/8

Registered with the Ministry of Justice of the Kyrgyz Republic

January 8, 2009. Registration number 1-09

Bishkek

December 10, 2008 No. 45/6

RESOLUTION OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On Amendments and Additions to the Resolution of the Board

of the National Bank of the Kyrgyz Republic No. 37/8

of December 15, 2005 "On the Regulation on the System of Batch

Clearing of Small Retail and Regular Payments

in the Kyrgyz Republic", registered

with the Ministry of Justice of the KR on January 18, 2006,

registration number 8-06

Having considered the draft amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/8 of December 15, 2005 "On the Regulation on the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic", registered with the Ministry of Justice of the KR on January 18, 2006, registration number 8-06, guided by 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. Approve the amendments and additions to the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 37/8 of December 15, 2005 "On the Regulation on the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic", registered with the Ministry of Justice of the KR on January 18, 2006, registration number 8-06 (attached).

2. The Department of Banking Settlements, jointly with the Legal Department, shall send this Resolution for state registration to the Ministry of Justice of the Kyrgyz Republic in the established manner.

3. This Resolution shall enter into force after state registration with the Ministry of Justice of the Kyrgyz Republic and subsequent official publication.

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

5. The Department of Banking Settlements shall 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 implementation of this Resolution is entrusted to the Deputy Chairman of the Board of the National Bank of the Kyrgyz Republic Z.L. Chokoev.

Published in the journal "Normative Acts of the National Bank of the Kyrgyz Republic", No. 2009/1

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

Approved

by the Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of December 10, 2008 No. 45/6

@1 AMENDMENTS AND ADDITIONS

to the Resolution of the Board of the NBKR "On Approval of the Regulation

"On the System of Batch Clearing of Small Retail and Regular

Payments in the Kyrgyz Republic" of December 15, 2005

No. 37/8, registered with the Ministry of Justice

of the Kyrgyz Republic on January 18, 2006,

registration number 8-06

Make the following amendments and additions 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 NBKR "On Approval of the Regulation "On the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic" of December 15, 2005 No. 37/8, registered with the Ministry of Justice of the Kyrgyz Republic on January 18, 2006, registration number 8-06:

1. Supplement Section 6 with point 6.5 of the following content:

"6.5. A special participant of the system is a participant who does not have

a correspondent account at the NBKR and has a direct connection with the sys- tem".

2. Points 6.5-6.6. are considered points 6.6. and 6.7., respectively.

3. In the third sentence of point 7.13., replace the word "total" with

the word "debit".

4. Rephrase point 9.3. as follows:

"9.3. Two types of limits for the net debit position of participants are established in the system:

The calculated limit for the net debit position (hereinafter - the calculated

limit) - is established daily after the opening of the clearing session, by

transferring a file from the gross settlement system in real-time mode

(hereinafter - GSRRT) to the system, in the amount of the maximum reserve of

monetary funds for the net debit position of the participant, calculated on

the basis of statistical data for the previous quarter.

The reserve of monetary funds for the net debit position (hereinafter - the

reserve) - is established daily by the participant by reserving on

his correspondent account a portion of funds necessary for conducting

final settlement of the net debit position upon completion of the clearing

session in the system.".

5. Exclude points 9.4. and 9.5.

6. Rephrase point 9.6. as follows:

"9.6. The calculated limit and reserve may be used in the system in the

interaction of this system with the GSRRT and in the creation by participants of the

system of the Insurance Fund, intended to cover the debit positions

of participants at the time of final settlement.".

7. Exclude point 9.13.

8. Consider points 9.6.-9.14. as points 9.4. and 9.11., respectively.