The purpose of this document is to strengthen the banking sector and improve its positions in international financial markets.
The National Bank has been instructed to make changes to the existing regulatory legal acts concerning the activities of Kyrgyz banks abroad within three months. At the same time, it is necessary to ensure the financial stability of the banking system, protect the assets of depositors, and maintain proper control over banking operations.
The National Bank will also need to determine the requirements for the annual capitalization of banks operating outside the country to guarantee the safety and stability of their operations.
Additionally, the National Bank is required to prepare initiatives for legislative changes and present them for consideration by the Cabinet of Ministers.
The decree also contains recommendations for banks opening their branches abroad. They are strongly advised to comply with the laws of Kyrgyzstan, adhere to regulations on combating the financing of terrorism and the legalization of illegal income, and take into account the sanctions and legislation of the countries in which they operate.
Banks must ensure the completeness and accuracy of the information about the activities of their foreign branches that they provide to the National Bank.
This decree will come into effect in ten days.
