RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of November 27, 2014 No. 53/9

About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic

Being guided by articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the enclosed changes and amendments in the following resolutions of Board of National Bank of the Kyrgyz Republic:

- "About approval of the Regulations on the economic standard rates and requirements obligatory for accomplishment by the commercial banks and financial credit institutes licensed by National Bank of the Kyrgyz Republic" of July 21, 2004 No. 18/1;

- "About new edition of the Instruction "About crediting restrictions" of September 15, 2004 No. 24/4;

- "About approval of "The instruction about procedure for observance of limits of open foreign exchange positions by microfinance companies" of May 30, 2014 No. 24/8.

2. This resolution becomes effective after fifteen days from the date of official publication.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks, National bank of development of the Kyrgyz Republic, microfinance companies, Associations of the microfinancial organizations, regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L. Orozbayeva.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of November 27, 2014 No. 53/9

Changes and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic

1. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Regulations on the economic standard rates and requirements obligatory for accomplishment by the commercial banks and financial credit institutes licensed by National Bank of the Kyrgyz Republic" of July 21, 2004 No. 18/1 the following amendment:

in the Regulations on the economic standard rates and requirements obligatory for accomplishment of the Kyrgyz Republic by commercial banks approved by the above-stated resolution:

Item 2.4. state in the following edition:

"2.4. The procedure of payments of the maximum extent of risk on one borrower connected with bank is determined according to Section 6. Instructions "About crediting restrictions" ((1) see the note) and the Instruction "About requirements to transactions of banks with insiders and affiliates" ((2) see the note).".

2. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About new edition of the Instruction "About crediting restrictions" of September 15, 2004 No. 24/4 the following changes and amendments:

in the Instruction "About crediting restrictions", approved by the above-stated resolution:

in Item 6.2.:

the fifth to state the paragraph in the following edition:

"-they have, at least, one controlling person or the considerable participant, except as specified, when the controlling face or the considerable participant are state bodies of the Kyrgyz Republic;";

in paragraph nine after the words "for sure gain of the third party" to add with words ", except state bodies of the Kyrgyz Republic,".

3. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of "The instruction about procedure for observance of limits of open foreign exchange positions by microfinance companies" of May 30, 2014 No. 24/8 the following change and amendment:

in the Instruction about procedure for observance of limits of open foreign exchange positions by microfinance companies approved by the above-stated resolution:

Item 9. declare invalid;

Items 15 and 16 after the word of IFC to add with the words "performing foreign currency transactions based on the license of National Bank and".

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