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Ministry of Justice

Republic of Tajikistan

On October 27, 2005 No. 155

Approved by the Resolution of Board of National Bank of Tajikistan of October 17, 2005 No. 290

The instruction No. 143 about establishment of limits of open foreign exchange position and control of their observance by authorized banks of the Republic of Tajikistan

I. General provisions

1. Authorized banks - bank or other authorized non-bank financial organization, the obtained License of National Bank of Tajikistan for the right of making of banking activities in foreign currency.

2. Open foreign exchange position - difference of remaining balance of assets and off-balance transactions which increase assets and liabilities and off-balance transactions which increase liabilities in different foreign currencies. The open foreign exchange position can be two types: short and long.

3. The short open foreign exchange position - open foreign exchange position in separate foreign currency turns out when liabilities exceed assets and also when off-balance transactions which increase liabilities exceed off-balance transactions which increase assets in this foreign currency.

4. The long open foreign exchange position - open foreign exchange position in separate foreign currency turns out when assets exceed liabilities and also when off-balance transactions which increase assets exceed off-balance transactions which increase liabilities in this foreign currency.

5. The closed foreign exchange position - foreign exchange position in separate foreign currency turns out when assets and liabilities are equal in this foreign currency and also when off-balance transactions which increase assets are equal to off-balance transactions which increase liabilities in this foreign currency.

6. The total size of long open foreign exchange positions of bankasumm of long positions of bank on all currency types on balance sheet and off-balance transactions of bank.

7. The total size of short open foreign exchange positions of bankasumm of short positions of bank on all currency types on balance sheet and off-balance transactions of bank.

8. Limits of open foreign exchange positions (coefficients of K6.1 and K 6.2), the restrictions of total ratios and individual open foreign exchange positions set by National Bank of Tajikistan to the regulatory capital of bank. These coefficients are determined by formula:

       Total long (short) open foreign exchange position
 To 6.1 = -----------------------------------------------------
         Regulatory capital of bank (K)

      Long (short) open foreign exchange position on separate
         to foreign currency
 To 6.2. =---------------------------------------------------------
         Regulatory capital of bank (K)

9. The regulatory capital (own means) of bank (K) determined according to the Instruction No. 132 "About procedure for regulation of activities of banks" of 29.10.2004.

10. The authorized bank acquires the right to carrying out foreign currency transactions from the date of receipt by it from National Bank of Tajikistan of the License and loses such right from the date of its response.

11. Control of observance of limits of open foreign exchange positions of authorized banks of the Republic of Tajikistan is exercised monthly by Management of banking supervision and licensing of National Bank of Tajikistan.

II. Determination of individual size of open foreign exchange positions of bank

12. The open foreign exchange position is determined by each foreign currency separately. For this purpose foreign exchange positions of bank (on each foreign currency separately) are transferred to equivalent in somoni on the official exchange rates of foreign currencies operating on reporting date which are established by National Bank of Tajikistan.

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