By the Order of the Cabinet of Ministers of the Kyrgyz Republic dated August 23, 2024 No. 499-r, a Trading Company with 100% state participation in its authorized capital was established. The founder of this company is the Ministry of Economy and Commerce of the Kyrgyz Republic.
This company was created for the purpose of monitoring trade flows involving Kyrgyz companies whose goods do not enter the territory of the Kyrgyz Republic.
In this regard, the creation of this company should streamline the above-mentioned trading activities and will serve as a tool for monitoring financial transactions for these types of trade transactions.
According to the Charter, the main tasks of the trading company are to carry out international trade, organize and control financial transactions, including currency transfers, settlements with foreign counterparties, manage currency risks and ensure financial stability.
It is worth noting that the National Bank of the Kyrgyz Republic adopted Resolution No. 2024-P-14/41-3-(PS) dated September 4, 2024, according to which a restriction was established for a period of one year, which consists in the fact that financial institutions cannot accept payment orders for execution and make settlements under contracts, the subject of which are goods, works and services coming from foreign countries or to foreign countries without actual delivery to the territory of the Kyrgyz Republic, except for authorized state companies determined by the Cabinet of Ministers of the Kyrgyz Republic.
It should be noted that this restriction does not apply to individuals and legal entities delivering goods, works and services to the territory of the Kyrgyz Republic. Deliveries made through e-commerce (for personal use) are also not subject to this restriction.
Today, this Trading Company, authorized by the Cabinet of Ministers of the Kyrgyz Republic, has the right to carry out trade operations without actual delivery to the territory of the Kyrgyz Republic. Companies that previously carried out trade without actual delivery to the territory of the Kyrgyz Republic must conduct operations through the established Trading Company.
This measure will help regulate trade flows without actual delivery to the territory of the Kyrgyz Republic.
It should also be noted that the Trading Company will interact with all commercial banks without any restrictions.
Reference: JSC “Trading Company of the Kyrgyz Republic”.
Source: https://mineconom.gov.kg/ru/post/10539