LAW OF THE KYRGYZ REPUBLIC

of July 18, 2020 No. 78

About modification of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 17, 2020

Article 1.

Bring in the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2016, No. 11, the Art. 1183) the following change:

the offer first of Item 1 of part 4 of Article 23 to state in the following edition: "if by results of financial year the amount of the authorized capital and required reserve of National Bank is less than ten percent from monetary liabilities of National Bank, then in the income of the republican budget of the Kyrgyz Republic seventy percent of profit are transferred.".

Article 2.

1. Determine that operation of article 1 of this Law does not extend to profit distribution of National Bank of the Kyrgyz Republic following the results of 2019 and 2020.

To National Bank of the Kyrgyz Republic to perform transfer of profit in the republican budget in the following procedure:

following the results of 2019 - in the amount of hundred percent;

following the results of 2020 - in the amount of ninety percent.

2. To send ten percent of profit of National Bank of the Kyrgyz Republic transferred into the republican budget following the results of 2019 in the amount of 256527300 som to the government of the Kyrgyz Republic to the State budget reserve.

Article 3.

This Law is subject to official publication and becomes effective since May 1, 2019.

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