Over the past week, the National Bank of the Kyrgyz Republic has fined financial market participants 1.46 million KGS

At the end of the week, the National Bank of Kyrgyzstan imposed fines on a payment organisation, four currency exchange bureaux and nine individuals. The total amount of the fines was 1,459,100 KGS.

For breaching Kyrgyz legislation and the National Bank of Kyrgyzstan’s regulations, a payment organisation — a payment system operator in Bishkek — was fined 1 million 81.6 thousand KGS.

A further four currency exchange bureaux in the capital were each fined 55 thousand KGS. The total amount of fines imposed on them amounted to 220,000 KGS.

In addition, in Osh, nine individuals were held liable for exchanging foreign currency in cash without a licence. Each of them was fined 17,500 KGS, totalling 157,500 KGS.

The regulator has also temporarily suspended the licences of six currency exchange bureaux:

• ‘Zolotoy Dinar’ and ‘Bereke KMT’ in Bishkek – from 8 to 17 August;
• ‘Salman MK’ in Bishkek – from 13 to 22 August;
• ‘Amantur Ltd’ in the Issyk-Ata District of the Chui Region – from 13 to 27 August;
• ‘Inkom Exchange’ in Bishkek – from 14 to 28 August;
• ‘Bibinur Yasmina’ in the Nooken District of the Jalal-Abad Region – from 15 to 21 August.

In addition, the National Bank has revoked the registration of MAER Soft LLP as the operator of the One Click international electronic money system and PO MaxPay LLP as the operator of the MaxPay system.