The procedure for making payments and settlements in the real-time gross settlement system will be changed in Kyrgyzstan. The initiative comes from the National Bank, which has drafted a corresponding regulation now open for public discussion.
According to the bank, the amendments were prepared in connection with the adoption of the new Labor Code (effective January 28, 2025) to align regulatory legal acts with current legislation.
The proposed changes concern Section 3 of the regulation, which sets out the operating procedures of the gross real-time settlement system.
In addition, the term «settlement agent» will be removed, as the National Bank serves as the settlement bank and does not provide intermediary settlement services.
The gross real-time settlement system is a set of procedures, rules, technologies, and technical infrastructure that enables the processing of urgent and large-value interbank payments, ensuring final settlement for each transaction individually in real time.
The objectives of the system include:
- Ensuring financial stability of the national economy;
- Reducing financial, operational, and legal risks in the payment and settlement process;
- Accelerating cash flow turnover by shortening payment and settlement times;
- Providing mechanisms for effective liquidity management during settlements;
- Meeting the needs of system participants in carrying out payments.
