Kyrgyzstan Launches Pilot Project to Regulate Russian Ruble Transactions

The National Bank of the Kyrgyz Republic has announced the launch of a pilot project designed to regulate financial operations conducted in Russian rubles.

As part of this project, Capital Bank of Central Asia OJSC has been designated as the settlement bank for certain types of transactions, The Caspian Post reports, citing Kyrgyz media.

Commercial banks are required to conduct such operations through this bank.

According to a government directive, the project was initiated to ensure financial system stability and economic security when conducting transactions in Russian rubles. The project will run for six months.

Under the same directive, Capital Bank of Central Asia OJSC has been appointed as the settlement bank for the following operations:

1. Cross-border money transfers of individuals in Russian rubles to and from the Russian Federation (including through transfer systems without opening an account, transfers by phone number and card).
2. Cross-border money transfers in Russian rubles by legal entities to/from the Russian Federation.
3. Currency exchange operations involving cash and non-cash Russian rubles exceeding 3 million rubles per client per month within Kyrgyzstan.

The Cabinet recommended Capital Bank of Central Asia OJSC take the necessary steps to implement the project and ensure compliance with banking regulations.

It is worth noting that on April 1, 2025, at least 100 percent of Capital Bank’s shares were transferred to the Ministry of Finance, making the state the sole shareholder of the financial institution.

The National Bank’s board requires commercial banks to:

1. Conduct the above-mentioned operations through Capital Bank of Central Asia.
2. Establish correspondent accounts in Russian rubles with the designated bank.
3. Continue to comply with all economic standards of the National Bank of the Kyrgyz Republic, taking into account the requirements of the new resolution.
4. The management and board of directors of Capital Bank of Central Asia OJSC are personally accountable for compliance with Kyrgyzstan’s legislation, financial stability of the bank, timely execution of operations, and risk management of the project.

At the same time:

• Cash transactions in rubles must be carried out through the settlement bank from April 14, 2025;
• Cashless transactions in rubles - from May 1, 2025.