The National Bank of Kyrgyzstan has fined currency exchange bureaux and illegal money changers 200,000 KGS

Following inspections carried out between 1 and 4 September, the National Bank of Kyrgyzstan fined three currency exchange bureaux and two individuals a total of 200,000 KGS. The regulator also temporarily suspended the licences of two currency exchange bureaux.

For breaching the requirements of legislation and the National Bank of Kyrgyzstan’s regulations, three currency exchange bureaux in Bishkek were each fined 55,000 KGS. The total amount of the fines was 165,000 KGS. The regulator did not specify the names of the organisations.

In addition, two individuals in the Jalal-Abad and Batken regions will each pay a fine of 17,500 KGS for operating without a licence. The combined total of these fines amounted to 35,000 KGS.

The NBKR has also temporarily suspended the licences of two currency exchange bureaux:

• ‘Zhanai Cash’ LLC – from 4 to 6 September. The bureau is located in Bishkek;
• ‘Nurzhigit LTD’ LLC – from 4 to 13 September. The bureau is located in the village of Burgendyu, Nooken District, Jalal-Abad Region.