LAW OF THE REPUBLIC OF TAJIKISTAN

of June 28, 2011 No. 722

About National Bank of Tajikistan

Chapter 1. General provisions

Article 1. Legal status of National Bank of Tajikistan

1. The National Bank of Tajikistan is the Central issuing, reserve bank of the Republic of Tajikistan, is in property of the Republic of Tajikistan and is accountable before Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan.

2. The National Bank of Tajikistan is legal entity, has seal with the image of the State Emblem of the Republic of Tajikistan and the name.

3. The location of National Bank of Tajikistan is the city of Dushanbe.

4. The National Bank of Tajikistan can open at discretion departments and representations in the country and beyond its limits.

5. The Republic of Tajikistan does not bear responsibility according to obligations of National Bank of Tajikistan, except for obligations assumed in the consent of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan or the President of the Republic of Tajikistan, the National Bank of Tajikistan also does not bear responsibility according to obligations of the Republic of Tajikistan assumed without the consent of National Bank of Tajikistan.

Article 2. Basic concepts

- 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;

- not credit financial credit institutions - legal entities, not being credit institutions (Islamic credit institutions), and performing the activities provided by the laws of the Republic of Tajikistan based on the license of National Bank of Tajikistan;

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

- bank - credit institution which main objective is profit earning which has the authorized capital established by National Bank of Tajikistan and the right of accomplishment at least of three following transactions: attraction of deposits and savings, issuance of credits, opening and maintaining bank accounts;

- non-bank credit institutions - the credit institutions having the right to perform separate banking activities. The list of banking activities for non-bank credit institutions is established by the legislation of the Republic of Tajikistan and National Bank of Tajikistan;

- Islamic credit institutions - the legal entities (Islamic banks, Islamic non-bank credit, the organizations, 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;

- the official exchange rate - the currency rate established by National Bank of Tajikistan as the body authorized by the state;

- the paying balance - the statistic report in which the aggregated data of transactions performed by residents and nonresidents of the Republic of Tajikistan for certain period are summed up;

- refunding rate - minimum interest rate on which the National Bank of Tajikistan grants the loan to credit institutions or income regulation according to which the National Bank of Tajikistan grants the loans to Islamic credit institutions;

- intermediate bank - the bank created for acceptance of assets, obligations and/or accomplishment of tasks of the credit financial institution which is under control of temporary administration, performing separate banking activities;

- the organization for asset management - the legal entity created for acceptance, purchase, management and / or alienation of assets and non-deposit (not savings) liabilities of the credit financial institution which is under control of temporary administration;

- banking activities - the transactions performed by the credit financial institutions according to the legislation of the Republic of Tajikistan;

- the credit - the money provided to the borrower by credit institution on the terms of interest payment and recoverability in certain time and (or) the amount provided to the client by Islamic credit institution according to the principles of Islamic banking activity which can include or not include payment terms of the main amount, profit, lease or for services;

- the deposit - the money and other values of physical persons and legal entities transferred to storage of credit institution;

- saving - money which right of temporary use is granted to credit institutions on the terms of payment of certain percent, and (or) the money and other values of physical persons and legal entities transferred to storage to Islamic credit institution on the terms of complete return with profit or without profit to the owner of the deposit or its representative on demand or to agreed time frames with respect for the principles of Islamic financing;

- national currency - somoni which one unit is equal to 100 diram;

- real profits of National Bank of Tajikistan - the profit got by way of receipt of money to personal accounts of National Bank of Tajikistan;

- currency - national currency of foreign states;

- refinancing - crediting from National Bank of Tajikistan of the credit financial institutions, accounting and inventory of the securities provided according to this Law;

- payment system - set of the organizations interacting by rules of payment system for the purpose of implementation of money transfer;

- payment services - receiving and delivery of cash, calculations and money transfers, including transfers of electronic money, issue and (or) servicing of payment instruments and service in acceptance of payments;

- clearing system - the system of clearing and interbank settlements based on monetary mutually test claims and obligations;

- bank system of the Republic of Tajikistan - the National Bank of Tajikistan and other credit financial institutions functioning in the Republic of Tajikistan;

