The Minister of Economy and Commerce of Kyrgyzstan explained the ban for commercial banks on making payments without real deliveries. Daniyar Amangeldiev called the ban on transactions without deliveries a «simplification».
The ban for Kyrgyz banks on making payments without real deliveries is related to the simplification and reduction of the cost of transactions for local entrepreneurs, he said, answering questions from RIA Novosti.
«This was done to streamline trade flows. Without real deliveries, this will simplify and help our entrepreneurs in making payments. Banks will have a clear picture: they will be able to cut off dubious transactions,» the minister said.
He noted that a special state company has already been created that will make payments «at a lower cost than in banks.» The latter, in turn, «will find it easier to resolve the issue of compliance,» which guarantees the transparency of financial transactions. The official emphasized that there are no restrictions on current transactions.
The National Bank of Kyrgyzstan has banned banks from making payments without real deliveries. The corresponding resolution was adopted by its board.
It was reported that the central bank has prohibited banks from making settlements under contracts without real delivery of goods and services to the territory of the country from the end of September. The restrictions come into force three weeks after the official publication and will be valid for one year.
«To impose a one-year restriction for organizations supervised by the National Bank on acceptance of payment orders for execution and otherwise make settlements under contracts concluded by other persons, the subject of which are goods, works and services coming from foreign countries or to foreign countries, without real delivery to the territory of the Kyrgyz Republic, except for authorized state companies determined by the Cabinet of Ministers,» the document says.
