A Trading Company with 100% state participation in its authorized capital has been established in Kyrgyzstan. The founder of the company is the Ministry of Economy and Commerce of the Kyrgyz Republic. “This company was created to monitor trade flows involving Kyrgyz companies whose goods do not enter the country’s territory,” the Ministry of Economy reported.
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.
The Ministry of Economy noted that the National Bank of the Kyrgyz Republic adopted a resolution establishing a one-year restriction that financial institutions cannot accept payment orders for execution and make settlements under contracts involving goods, work and services coming from 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 supplying goods, works and services to the territory of the Kyrgyz Republic. Supplies made through e-commerce for personal use are also not subject to this restriction.
This Trading Company has the right to carry out trade operations without actual delivery to the territory of the country. Companies that previously carried out trade without actual delivery to the territory of the Kyrgyz Republic must carry out operations through the created 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,” the report says.
Source: https://vesti.kg/zxc/item/130044-v-kyrgyzstane-sozdana-gosudarstvennaya-torgovaya-kompaniya.html