Entities which conduct exchange of foreign currency in cash in Bishkek without license of the National Bank of the Kyrgyz Republic 

In accordance with the banking legislation of the Kyrgyz Republic, entities which got the license of the National Bank of the Kyrgyz Republic for conducting exchange operations with foreign currency may open exchange offices in the Kyrgyz Republic. 

As part of the supervising functions provided by the legislation of the Kyrgyz Republic, the National Bank of the Kyrgyz Republic takes measures to prevent, detect and suppress illegal unlicensed work of exchange offices. 

Since the beginning of 2014, in the course of field inspections for compliance with banking legislation of exchange offices there were identified a number of exchange offices, conducting transactions on the exchange of foreign currency in cash without an appropriate license of the National Bank of the Kyrgyz Republic. 

So, for the first quarter of 2014 37 individuals conducting operations on exchange of foreign currency in cash without an appropriate license of the National Bank of the Kyrgyz Republic were brought to administrative responsibility in the form of imposing a fine in accordance with the Administrative Code of the Kyrgyz Republic. The total amount of fines to be paid to the republic budget was 63 000 soms. 

To avoid deception, fraud and other misconduct by exchange offices carrying illegal activity, the National Bank of the Kyrgyz Republic strongly recommends to the public to exchange foreign currency in cash in exchange offices, having the license as well as the registration letter of the National Bank of the Kyrgyz Republic. You should certainly pay attention to the occurrence of a license of the exchange office. According to the requirements of normative and legal acts of the National Bank the copies of the license and registration letter of the National Bank of the Kyrgyz Republic should be posted on notice boards of exchange offices and should be in a prominent place for customers. 

National Bank of the Kyrgyz Republic warns that if these requirements are not complied with exchange offices, their activity is carried out with violations of the law, or is illegal and is not subject to be regulated and supervised by the National Bank of the Kyrgyz Republic. 

It should be noted that the exchange offices, conducting illegal/ unlicensed activities, neglect consumers rights, operations are carried out without a cash register and, consequently, checks, confirming the fact of the exchange transaction, are not granted, and the premises do not comply with the technical conditions for the security of this kind of activity. These factors, in general, impose risks to consumers, including the risks of misconduct, deception and fraud by exchange offices. 

As part of public awareness, the National Bank of the Kyrgyz Republic presents the list of entities, set out during the inspection and conducting exchange transactions in Bishkek without a license for conducting of them: 

The results of the auction of rare collectible coins has summed up in the National Bank 

On the eve of the Day of introduction of the national currency the National Bank of the Kyrgyz Republic held an annual auction for the sale of gold and silver collectible coins. 25 numismatic coins (1 gold and 24 silver) issued by the National Bank from 1995 to 2007 were put up to auction in 17 lots: "Osh - 3000", "1000 years of the epic Manas", "Khan Tengri", "Argali", "Edelweiss", "10 years of national currency", "Shanghai Cooperation Organization", "Tashrabat", "60 years of Great Victory" and "Uzgen architectural complex". 

Saltanat Aubakirova, chief economist of Cash operations Division of Cash Management Department of the National Bank of the Kyrgyz Republic, notes: "The interest of citizens, and not only numismatists, but also people who are interested in history and art, to collectible coins of Kyrgyzstan is distinctly intensified. For example, in 2014 the number of the persons who wish to purchase collectible coins, compared with last year, has doubled. The auction was attended by 30 judges of commemorative coins. And if the total starting price of the coins presented at auction was 107 thousand soms, they were sold in the amount of 301 thousand 600 soms".  

Shamil Aidarkulov, Head of Cash Management Department: "Passion for the collectible coins has become a global trend. Primarily, this is because the numismatic values are worthwhile investment and are considered by collectors as a promising financial instrument. And the fact that collectible coins are often the real work of art, thus carrying out a historical and cultural mission, reflecting the important events in the life of whole peoples, nations plays an important role. Commemorative coins of numismatic fund of the National Bank of the Kyrgyz Republic differ with high quality workmanship, relevant themes and artistic value. Our coins are exhibited at the prestigious international exhibitions".  

At the auction in the Kyrgyz National Museum of Fine Arts named after Gapar Aitiev there were presented the coins which are no longer sold by the National Bank. Gold coin "Osh -3000" was sold more expensive than the rest. With a starting value of 20 000 soms, its auction price was 34 100 soms. Silver coins "Khan - Tengri", "Argali", "Edelweiss", "10 years of the national currency" and "60 years of Great Victory" also attracted a great interest of the numismatists. Bidders bought them for a price exceeding the starting in several times. 

Since the independence of Kyrgyzstan, the National Bank of the Kyrgyz Republic issued 45 collectible coins: three types of gold collectible coins, 33 types of silver coins, 8 types of copper-nickel coins and one cupronickel coin. On December 24, 2013 a collectible coin "Great Kyrgyz Khanate" from series "The Age of the Kyrgyz Khanate" was issued. 

As a tradition the National Bank will introduce new commemorative coins on the eve of the Independence Day of the Kyrgyz Republic. These coins will be "Barsbek - Kyrgyz Hagan" and "Kumbez of Manas", in silver and in copper-nickel version. And silver coin "Owl" from the series Red Book of Kyrgyzstan. 

Licenses/certificates have been issued to the following non-bank financial institutions and exchange offices: 

LLC "Appak - Nur" (license No. 5125 dated May 13, 2014. for conducting exchange operations with foreign currency). Legal address: without number, Vokzalnaya St. (reference point: Central Market), Bazar- Korgon village, Bazar-Korgon district, Jalal- Abad region. 

Certificates/licenses of the following non-bank financial institutions have been cancelled/revoked: 

Certificate of accounting registration of CU "KEN - NUR" № 445 dated January 19, 2004 for micro-crediting of individuals and legal entities has been cancelled since May 14, 2014. Statement of voluntary self-liquidation of CU dated May 14, 2014 and minutes of the general meeting of CU dated April 16, 2013. Legal address: app. 5, b. 8, Kok -Jar micro district, Bishkek.  

Certificate of accounting registration of LLC "MCC "Bai Jurt" № 123 dated March 28, 2008 for micro-crediting of individuals and legal entities has been cancelled since May 12, 2014. Decision of the founder of LLC "MCC "Bai Jurt" dated May 7, 2014. Statement of the founder of LLC "MCC "Bai Jurt" dated May 8, 2014. Legal address: 32, Masaliev Prosp., Osh, Osh region.  

Certificate of accounting registration of LLC "MCC "Zhenish" № 381 dated June 24, 2011 for micro-crediting of individuals and legal entities has been cancelled since May 14, 2014. Decision of the founder on liquidation dated May 13, 2014. Legal address: app. 24, b. 120, Kojomberdiev St., Kara-Balta, Jaiyl district, Chui region.  

Interbank payments