Work schedule for banking system of Kazakhstan during this week - NB

/IRBIS, Dec.28, 99/ - The National Bank of Kazakhstan dispatched the resolution of its Board dated December 23, 1999 #425 "On organizing the work of the banking system of Kazakhstan at the end of 1999 financial year" to financial structures of the country. The resolution regulates the work schedule of the banking system at the end of the financial year and due to necessary preparatory works for the year 2000 problem. According to the resolution: - in subdivisions of the central office, branches of the National bank, Kazakhstan center for interbank clearing (KCIC), Center for interbank financial telecommunication (CIFT) respective units should be employed on January 3 and 4, 2000 to complete account settlements and money transfers for December 30 and 31, 1999 between the banks, their clients, national budget, local budgets, accumulative pension funds and for recalculation of cash received from the banks. - Payment drafts of the banks of the second tier, credit partnerships and organizations, which conduct some banking operations (all these are BST), will be accepted by (according to the tariffs set till 5:00PM Almaty time): - system of large payments of KCIC - till 10:00PM Almaty time (ALM); - system of small payments of KCIC - till 7:00PM ALM. - Branches and subdivisions of the National bank's central office should accept cash from BST and handle them till 4:00PM ALM on December 30 and 31, 1999 and make corresponding accounting records. Surplus and shortage amounts that was discovered upon counting the cash on December 30 and 31 should be entered in year 2000 by corresponding records. - On January 4 and 5, 2000 branches and subdivisions of the National bank's central office should, if necessary, accept cash from BST with making subsequent accounting records for accepting and entering this money to correspondent accounts of the banks on January 6, 2000. - KCIC: - on December 30 and 31, 1999 should not accept payment documents from BST; - on January 3, 2000 should accept and process payment documents from BST for December 30 and 31, 1999 and pass the payment results to the National bank; - should issue extracts of accepting and processing payment documents of BST, territorial bodies of the Treasury Committee of the Ministry of finance of Kazakhstan (TCMF) for December 31, 1999 not later than January 4, 2000. - Administration of the National bank's payment system: - on January 3, 2000 should ensure transfer of money to correspondent accounts of BST by the results of payments in KCIC, and cash received by the branches of the National bank on December 30 and 31; - should issue extracts and their supplements of December 31, 1999 for bank accounts of BST, territorial bodies of TCMF not later than January 4, 2000; - BST (excluding territorial bodies of TCMF): - should finish payments and transfer of money within Kazakhstan between the banks and their clients through December 19, 1999; - on December 31, 1999: should not close the balance of income and expenses for 1999 (should be closed upon finishing final turnovers); should not make payments and transfer of money through KCIC and correspondent accounts in correspondent banks for payment documents received from their clients on December 30 and 31, 1999; should prepare and process payment documents for December 30 and 31, 1999 for their further transfer to KCIC on January 3, 2000; - from January 4, 2000 should not make payments on final turnovers and transfer of money between the banks, including the National bank; - from January 5 to 15, 2000, if necessary, should conduct only interbank operations in final turnovers; - in exclusive cases and through January 6, 2000 only, payments and transfer of money should be made between the banks on final turnovers in the presence of confirmation of bilateral agreement or by submitting payment documents in magnet carriers or in hard copy to regional branches of the National bank (more detailed terms are given in the resolution); - should avoid the following on final turnovers: cash movements; transfer of mandatory and voluntarily pension deposits to accumulative pension funds of Kazakhstan (APF); budgetary payments, also amounts that are in budgetary files (payments on the documents, which are in budgetary files, should be made as if it took place in 2000); - should close the balance of active and passive personal accounts by final turnovers not later than January 4, 2000: Funds of Kazakhstan's Pension fund/Expenses of Kazakhstan's Pension fund; Funds of SCPM for pension and benefit payments/Expenses of SCPM for pension and benefit payments; Funds of SCPM for special state benefit payments/Expenses of SCPM for special state benefits; Funds of SCPM for state social benefits/Expenses of SCPM for state social benefits; - after settling accounts between the banks till January 7, 2000 conciliation of "Nostro" correspondent accounts in tenge and foreign currency with the National bank and the correspondent banks and based on its results should balance the accounts by making corresponding accounting records on final turnover for respective personal accounts. Exact terms for submitting financial and statistical reports to the National Bank are given in the resolution. The resolution recommends BST due to necessity of working on year 2000 problem and to ensure making payments and transfer of money between the banks, their clients, the national and local budgets, following work schedule from December 30 to 31, 1999 and January 2 to 5, 2000: - inform the clients of the close-out of payments and transfer of funds on Nostro accounts opened abroad getting into effect from December 25, 1999; - should not serve the clients from December 30, 1999 through January 5, 2000, start to serve the clients from January 6, 2000; - obtain extracts from correspondent accounts and the results of acceptance and processing payment documents of BST, territorial bodies of SCPM for December 31, 1999 from the Administration of the payment systems and KCIC, and reflect movements of cash in internal correspondent account and respective client accounts by final turnover of money. Moreover, the resolution contains a number of special regulations to regulate the details and discipline of payments of separate financial bodies of the country in the first ten days of January 2000.