Creation date: 2010-01-16

Law of the Kyrgyz Republic “On transactions in foreign currency”

(In edition of the Kyrgyz Republic Law No.161, dated May 19, 2009)

Chapter I. General Provisions

Article 1. Basic concepts

Terms used in this Law the shall signify the following:

"Authorized banks" - these are banks that have received a licence of the Bank of Kyrgyzstan for the right to conduct operations in foreign

currency.

"Exchange bureaux" - these are exchange offices that have received a licence for the right to conduct exchange operations with cash

foreign currency.

"Instrument of payment" - this is cash or ready money (bank notes, coins, travelers checks and other possible instruments of payment) as

well as non-cash means of payment (payment orders, letters of credit, payment requests-orders and other possible instruments of

payment accepted in international banking practice).

"Current payments" - these are payments for the import of Goods and Services including the payment on loans and dividends on deposits.

"Current receipts" - these are payments for exports of Goods and Services including the interests on loans and dividends on deposits.

"Transfers of capital" - these are the import and export of capital including operations on deposits, loans and other investments as well as

all operations with foreign currency and securities denominated therein.

"Spot-exchange rate" signifies the exchange rate at which a foreign currency is sold by an authorized bank for immediate, or possible,

within two days, purchase, as well as for settlements carried out by means of immediate payment in cash or other facilities during the

same period.

"Residents":

dividuals permanently residing in the Kyrgyz Republic, including those temporarily are abroad. Foreign individuals permanently residing in

the Kyrgyz Republic become residents after presenting notification of immigration to the relevant agencies;

egal entities created in accordance with the legislation of the Kyrgyz Republic with the legal address in the Kyrgyz Republic;

plomatic and other official representations of the Kyrgyz Republic found abroad;

ubsidiaries and representations of the foreign legal entities created in comply with the legislation of the Kyrgyz Republic with legal address

in the Kyrgyz Republic;

ubsidiaries and representations of legal entities of the Kyrgyz Republic found abroad.

"Non-residents" - these are persons who are not residents.

"Means" - these are monetary instruments on accounts and in deposits in banks.

"Currency value" - gold and other precious metals as well as other means the owner of which can replace the currency by them.

Article 2. Legislation on operations in foreign currency.

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1/6Legislation on operations in foreign currency consists of the present Law and standard acts of the Bank of Kyrgyzstan passed in

accordance with the current legislation.

Article 3. Publication of standard acts of the Bank of Kyrgyzstan on questions of operations regulation in foreign currency.

The Bank of Kyrgyzstan publishes standard acts on operations regulation in foreign currency passed by it in the mass media.

Chapter 2. Transfer and exchange of currencies.

Article 4. Transfer of foreign currency

Transfer of foreign currency from and to abroad shall not be restricted.

The import and the export of currency shall not be subject to any restrictions provided that they are declared in points of customs control.

Article 5. Exchange of national and foreign currency

The operations on exchange of national and foreign currency shall not be restricted.

Article 6. Transfer of currency values

Transfer of currency values that are not currency, with the entry of necessary information into the customs declaration (lists), shall be

carried out in comply with the customs legislation of the Kyrgyz Republic.

Chapter 3. Organization of the exchange operations

Article 7. Foreign exchange rate

The official exchange rate shall be determined and announced by the Bank of Kyrgyzstan on the basis of market spot-exchange and other

market rates.

Spot-exchange and other market exchange rates shall be freely negotiated between the seller and the purchaser.

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2/6Authorized banks shall present to the Bank of Kyrgyzstan all necessary information on operations in foreign currency in accordance with a

set form by the Bank of Kyrgyzstan.

Article 8. Authorized banks.

Authorized banks shall carry out exchange operations in foreign currency on the basis of licence issued by the Bank of Kyrgyzstan.

Authorized banks while conducting the operations of the customers shall ensure their compliance with the present Law.

Authorized banks shall freely sell and purchase foreign currency in the Kyrgyz Republic and abroad.

Operations in foreign currency conducted in the territory of Kyrgyz Republic shall be carried out through authorized banks, except those

that stipulated in the Article 12 of this Law.

Article 9. Purchase and sale of foreign currency.

Residents and non-residents have the right to purchase or sell foreign currency without limitations and unreasonable delays in authorized

banks and exchange offices.

