According to the adopted document, the suspension of the resolution "On the Temporary Procedure for Conducting Operations with the Kazakh Tenge by Commercial Banks, Exchange Offices, Microfinance and Microcredit Companies of the Kyrgyz Republic," adopted on March 18, 2022, will last until September 15, 2026.
The initial suspension period was set until March 15, 2026; however, the new resolution extends this period by an additional six months.
This decision comes into effect from the moment of its official publication. The National Bank has also instructed to ensure the notification of commercial banks, microfinance and microcredit organizations, exchange offices, relevant associations, as well as the Ministry of Economy and Commerce about the new resolution.
Control over the implementation of the resolution is assigned to a member of the National Bank Board responsible for banking supervision.
Note
Since March 19, 2022, commercial banks, exchange offices, and microfinance companies are required to set the purchase rate of the Kazakh tenge to the Kyrgyz som, taking into account a risk weighting coefficient that should not exceed 70% of the official rate established by the NBKR.
