The legal status of the National Bank of the Kyrgyz Republic

The matter on the legal status of the National Bank of the Kyrgyz Republic is very important and complicated. Consideration of this matter is complex because of the legal status of the National Bank has the complex nature and while considering it will be defined not only by the legal acts, but by the economic validity based on the functions of the National Bank of the Kyrgyz Republic.  

The legal status of the National Bank of the Kyrgyz Republic is defined in comply with the Law on National bank of the Kyrgyz Republic, banks and banking activity.

The principle of independence is the key element of the legal status of the National Bank of the Kyrgyz Republic. First of all it shows that the National Bank is not included in the public authority structure but also a special institution possessing exclusive rights for currency issue and organization of money circulation.  

The annual report of the Kyrgyz Bank is considered by the Parliament - Jogorku Kenesh of the Kyrgyz Republic. 

The National Bank is a legal entity, has a seal with its name and a picture of the National Emblem of the Kyrgyz Republic. Authorities for ownership, use and dispose of the National Bank is carried out by the National Bank itself, the withdrawal and burden with obligations the ownership of the National Bank is not allowed. The National Bank has a right to defend its status and authorities in legal form.  

The financial independence of the National Bank of the Kyrgyz Republic is expressed by a fact that it covers its expenditures on its own income and is exempted from all taxes, customs and other fees and also government duties. The President of the Kyrgyz Republic approved the principles of expenditures budgeting of the National Bank. 

The standard acts are considered to be the distinguishing feature of the legal status of the National Bank. The standard acts of the National Bank are published according to its competence to develop acts and within such a competence and are obligatory for banking institutions, their customers and also executive authorities. Standard acts of the National Bank that touches upon the rights and freedom of the citizens are subject for state registration.  

The National Bank is the financial adviser of the President of the Kyrgyz Republic, both chambers of Jogorku Kenesh (Parliament) of the Kyrgyz Republic, Government of the Kyrgyz Republic on financial matters and other matters connected with banking activity. The Bank of Kyrgyzstan gives opinions on drafts of the standard legal acts connected with financial and banking activity.