RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 17, 2014 No. 3/1

About limits of open foreign exchange positions of commercial banks of the Kyrgyz Republic

Being guided by Articles 4, 31 and 43 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", and also for the purpose of decrease in currency risk of the Board of National Bank banks of the Kyrgyz Republic decides:

1. Since February 18, 2014 to establish for commercial banks of the Kyrgyz Republic for a period of up to March 1, 2014 limits of open foreign exchange position for currencies of the countries, being organization members of Economic Development and the Cooperation (OERS) and/or for currencies of the countries which signed the 8th article of "Articles of the agreement" with the International Monetary Fund - no more than 7% of the net total capital of bank.

2. As of the end of operational day the total size of foreign exchange position on all foreign currencies of the countries specified in Item 1 of this Resolution shall not exceed 10% of the net total capital of bank.

3. This Resolution becomes effective from the moment of official publication.

4. To legal management to publish this Resolution on the official site of National Bank of the Kyrgyz Republic.

5. To management of methodology of supervision and licensing to bring this Resolution to the attention of commercial banks, the Union of banks of Kyrgyzstan, regional Managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this Resolution on the vice-chairman of National Bank of the Kyrgyz Republic Chokoyev Z. L.

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