The Board of the National Bank of Kyrgyzstan adopted a resolution on introduction of temporary restrictions on exchange operations with foreign currency. Official website of the central bank says.
The decision was made to ensure the economic security of the republic and to minimize adverse consequences and influences on the domestic financial market.
The document imposes a restriction for commercial banks on simultaneous exchange transactions with an exchange office during the day within the amount of working capital of the exchange office. This applies to both cash and non-cash foreign currency.
In addition, commercial banks are now required to submit a weekly report to the National Bank on the transactions carried out for the purchase and sale of cash and non-cash foreign currency and monthly information on the transactions for the purchase/sale of cash/non-cash foreign currency with exchange offices as of the last working day of each month.
The temporary rules also limit the work of exchange offices. They are forbidden to conduct foreign exchange transactions with commercial banks during the day in an amount that, in aggregate, exceeded the working capital of the exchange office. In addition, when carrying out transactions with currency, they must provide the bank with information in writing signed by the head of the exchange office confirming the amount of working capital with the check of the cash register attached.
«In case of violation of this resolution, enforcement actions will be applied to commercial banks and exchange offices, including revocation of the license, as well as to the relevant officials,» the statement says.
