President of Kyrgyzstan signs law on banks and banking activity
The President of Kyrgyzstan signed the Law on Banks and Banking Activity.
The goals of the document are implementation of certain articles of the Constitution of the Kyrgyz Republic, as well as harmonization, systematization of the law in the field of banking activity, elimination of conflicts and filling gaps in banking legislation.
The law regulates the issues of banking activities, procedure for the creation, restructuring, liquidation of banks, as well as the procedure for handling information constituting bank secrecy. The legal framework for banking supervision, auditing, financial rehabilitation of the bank, and measures of influence applied to banks are also determined in the law.
The document was adopted by the Parliament on June 30, 2022.
