RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of January 20, 2016 No. 4/1

About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Required Reserves" of March 19, 2010 No. 8/2

According to Articles 7, 22 and 43 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Required Reserves" of March 19, 2010 No. 8/2 of change and amendment (are applied).

2. To establish the size of cash in ATMs of the commercial banks in national currency included in reserve assets at the level of 30 percent from the total amount of balances on hand in ATMs of commercial banks in national currency.

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 economic management together with Management of financial statistics and overview to bring this resolution to the attention of commercial banks.

5. This resolution becomes effective since February 8, 2016.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic N. Zhenish.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of January 20, 2016 No. 4/1

Changes and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Required Reserves" of March 19, 2010 No. 8/2

Bring in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Required Reserves" of March 19, 2010 No. 8/2, the following changes and amendments:

in the Provision "About Required Reserves" approved by the above-stated resolution:

- Item 1.1. state in the following edition:

"1.1. This Provision is developed in compliance with the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic" and establishes requirements to banks on deposition in National Bank of the Kyrgyz Republic (further - the National Bank) required reserves, determines the size of required reserves, procedure of payments and accomplishment by commercial banks, National bank of development of the Kyrgyz Republic of mandatory reserve requirements and the sanction for their non-compliance.";

- second offer of the paragraph of third Item 1.2. state in the following edition:

"The list and currency structure of the obligations entering calculation base affirms Board of National Bank.";

- Item 1.2. add with the paragraph of the following content:

"Reserve assets are cash amount of remaining balance in ATMs of bank in national currency and money on correspondent account in National Bank.";

- Item 2.4 paragraph two. state in the following edition:

 "

                                ".

- paragraph the fifth Item 2.4. declare invalid;

- second offer of Item 2.6. state in the following edition:

"Are recognized to ORT executed if the difference, total for base period, between reserve assets and size of required reserves is positive or equal to zero.";

- add with Item 2.9. following content:

"2.9. The size of cash in ATMs of the banks in national currency included in reserve assets is determined by board decision of National Bank and can be changed for the purpose of monetary policy.";

- Item 3.1. state in the following edition:

"3.1. The amount of payment for non-compliance with ORT is calculated on the basis of rate of the payment for non-compliance with ORT established by Board of National Bank, and negative variance of the amount of reserve assets of bank, daily average for base period, from required reserves.";

- paragraph the fourth Item 3.2. state in the following edition:

"Wasps - daily average variation of reserve assets from required reserves;";

- subitem 3.2.1. state in the following edition:

"3.2.1. In cases of non-compliance by bank with the requirement about accomplishment of the daily minimum level from amount of required reserves on correspondent account in National Bank to bank the payment for non-compliance with ORT in triple size of discount rate of National Bank from the amount of daily negative variance is charged.";

- add with subitem 3.2.2. following content:

"3.2.2. In cases of provision by bank of unreliable information on balances on hand in ATMs in national currency recalculation of amount of required reserves since the beginning of base period without balances on hand in ATMs in national currency is made and during 1 year from the moment of violation detection balances on hand in ATMs in national currency do not join in calculation of observance of ORT. At the same time, in case of non-compliance with the minimum level from amount of ORT penalties are applied according to Item 3.2.1. this provision.";

- State appendices 1 and 2 in the following edition:

Appendix 1

to the Provision "About Required Reserves", the Board of National Bank of the Kyrgyz Republic approved by the resolution from ___________№ ______

Appendix 1

to the Provision "About Required Reserves", the Board of National Bank of the Kyrgyz Republic approved by the resolution from ___________№ ______

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