RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of December 5, 2001 No. 46/3

About the draft of the Instruction for acceptance, storage and issue of precious metals in commercial banks of the Kyrgyz Republic

Having considered the draft of the Instruction for acceptance, storage and issue of precious metals in commercial banks of the Kyrgyz Republic, the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Instruction for acceptance, storage and issue of precious metals in commercial banks of the Kyrgyz Republic it (is applied) and to enact from the moment of signing.

2. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution to the attention of commercial banks and other financial credit institutes, the licensed NBKR, structural divisions and regional (regional) managements of NBKR.

3. To impose control of execution of this resolution on Sharshekeeva K. Sh., vice-chairman of National Bank of the Kyrgyz Republic.

Approved by the Resolution of National Bank of the Kyrgyz Republic of December 5, 2001 No. 46/3

The instruction for acceptance, storage and issue of precious metals in commercial banks of the Kyrgyz Republic

I. General provisions

1.1. This instruction establishes the minimum requirements on acceptance, storage and issue of precious metals in commercial banks of the Kyrgyz Republic, and also is designed to render banks assistance in risk minimization when implementing such activities.

1.2. The basic rules of work with precious metals are:

- respect for the principle of four eyes;

- storage of values under double control;

- sudden audits of precious metals;

- reconciliation at the end of the day of remaining balance of precious metals with data of accounting.

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