From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Law No. 59 of 1997 on the National Bank of the Kyrgyz Republic
(amended through 2009)
Law No. 59 of 1997 on the National Bank of the Kyrgyz Republic regulates the activities of the National Bank of the Kyrgyz Republic. The goal of the National Bank of Kyrgyz Republic is to achieve and maintain stability of prices by way of implementing appropriate monetary policy.
The National Bank of Kyrgyz Republic shall perform the following functions:
- Determination and implementation of the monetary policy of the Kyrgyz Republic;
- Development and implementation of a uniform foreign exchange policy;
- Exercising the exclusive right to issue currency;
- Acting as the tender of last resort to banks in accordance with the present Law;
- Establish rules for banking transactions, including transactions executed on the basis of Islamic principles of the banking and financing, accounting and reporting for the banking system;
- Issuance of licenses for banking operations, pawnshop activities, legal entities attracting funds from the population on terms of maturity, recovery and repayment in accordance with the legislation of the Republic and keeping the register of issued licenses;
- Regulation and supervision of banks and financial and credit institutions activities licensed by the National Bank of Kyrgyz Republic
- Facilitation of effective operation of the payments system and inter-bank settlements;
- Regulating foreign currencies, including establishment of standards for regulating foreign exchange operations, as well as operations of purchasing, selling and exchanging foreign currencies in accordance with the legislation of the Kyrgyz Republic;
- Owning and managing the official foreign exchange reserves in accordance with the present Law;
- Development of the balance of payments of the Kyrgyz Republic in cooperation with the National Statistics Committee;
- Representing interests and acting on behalf of the Kyrgyz Republic at international meetings, conferences and organizations related to the monetary and banking policies; and
- Carrying out other functions, exercising authorities and rights in accordance with the legislation of the Kyrgyz Republic.