Regulatory Alerts2019-11-01 | 129684Added · Updated
Rules for the Regulation of Housing Savings Credit Companies
The National Bank of the Kyrgyz Republic establishes regulatory rules for housing savings credit companies (HSCCs), defining their licensing, risk management, and internal control requirements. The document mandates that HSCCs maintain adequate risk management systems, restrict the placement of free funds in commercial banks to no more than 20% of total deposits, and enforce strict criteria for selecting partner banks. It further regulates credit operations by requiring a detailed credit policy, responsible lending principles, and specific procedures for loan issuance, monitoring, and the handling of affiliated party transactions.