Entities, performing purchase or sale of foreign currency are obliged to present identification document if the sum exceeds the threshold

amount, established by the Law of the Kyrgyz Republic “On prevention of terrorism financing and legalization (washing out) of income,

received by illegal way”.

(In edition of the Kyrgyz Republic Law No.161, dated May 19, 2009)

Article 10. Sale and purchase of foreign currency by the Government of the Kyrgyz Republic

The Bank of Kyrgyzstan shall have the right to purchase the convertible currency and sell it to the Government of the Kyrgyz Republic at

the market rates calculated in accordance with the paragraph 2 of Article 7 of this Law.

Article 11. The role of the Bank of Kyrgyzstan in foreign exchange markets

The Bank of Kyrgyzstan shall carry out foreign exchange operations with the purpose of managing the gold and foreign exchange

reserves, as well as with the purpose of protecting the interests of the Kyrgyz Republic.

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3/6The Bank shall have the right to purchase the foreign currency from the Government of the Kyrgyz Republic and the commercial banks

with the purpose of replenishing the gold and foreign exchange reserves, as well as selling the gold and foreign exchange reserves in the

foreign exchange markets.

Article 12. Restrictions on carrying out the foreign exchange operations

Only authorized banks and foreign exchange bureaux shall have the right to carry out operations in foreign currency with the individuals

effected on a professional basis.

One-time exchange operations between the national and foreign cash currency shall not be restricted.

If the sum exceeds the threshold amount, established by the Law of the Kyrgyz Republic “On prevention of terrorism financing and

legalization (washing out) of income, received by illegal way”, the authorized banks and exchange offices perform transactions (bargains)

on exchange of foreign currency with individuals only after presenting of identification documents.

(In edition of the Kyrgyz Republic Law No.161, dated May 19, 2009)

Chapter 4. Organization of operations on external payments

Article 13. Freedom in the transfer of funds

Current payments, current receipts and transfers of capital from and to abroad shall not be restricted.

The Bank of Kyrgyzstan shall not have the right to restrict the transfer of funds with the purpose of fulfillment by the Kyrgyz Republic of the

international obligations prescribed by the Charter of UNO.

Article 14. Procedure for registration by residents the accounts opened outside of the Kyrgyz Republic

Residents shall be obliged to register the accounts and deposits opened outside the Kyrgyz Republic in the Bank of Kyrgyzstan.

Article 15. Right to obtain an information

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4/6Residents shall be obliged upon the request of the Bank of Kyrgyzstan to submit the information on accounts and deposits found outside

of the Kyrgyz Republic, as well as declarations, other documents and information concerned with the operations in foreign currency.

Article 16. Subsidies

The Bank of Kyrgyzstan shall not provide the subsidies to persons that suffer a loss connected with a change in market exchange rates of

currencies, as well as concerned with restrictions introduced by other states and international organizations.

Chapter 5. Licensing of activities of authorized banks and foreign exchange bureaux.

Article 17. Licensing of authorized banks

The Bank of Kyrgyzstan shall issue the licence to the commercial banks for the right to conduct operations in foreign currency in the

procedure and on the conditions determined by it.

Article 18. Licensing of the foreign exchange bureaux

The Bank of Kyrgyzstan shall issue the licence to the foreign exchange bureaux for the right to conduct exchange operations in foreign

currency in the procedure and on the conditions determined by it.

Article 19. Withdrawal of licences

The Bank of Kyrgyzstan shall have a right to withdraw the licence or to restrict to conduct exchange operations in foreign currency in case

of non-observance by the authorized banks and foreign exchange bureaux the requirements of this Law and standard acts of the Bank of

Kyrgyzstan.

Chapter 6. Supervision of operations in foreign currency

Article 20. Procedures for resolution of disputes

Authorized banks, foreign exchange bureaux and other persons or entities shall have a right to appeal in court the solutions adopted by

the Bank of Kyrgyzstan.

Article 21. Responsibilities for violation of legislation on operations in foreign currencies.

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5/6Legal entities and individuals shall be responsible for non-fulfillment or improper fulfillment of this Law and the standard acts of the Bank

of Kyrgyzstan in the procedures established by the legislation of the Kyrgyz Republic.

The Bank of Kyrgyzstan, authorized banks shall be responsible for exceeding their commissions on supervision in the procedure

established by the legislation of the Kyrgyz Republic.

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