The National Bank of Kyrgyzstan made a decision to resume cross-border transactions using SWIFT system and alternative communication channels. Press service of the National Bank of the Kyrgyz Republic reported.
From 9.00 on October 13, 2020, commercial banks will accept all incoming payments in favor of commercial banks of the Kyrgyz Republic and their clients.
Outgoing cross-border payments will be made only on:
- Operations of clients (legal entities, private and individual entrepreneurs, peasant and farm enterprises) of commercial banks of Kyrgyzstan under contracts previously concluded and submitted to banks for making payments for goods and services. The amount of payments should not exceed the average level typical for a given client, and contracts / agreements should be inherent in the normal activities of the client;
- Unfinished foreign exchange transactions with counterparties, transactions for the purchase / sale of foreign currency on own behalf in order to manage liquidity and / or foreign exchange position, including swap transactions, as well as in connection with the exchange of assets;
- Operations for carrying-out mutual settlements in international payment systems;
- Replenishment of nostro accounts and deposits of commercial banks of the Kyrgyz Republic in non-resident banks;
- Operations to repay loans and accrued interest on loans received from international organizations;
- Operations on making transfers from non-bank financial and credit institutions 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 activities of banks;
- Operations on behalf of international organizations and diplomatic missions of foreign states;
- Transfers of individuals without commercial purposes in the amount of up to $ 5,000 or the equivalent in another foreign currency (per week), to pay for treatment, accommodation, training and alimony payments.
«When carrying out transfer transactions, commercial banks need to ensure compliance with the legislation on countering financing of terrorist activities and money laundering.
For issues related to the provision of banking services, including making payments through both national and international payment systems, please contact commercial banks, which will operate normally from 09.00 to 17.00 from October 13, 2020,» the statement says.
The National Bank monitors the situation and takes measures to ensure stability and security of the country’s financial and payment systems.
