On September 12, 2012, the meeting of the National Bank of the Kyrgyz Republic considered the following issues and made appropriate resolutions: 

· On the Instruction “On the limits of funding during the implementation of operations in accordance with the Islamic principles of banking and finance;” 

· On additions to Annex 5 of “The main trends of development of the banking sector of the Kyrgyz Republic to the end of 2014,” approved by the resolution of the Board of the National Bank of the Kyrgyz Republic No. 69/19 as of December 21, 2011; 

· On amendments and additions to some legislative acts of the National Bank of the Kyrgyz Republic concerning the cross-border lending; 

· On the Auditor of financial statements of the RUI State Enterprise for 2012. 

NBKR: The representative of the Association of Payment Systems Operators of the Kyrgyz Republic is misleading the public 

All statements that the draft law “On the payment system of the Kyrgyz Republic” lobbies only the interests of banks and, especially, is designed for a particular bank are not true. Payment systems cannot be served in the same bank, since the concept of the “payment system” is a set of technologies and rules of a whole market. That is, it is not only the kiosks, about which payment systems operators talk, but it is also settlements through payment cards, electronic money, mobile payments, settlements for transactions on trading platforms and so on. We are talking about huge financial flows that pass through the various payment systems and are significant to the economy of the country. 

Until recently, commercial banks served as financial intermediaries and high standards to ensure the safety of the population’s money were always imposed on them. Today, there is a new category of financial intermediaries who take money from citizens with the condition of a subsequent transfer to service providers. At the same time, the amount of money that they receive gets closer the turnover of some commercial banks. So why are these payment systems operating companies refuse to get licensed and thus be open to supervising authorities? The National Bank of the Kyrgyz Republic believes that the small time and financial costs of entrepreneurs to obtain a license and reporting are not comparable in significance to the fact that the Law “On the payment system of the Kyrgyz Republic” will ensure the stability in this market and safety of such services to the public. 

The draft law “On the payment system of the Kyrgyz Republic,” developed by National Bank of the Kyrgyz Republic, aims to fill gaps in the legislation, which will result in a balanced legal regulation of all elements of the payment system. The object of this draft law is the payment system as a whole. The law will determine the duties and responsibilities of the companies that provide mediation services; specific requirements for them will also be regulated. After the law is passed, citizens can apply to the National Bank of the Kyrgyz Republic and other authorities for the protection of their rights. With the adoption of this document, such new forms of activity as Internet banking, home banking, mobile banking will be an additional boost. Also, it will define the rules of use of e-money, mobile payments, etc. 

The National Bank stresses that it has no intention to interfere with the development of business and innovation technologies. The draft does not change the existing pattern of work; the licensing procedure will be simplified and will not affect the size of the rates for the population. The draft laws “On the payment system of the Kyrgyz Republic” and “On amendments to the Law “On Licensing” create specific rules and requirements for the operation of economic entities that are aimed at elimination of rapid and unregulated development of the payments market. Thus, the conditions for the full and balanced development of the market for payment services are created. 

The certificates of the following NBFIs are annulled: 

1. The registration certificate of the MELS CREDIT MCC LLC No. 144 as of 15/07/2008 has been annulled on 10/10/2012 based on the Decision of the Founder No. 11 as of 10/10/2012 due to financial difficulties. Registered address: 55-13 Tabyshaliyev st., Bishkek. 

2. The registration certificate of the Finans MCC LLC No. 180 as of 01/12/2008 has been annulled on 11/10/2012 based on the Decision of the Founder No. 2 as of 20/06/2012 due to lower profitability in lending. Registered address: 148 Tolstoy st., Bishkek. 

Interbank Payments 

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