NBKR Information Report

10 March 2023

NBKR Information Report 


In compliance with the Law of the Kyrgyz Republic "On Payment System of the Kyrgyz Republic" The National Bank regulates activities of payment systems in the Kyrgyz Republic in order to ensure efficiency, reliability and security of payment systems operation.


To ensure economic security, stabilize the situation in the domestic foreign exchange market and minimize the adverse effects of the outflow of cash dollars outside the Kyrgyz Republic, the National Bank of the Kyrgyz Republic on April 18, 2022 amended the Rules for money transfers through money transfer systems in the Kyrgyz Republic.


As per the amendments, a money transfer under the international money transfer system in the Kyrgyz Republic can be issued to the recipient only in the currency of the sending country or in the national currency - KGS. With the consent of the recipient located in the territory of the Kyrgyz Republic, a money transfer can be converted to the national currency of KGS upon receipt.


In order to protect the rights of consumers when making money transfers through money transfer systems, the Board of the National Bank of the Kyrgyz Republic adopted amendments to the Rules for Money Transfers through Money Transfer Systems in the Kyrgyz Republic on July 27, 2022.


According to the amendments, conversion (exchange operation) of a money transfer received through the money transfer system made without opening an account, from the currency of the transfer/payment to another currency is carried out in accordance with the legislation of the Kyrgyz Republic and is made by banks of the Kyrgyz Republic only at the rate indicated on the information stand of foreign currency purchase and sale rates (as for the exchange of cash currency), in accordance with the Regulation "On the procedure for exchange operations with cash foreign currency in the Kyrgyz Republic".


These rules apply only to money transfers made without opening a bank account using specialized money transfer systems.


In the event of a large amount of remittance in foreign currency, it is recommended to make such transfers to the bank accounts of individuals or legal entities, which will allow conversion into the national currency and cashing out transfers under the minimum commissions from the account.


According to the information provided by commercial banks, the fee for cashing out U.S. dollars ranges from 0.5 to 3% of the amount of foreign currency to be cashed out. At the same time, the banking legislation provides for independent establishment by commercial banks of commissions and tariffs for banking services, ensuring openness and accessibility of information to consumers.


It is worth noting that operations with non-cash foreign currencies are conducted by commercial banks in any volume and without any restrictions at the request of individuals and legal entities.


In turn, the National Bank on a regular basis works with financial and credit institutions on the issues of reviewing the current fees for cashing out of foreign currency, the availability of banking services to the public and improving the quality of customer service.


With regard to the activities of banks, citizens can contact the reception room of the National Bank by phone: 0 312 61 04 86 or by whatsapp of the National Bank: 0501 89 00 00, with regard to consumer protection of financial services by phone: 0312 61 45 78.