Resolution of the Board of the National Bank of the Kyrgyz Republic of 10 March 2022 No. 2022-P-12/13-2-(NPA)

On temporary decisions of the National Bank of the Kyrgyz Republic

on regulating the activities of commercial banks of the Kyrgyz Republic

In order to maintain stability in the country's banking system and in accordance with Articles 20 and 68 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic, Banks and Banking Activities", the Board of the National Bank of the Kyrgyz Republic resolves:

• 1. For commercial banks, until the corresponding decision of the Board of the National Bank of the Kyrgyz Republic is adopted:

  • for newly issued loans listed in subparagraph 6 of paragraph 4.3 of the Instruction on determining capital adequacy standards for commercial banks of the Kyrgyz Republic, approved by Resolution of the Board of the National Bank of the Kyrgyz Republic of 21 July 2004 No. 18/2, establish a credit risk degree of 300 percent;

  • permit the establishment of correspondent relations on foreign currency accounts with resident banks for the purpose of holding funds.

• 2. Within the framework of this resolution, newly issued loans do not include:

  • loans (credit lines) for which decisions on issuance were made by the authorized bodies of the commercial bank before the day this resolution enters into force inclusive;

  • tranches under credit lines approved before the day this resolution enters into force inclusive;

  • loans for which the share of income in foreign currency in the total volume of the borrower's aggregate income is more than 75 percent.

• 3. This resolution enters into force on the day of its official publication and remains in force until the corresponding decision of the Board of the National Bank is adopted.

• 4. To 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 Normative Legal Acts of the Kyrgyz Republic.

• 5. To the Department of Supervision Methodology and Licensing of Banks, bring this resolution to the attention of the Legal Entity Association "Union of Banks of Kyrgyzstan", commercial banks, the relevant structural subdivisions, regional departments, and the representative office of the National Bank in Batken Oblast.

• 6. Control over the execution of this resolution shall be assigned to the member of the Board of the National Bank of the Kyrgyz Republic supervising the Department of Supervision Methodology and Licensing of Banks.

Chairman K. Bokontaev