On the introduction of a moratorium on inspections of business entities

For the period from January 1, 2023 to December 31, 2023, a temporary ban (moratorium) was introduced on inspections of business entities conducted by law enforcement agencies and authorized bodies entitled to conduct inspections of business entities in accordance with the List of authorized bodies entitled to conduct inspections of business entities.

The exception is the checks carried out:

– in the framework of criminal and civil proceedings;

– at the request of business entities, individuals and legal entities;

– at the request of state bodies of other states;

– on issues of compliance with legislation in the field of the fuel and energy complex, in terms of the formation and application of tariffs for electrical and thermal energy, and natural gas;

– by the customs service in respect of goods under customs control;

– in order to supervise compliance with the quality of imported, produced and sold fuels and lubricants, fuel;

– on issues of compliance with the norms and requirements of the legislation by business entities engaged in the study and development of subsoil;

– on the regulation of prices for socially significant goods;

– on issues of compliance with legislation in the field of sanitary-epidemiological and veterinary safety.

On determining the quota for labor migration for 2023

Decree of the Cabinet of Ministers of the Kyrgyz Republic dated December 30, 2022 No. 705-r determined the quota for labor migration, which establishes the maximum number of foreign citizens and stateless persons arriving in the Kyrgyz Republic for the purpose of carrying out labor activities, by sectors of the economy and regions of the Kyrgyz Republic for 2023.

On approval of the republican budget of the Kyrgyz Republic for 2023

The Law of the Kyrgyz Republic dated January 17, 2023 No. 3 approved the republican budget of the Kyrgyz Republic for 2023 on revenues in the amount of 325066045.2 thousand soms and expenditures in the amount of 346329245.8 thousand soms.

The maximum size of the deficit of the republican budget of the Kyrgyz Republic for 2023 is set at 21,263,200.6 thousand soms.

The Law also approved the planned parameters of the republican budget of the Kyrgyz Republic for 2024-2025.

According to the Law, the minimum wage for 2023 is set at 2337 soms, for 2024 – 2460 soms, for 2025 – 2460 soms.

On establishing the terms for the formation of the minimum authorized capital of participants in the securities market

In order to increase the level of financial stability and competitiveness of financial organizations, a resolution of the Cabinet of Ministers “On Certain Issues in the Sphere of the Securities Market” was adopted.

The Decree establishes the following terms for the formation of the minimum authorized capital of professional participants in the securities market:

1) carrying out depositary activities:

until January 1, 2024 – 10 million soms;

until January 1, 2025 – 20 million soms;

2) carrying out activities for the organization of trade in the securities market:

until January 1, 2024 – 30 million soms;

until January 1, 2025 – 50 million soms;

3) carrying out brokerage activities:

until January 1, 2024 – 5 million soms;

until January 1, 2025 – 8 million soms.

On the introduction of restrictions on the export of cash foreign currency from the Kyrgyz Republic

In order to ensure financial and economic security, stabilize the situation in the domestic foreign exchange market, as well as protect the national interests of the Kyrgyz Republic, the Decree of the Cabinet of Ministers of the Kyrgyz Republic dated January 13, 2023 No. 7 introduced a temporary ban on the export of foreign currency in cash from the Kyrgyz Republic until the relevant decision of the Cabinet of Ministers is adopted. KR – to non-residents and foreign citizens in the amount of more than 5,000 US dollars in cash, residents and citizens of the Kyrgyz Republic in the amount of more than 10,000 US dollars in cash.

It has been established that in case of export by residents and citizens of the Kyrgyz Republic of cash US dollars in an amount exceeding 10,000 US dollars, a payment of 10% of the amount exceeding the established limit is charged.