Currency transactions in Kyrgyzstan

Written by Sandeep Nehra

The Kyrgyz Republic has adopted the obligations of Article VIII of the Agreement of the International Monetary Fund, and supports a fully convertible currency.

In accordance with Article 4 of the Law of the Kyrgyz Republic on transactions in foreign currency “on July 5, 1995, the movement of foreign currency from abroad and overseas is not limited. Import and export of currency is not subject to any restrictions provided in the declaration of customs control.

National Bank of the Kyrgyz Republic has established and uses a free floating exchange rate, which includes inter-bank foreign exchange market. NBKR conducts regular auctions of foreign currency.

The Law “On the operations in foreign currency” is the principal law governing foreign exchange transactions, and allows residents and nonresidents to purchase and sell foreign currency without any restrictions.

Banks and exchange offices must obtain a license for the implementation of the National Bank foreign currency operations. The bank, which has license for foreign exchange transactions, may open accounts in foreign currency for all businesses and individuals. There are no restrictions for foreign currency transactions for account holders, in particular, restrictions on current and capital transactions. Moreover, foreign currency can be withdrawn without any restrictions. You can open a bank account and have deposits in foreign banks abroad, provided the registration of such accounts in the NBKR.

• Legislative Kyrgyz nationalists leading but not winning
• Legislation in Kyrgyzstan: small opposition Nationalist advance
• The party of pro-Russian parliamentary Kulov in Kyrgyzstan to head
• Elections: the oppressed, the Uzbeks of Kyrgyzstan hopeless
• Kyrgyz vote under high voltage for a parliamentary democracy