Resolution of the Board of the National Bank of the Kyrgyz Republic No. 45/7 of December 10, 2008 on Amendments to Resolution No. 38/11

Registered in the Ministry of Justice of the Kyrgyz Republic

January 8, 2009. Registration number 5-09

Bishkek

of December 10, 2008 No. 45/7

RESOLUTION OF THE BOARD OF THE NATIONAL BANK

OF THE KYRGYZ REPUBLIC

On Amendments to the Resolution of the Board

of the National Bank of the Kyrgyz Republic No. 38/11

of August 22, 2007 "On the 'Instruction on the Procedure

for Conducting Payments in the System of Batch Clearing of Small

Retail and Regular Payments in the Kyrgyz Republic',

registered in the Ministry of Justice of the KR

October 4, 2007, registration number 88-07"

Having considered the draft amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 38/11 of August 22, 2007 "On the 'Instruction on the Procedure for Conducting Payments in the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic', registered in the Ministry of Justice of the KR on October 4, 2007, registration number 88-07", 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 to the Resolution of the Board of the National Bank of the Kyrgyz Republic No. 38/11 of August 22, 2007 "On the 'Instruction on the Procedure for Conducting Payments in the System of Batch Clearing of Small Retail and Regular Payments in the Kyrgyz Republic', registered in the Ministry of Justice of the KR on October 4, 2007, registration number 88-07" (attached).

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

3. This Resolution shall enter into force after state registration in 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 shall be entrusted to the Deputy Chairman 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. 2009/2

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. 45/7

@1 AMENDMENTS AND ADDITIONS

to the Resolution of the Board of the National Bank of the Kyrgyz

Republic "On the 'Instruction on the Procedure for Conducting Payments

in the System of Batch Clearing of Small Retail and Regular

Payments in the Kyrgyz Republic'" of August 22, 2007

No. 38/11, registered in the Ministry of Justice

of the Kyrgyz Republic on October 4, 2007,

registration number 88-07"

Make the following amendments and additions to the "Instruction on the Procedure for Conducting Payments in 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 of August 22, 2007 No. 38/11, registered in the Ministry of Justice of the Kyrgyz Republic on October 4, 2007, registration number 88-07":

1. Redraft paragraph nine of point 2.2 as follows:

"Reserve of funds for the debit net position (hereinafter referred to as reserve) - is established daily by a participant by reserving on their correspondent account a portion of funds necessary for the final settlement of the debit net position upon completion of the clearing session in the system.

2. Redraft paragraph ten of point 2.2 as follows:

"Calculation limit for the debit net position - (hereinafter referred to as calculation limit) - is established daily, after the opening of the clearing session, by transferring a file from the gross real-time settlement system (hereinafter referred to as GSRRT) to the system, in the amount of the maximum reserve of funds for the debit net position of the participant, calculated based on statistical data for the previous quarter.

3. Throughout the text, replace the word "LDCHP1" with the word "reserve" in the appropriate cases.

4. Throughout the text, replace the word "LDCHP2" with the word "calculation limit" in the appropriate cases.

5. Supplement point 6.3.12 with the following sentence:

"The participant is obliged to monitor the information provided by the system and timely reserve a portion of funds in their correspondent account in the amount necessary for the final settlement of the debit net position upon completion of the clearing session in the system.

6. Supplement point 6.5 with sub-point 6.5.6 of the following content:

"In the event that, for any reason, the duration of previous periods is extended, the duration of the 'Pre-clearing Period' may be reduced, taking into account the period of time that is sufficient for the system to perform its functions during this period."

7. Supplement point 6.6 with sub-point 6.6.6 of the following content:

"In the event that, for any reason, the duration of previous periods is extended, the duration of the 'Clearing Period' may be reduced, taking into account the period of time that is sufficient for the system to perform its functions during this period."