14:43, 14 июня 2024, Bishkek - 24.kg news agency , Tatyana KUDRYAVTSEVA
The National Bank of Kyrgyzstan is carrying out appropriate work in order to prevent the negative consequences of international sanctions on the banking system of Kyrgyzstan. The press service of the bank reported to 24.kg news agency.
The bank assured that they are taking the necessary measures to minimize the risks of secondary sanctions to ensure the financial stability of the country.
«In particular, the National Bank regularly sends letters to commercial banks about the risks of secondary sanctions and, in order to prevent circumvention of sanctions, recommends them to carry out work to strengthen control and take measures to prevent transactions with goods and persons on the US (OFAC) and EU sanctions lists. Working meetings are constantly organized with commercial banks in order to avoid the risk of termination of correspondent banking relationships, within the framework of which explanatory work is carried out with commercial banks to prevent the illegal import/export of goods subject to export control,» the National Bank of the Kyrgyz Republic commented.
In addition, the regulatory requirements of the National Bank provide for standards of compliance by commercial banks with the legislation of the republic on combating the financing of terrorism and money laundering (CFT/ML) and international sanctions.
«To date, the situation on the domestic foreign exchange market remains relatively stable. In the course of foreign exchange policy, the National Bank adheres to a floating exchange rate regime, which involves the formation of an exchange rate based on supply and demand for foreign currency. The National Bank of the Kyrgyz Republic constantly monitors the situation developing in the domestic foreign exchange and foreign financial markets. If necessary, to maintain a stable situation in the foreign exchange market, it will take appropriate measures in accordance with the ongoing monetary policy,» the bank concluded.