Resolution of the Board of the National Bank of the Kyrgyz Republic No. 78/7 of 23 December 2015 on the Amounts of Required Reserves of Commercial Banks

RESOLUTION OF THE BOARD OF THE NATIONAL BANK OF THE KYRGYZ REPUBLIC

of 23 December 2015 No. 78/7

On the Amounts of Required Reserves of Commercial Banks

In accordance with Articles 7, 22 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and the Regulation "On Required Reserves", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 19 March 2010 No. 8/2, the Board of the National Bank of the Kyrgyz Republic resolves:

1. To establish the following amounts of required reserves on liabilities included in the reserve calculation base:

a) on liabilities in the national currency - at the level of 4.0 percent of the amount of liabilities in the national currency included in the reserve calculation base;

b) on liabilities in Armenian drams, Belarusian rubles, Kazakh tenge, Chinese renminbi yuan, Russian rubles - at the level of 4.0 percent of the amount of liabilities in Armenian drams, Belarusian rubles, Kazakh tenge, Chinese renminbi yuan and Russian rubles included in the reserve calculation base;

c) on liabilities in foreign currencies, except those specified in subparagraph (b) of this paragraph - at the level of 12.0 percent of the amount of liabilities in these foreign currencies included in the reserve calculation base.

2. Commercial banks shall calculate required reserves in accordance with paragraph 2.4 and submit them in accordance with paragraph 2.5 of the Regulation "On Required Reserves", approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 19 March 2010 No. 8/2, separately for liabilities in the currencies specified in subparagraphs (a), (b) and (c) of paragraph 1 of this resolution.

3. The amount of required reserves shall be calculated as the sum of required reserves on the liabilities specified in subparagraphs (a), (b) and (c) of paragraph 1 of this resolution.

4. The Legal Department shall:

• 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 Normative Legal Acts of the Kyrgyz Republic.

5. To recognize as no longer in force Resolution of the Board of the National Bank of the Kyrgyz Republic "On the Amount of Required Reserves" of 7 December 2015 No. 75/1.

6. The Economic Department, together with the Financial Statistics and Review Department, shall bring this resolution to the attention of commercial banks.

7. This resolution enters into force on 11 January 2016.

8. Control over the implementation of this resolution shall be assigned to the Deputy Chairman of the National Bank of the Kyrgyz Republic N. Zhenish.

Chairman	T. Abdygulov