Capital Bank became the settlement bank for transfers to Russia

The Cabinet of Ministers approved a decree under which OJSC Capital Bank of Central Asia was designated as the settlement bank for the majority of cross-border transactions in Russian rubles.

The initiative, introduced as a pilot project, will be implemented over a six-month period.

According to the decree, Capital Bank will be granted authority in the following areas:

• processing of ruble transfers for individuals between Kyrgyzstan and Russia, including mobile transfers and transactions without opening an account;
• conducting cross-border settlements between legal entities (excluding companies subject to special tax regimes);
• carrying out ruble exchange operations when the monthly volume exceeds 3 million rubles per client.

The bank is required to strictly comply with national legislation, including compliance and anti-money laundering regulations. The National Bank has been tasked with providing regulatory support for the project and overseeing its implementation.

It should be recalled that on April 1 of this year, the agreement was completed completed under which 100% of the bank’s shares were transferred to the Ministry of Finance of the Kyrgyz Republic.

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