of the National Bank of the Kyrgyz Republic
On October 12, 2020, the National Bank decided to conduct cross-border operations via the SWIFT system and the alternative communication channels.
From 9:00 on October 13, 2020, the commercial banks will accept all incoming payments in favor of the commercial banks of the Kyrgyz Republic and their clients.
Outgoing cross-border payments will be made only on:
- operations of the clients (legal entities, private and individual entrepreneurs, peasants 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 for 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.
When conducting the abovementioned transfer operations, the commercial banks need to ensure compliance with the legislation on countering the financing of terrorism and anti-money laundering.
In case of any questions related to provision of the banking services, including making payments through the national and international payment systems, you should contact the commercial banks, which will operate normally from 09:00 till 17:00 since October 13, 2020.
The National Bank is monitoring the situation and takes measures to ensure the stability and security of the financial and payment systems in the country.
The Resolution of the National Bank of the Kyrgyz Republic dated October 12, 2020 “On conducting cross-border operations via the SWIFT system and the alternative communication channels” can be found in the section: About the bank / Banking legislation / Resolutions of the National Bank of the Kyrgyz Republic Board.