RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 12, 2020 No. 2020-P-11/60-1-(NPA)

About implementation of cross-border transactions on the SWIFT system and alternative communication channels

Being guided by Articles 17, of 20, 38 and 68 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity", the Board of National Bank of the Kyrgyz Republic decides:

1. From 9:00 o'clock on October 13, 2020 to commercial banks of the Kyrgyz Republic on the SWIFT system and alternative communication channels:

1) to perform acceptance of all incoming payments for benefit of commercial banks and their clients;

2) to register outgoing cross-border payments only on:

- to transactions of clients (legal entities, individual entrepreneurs, country and farms) commercial banks of the Kyrgyz Republic under the contracts which are earlier signed and provided in banks on implementation of calculations for goods and services (the list is attached). At the same time the payment amount shall not exceed the average level characteristic of this client, and contracts/agreements shall be inherent in regular activities of the client;

- to incomplete currency transactions with partners, on transactions on purchase/sale of foreign currency on its own behalf for the purpose of liquidity management and/or foreign exchange position, including on swap transactions, and also in connection with exchange of assets;

- to transactions on implementation of settlement on international payment systems;

- to replenishment nostro - accounts and deposits of commercial banks of the Kyrgyz Republic in nonresident banks;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info