The purpose of this document is to promote the development of the banking sector and enhance its competitiveness in international financial markets.
According to the decree, the National Bank will be tasked with making amendments to the regulatory legal acts that govern the activities of Kyrgyz banks abroad within three months. In doing so, the regulator must consider the importance of the financial stability of the banking system, the protection of depositors' funds, and effective banking supervision.
The National Bank is also required to establish annual capitalization requirements for banks operating outside the country to ensure their safe and stable operation.
Furthermore, the decree mandates the National Bank to prepare proposals for changes to legislation, which should then be submitted to the Cabinet of Ministers.
The document also contains recommendations for banks planning to open branches abroad. They are strongly advised to strictly adhere to the legislation of the Kyrgyz Republic, as well as to norms regarding the fight against the financing of terrorism and the legalization of criminal proceeds, and to consider the sanctions restrictions and laws of the host countries.
Banks are required to provide complete and accurate information about the activities of their foreign branches to the National Bank.
The decree will come into effect in 10 days.
