Resolution 
No. 2020-П-11/60-1-(НПА) 
of the National Bank 
of the Kyrgyz Republic Board 
as of October 12, 2020 

On conducting cross-border operations via the SWIFT system and the alternative communication channels 

 
Under Articles 17, 20, 38 and 68 of the Law of the Kyrgyz Republic
“On the National Bank of the Kyrgyz Republic, banks and banking activity”, the Board of the National Bank of the Kyrgyz Republic resolves:
 1. From 9:00 on October 13, 2020, the commercial banks of the Kyrgyz Republic via the SWIFT system and the alternative communication channels shall:
1) accept all incoming payments in favor of the commercial banks and their clients; 
2) make outgoing cross-border payments only on: 
- operations of the clients (legal entities, individual entrepreneurs, peasant and farm enterprises) of the commercial banks of the Kyrgyz Republic under the contracts on settlements for the goods and the services previously concluded and submitted to the banks. The amount of payments should not exceed the average level specific to a given client, and the contracts/agreements should be inherent in the normal activities of the client; 
- unfinished foreign exchange transactions with counterparties, operations on purchase/sale of foreign currency on one’s own behalf to manage liquidity and/or foreign exchange position, including swap operations, as well as due to exchange of assets; 
- operations on implementation of mutual settlements through the international payment systems;  
- replenishment of nostro accounts and deposits of the commercial banks of the Kyrgyz Republic in non-resident banks; 
- operations on repayment of loans and accrued interest on loans extended by the international organizations; 
- operations on transfers from the non-banking financial and credit organizations serviced by the bank; 
- operations on the bank’s obligations under trade finance transactions, previously issued letters of credit and bank guarantees; 
- operations necessary to ensure the banks’ activities; 
- operations on behalf of the international organizations and diplomatic missions of the foreign states; 
- transfers of the individuals without commercial purposes in the amount of up to USD 5,000 or the equivalent in another foreign currency (per week), to pay for medical treatment, accommodation, training and to pay alimony. 
3) carry on correspondence with the correspondent banks on the issues not related to the assets movement. 
 2. The commercial banks shall provide compliance with the legislation on countering the financing of terrorism and anti-money laundering when conducting the operations specified in paragraph 1 of this Resolution. 
 3. The Management Board and the Board of Directors of the commercial banks shall be fully responsible for ensuring and monitoring implementation of the procedures related to the requirements of the legislation in the field of countering the financing of terrorism and anti-money laundering in conducting the operations specified in paragraph 1 of this Resolution. 
 4. This Resolution shall enter into force on the day of its official publication and shall remain in force until a special decision is made by the National Bank Board. 
5. The Legal Department shall: 
- publish this Resolution on the official website of the National Bank of the Kyrgyz Republic; 
- send this Resolution to the Ministry of Justice of the Kyrgyz Republic to be entered into the State Register of Regulatory Legal Acts of the Kyrgyz Republic upon official publication thereof. 

6. The Banking Oversight Department 1 and the Banking Oversight Department 2 shall inform the Association of Legal Entities “Union of Banks of Kyrgyzstan” and the commercial banks about this Resolution. 
7. The State Language Development and Document Management Department shall inform the relevant structural units, regional departments and the representative offices of the National Bank in the Batken region about this Resolution. 
 8. Control over execution of this Resolution shall be assigned to the member of the National Bank of the Kyrgyz Republic Board being in charge of the supervisory issues.  

Chairman Т. Abdygulov 

 

Appendix
to the Resolution 
No. 2020-П-11/60-1-(НПА) 
of the National Bank 
of the Kyrgyz Republic Board 
as of October 12, 2020

 

LIST
cross-border operations of the clients of the commercial banks of the Kyrgyz Republic allowed for payment through the accounts of the commercial banks of the Kyrgyz Republic 

1. Operations on purchase of the food products, the goods of textile, clothing, footwear and processing industry, the agricultural goods; 
2. Operations on purchase of medicines, medical goods and medical equipment, including hygienic goods; 
3. Operations on purchase of fuels and lubricants, natural gas and coal, including all petroleum products (bitumen, resins); 
4. Operations on purchase of construction materials and construction equipment; 
5. Operations on purchase of cars, special equipment, auto parts and components, including components for heavy mining equipment, industrial specialized equipment (radiators), aircraft engines and their spare parts; 
6. Fulfillment of obligations on loans extended by the international institutions (World Bank, KfW, IFC, etc.);
7. Operations on purchase of equipment, raw materials and supplies for themanufacturing and industrial companies; 
8. Operations on purchase of equipment, other inventories, raw materials, finished products and electronics for all companies; 
9. Purchase of raw materials for production; 
10. Transport services (logistics, activities of customs brokers, delivery of goods, railway codes, air tickets and communication services).