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National Bank: Money transfer can be converted onto dollar account

The National Bank of Kyrgyzstan explained how the temporary procedure for money transfers would work.

The National Bank of the Kyrgyz Republic recalled that now it is possible to receive a transfer only in the currency of the sending country or soms. For example, if a money transfer is sent from the Russian Federation, it must be given to the recipient only in Russian rubles, if it is from Kazakhstan — only in Kazakh tenge. If the transfer is sent from another country, it will be given in the national currency at the rate of a commercial bank.

«If the currency of transfer is not widely circulated in Kyrgyzstan, the bank may use the discount rate of the National Bank. In this case, the customer shall be informed of the exchange rate in advance. The rules for converting a money transfer shall remain unchanged. A commercial bank may convert the money transfer only into the national currency — som with the consent of the recipient,» the National Bank noted.

A customer can instruct a commercial bank in Kyrgyzstan to credit the money transfer onto his or her bank account or e-wallet. The bank will then convert it into the currency of the account at its own rate according to internal procedures, or transfer it into the electronic wallet of the client in the national currency. In addition, the customer must be informed in advance about the exchange rate into the currency of the account.

«If the sender makes a money transfer from the Russian Federation in rubles to a dollar account opened in a commercial bank in Kyrgyzstan, the bank makes conversion into U.S. dollars at its rate according to internal procedures,» the National Bank concluded.

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