RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of October 27, 2016 No. 43/6

About transfer of currency means of commercial banks into currency accounts of National Bank of the Kyrgyz Republic

Due to the high probability of emergence of the risks connected with absence at commercial banks of opportunity quickly to perform conclusion of the currency assets placed on correspondent accounts at the foreign financial institutions experiencing deterioration in financial condition and/or considered as having high risk of insolvency and/or bankruptcy according to Articles 7, 22 and 43 Laws "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Permit the commercial banks of the Kyrgyz Republic having the currency assets placed on the correspondent accounts opened in DeutscheBank, AG and DeutscheBankTrustCompanyAmericas to make transfer of currency funds for the correspondent accounts of National Bank of the Kyrgyz Republic (further - National Bank) opened in foreign corresponding banks of National Bank within the amount of remaining balance on balance sheet accounts for date of the official address, for the term of no more than 3 months, with the following provisions:

- the maximum amount of currency means which is subject to transfer into accounts of National Bank is established by National Bank based on the official appeal of commercial bank. The official appeal of commercial bank shall include confirmation (statements on the currency account(s)) for the date specified in the address;

- additional replenishment (deposition) by commercial banks of the currency means transferred to correspondent accounts of National Bank is forbidden;

- the currency means transferred to correspondent accounts of National Bank according to this resolution are not considered when calculating of the standard rate of ORT established by National Bank;

- conditions of interest-free placement of currency means of the commercial banks deposited on accounts of National Bank are established;

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