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Ministry of Justice

Republic of Tajikistan

On October 13, 2009 No. 548

Approved by the Resolution of Board of National Bank of Tajikistan of August 10, 2009 No. 264

The instruction No. 175 "About limiting limits of the size of open foreign exchange position and procedure for their calculation for the credit financial institutions" 

(as amended of the Resolution of Board of National Bank of Tajikistan of 30.11.2018 No. 159)

The instruction 175 "About limiting limits of the size of open foreign exchange position and procedure for their calculation for the credit financial institutions" (further - the Instruction) according to requirements of article 32 of the Law of the Republic of Tajikistan "About banking activity", article 38 of the Law of the Republic of Tajikistan "About Islamic banking activity" and article 4 of the Law of the Republic of Tajikistan "About currency control and currency exchange control" is developed for the purpose of currency risk management and regulation of the domestic foreign exchange market, sets limits of open foreign exchange position, procedure for their calculation, observance, provision of reports on it and its control for the credit financial institutions which obtained the license of National Bank of Tajikistan on the right of making of banking activities in foreign currency.

1. General provisions

1. The credit financial institutions – the credit institutions and Islamic credit institutions performing the activities provided by the law based on the license of National Bank of Tajikistan.

1-1. Credit institutions - legal entities (banks and non-bank credit institutions, including the microfinancial organizations) performing based on the license of National Bank of Tajikistan, all or separate banking activities provided by the law.

1-2. Islamic credit institutions - legal entities (Islamic banks, Islamic non-bank credit institutions, the Islamic microfinancial organizations, including «Islamic bank window») performing all or separate Islamic banking activities provided by the law based on the license of National Bank of Tajikistan.

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. Short open foreign exchange position – open foreign exchange position in 5. the 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 credit institution - the amount of long positions of bank on all currency types on balance sheet and off-balance transactions of credit institution.

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

8. Limits of open foreign exchange positions (coefficients K 6.1 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 credit institution. These coefficients are determined by formula:

 

Формула 1 к Инструкции от 10.08.2009 г. №264

 

Формула 2 к Инструкции от 10.08.2009 г. №264

 

9. The regulatory capital (own means) of credit institution (K) determined according to regulatory legal acts of National Bank of Tajikistan about prudential regulations.

10. The credit institution 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 credit institutions of the Republic of Tajikistan is exercised by monthly relevant structural division of National Bank of Tajikistan on banking supervision. 

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