- cash system - the procedure for forming and regulation of currency circulation based on the laws;

- prudential regulations - the economic regulations established by National Bank of Tajikistan for the purpose of regulation of activities of the credit financial institutions which observance is obligatory for execution by the credit financial institutions;

- the international investment line item - the statistic report reflecting the cost of financial assets of residents of the Republic of Tajikistan including in the claims form to nonresidents and obligations of residents of the Republic of Tajikistan to nonresidents during certain time;

- gross external debt - the outstanding amount of general real current unconditional obligations of residents before nonresidents requiring interest payment and (or) principal debt in the future;

- monetary (monetary) policy - one of primary branches of macroeconomic policy of the state realized for achievement of main objective of National Bank of Tajikistan by means of use of means of monetary (monetary) policy;

- securities of National Bank of Tajikistan - one of means of monetary (monetary) policy which is issued in national currency by means of entry in the separate account of depositary of National Bank of Tajikistan for the purpose of regulation of money supply in economy and managements of the level of short-term solvency of the credit financial institutions.

Article 3. Legislation of the Republic of Tajikistan on National Bank of Tajikistan

The legislation of the Republic of Tajikistan on National Bank of Tajikistan is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

Article 4. Relation of National Bank of Tajikistan with Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan

The National Bank of Tajikistan is accountable before Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan which is performed as follows:

- approval of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan of presidential decrees of the Republic of Tajikistan about position assignment and dismissal of the Chairman of National Bank of Tajikistan, his first deputy and deputies;

- determination of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan of other auditing organization for carrying out external audit of National Bank of Tajikistan according to article 82 of this Law, in case of disagreement with result of the external audit booked in National Bank of Tajikistan;

- provision by National Bank of Tajikistan in Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan of the annual statement and audit opinion on the financial reporting of National Bank of Tajikistan;

- provision by National Bank of Tajikistan in Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan information on the main directions of monetary policy of the Republic of Tajikistan and the report on its accomplishment.

Article 5. Purposes of National Bank of Tajikistan

1. Main objective of National Bank of Tajikistan is achievement, maintenance of stable level of internal prices during the long-term period.

2. The additional purposes of National Bank of Tajikistan which are performed taking into account priority of its main objective are:

- maintenance of banking system stability of the states;

- assistance to effective and smooth functioning of payment system.

3. Profit earning is not main objective of National Bank of Tajikistan.

Article 6. Tasks of National Bank of Tajikistan

1. The main functions of National Bank of Tajikistan are:

- development and realization of monetary policy of the Republic of Tajikistan;

- development of macroprudential policy and control of its accomplishment;

- creation of paying balance, international investment line item and gross external debt of the Republic of Tajikistan;

- carrying out the economic and cash analysis and introduction on its basis to the Government of the Republic of Tajikistan of offers, and also bringing analysis results to data of the public;

- regulation and supervision of activities of the credit financial institutions according to this Law and other laws of the Republic of Tajikistan;

- settlement of the credit financial institutions according to this Law and other laws of the Republic of Tajikistan;

- regulation and supervision of activities of not credit financial credit institutions according to the legislation of the Republic of Tajikistan;

- implementation of activities as the last resort lender for the credit financial institutions;

- the organization and ensuring functioning of payment, clearing and settlement systems, regulation and supervision of activities of the specified systems and payment services;

- exclusive implementation of issue of cash liquidity, release into the stream of commerce of money and their retirement;

- storage and management of the international reserves;

- creation of necessary conditions for the purpose of realization by the credit financial institutions and not credit financial credit institutions of testing of provision of services with use of innovative technologies within creation and application (carrying out) of specific mode of regulation;

- accomplishment of banking activities;

- creating favorable conditions for consumer protection of services of bank system and not credit financial credit institutions to promote expansion of bank and financial literacy;

- acceptance on on behalf of the Republic of Tajikistan of obligations and accomplishment of the transactions following from participation of the Republic of Tajikistan in activities of international financial institutions.

2. The National Bank of Tajikistan for implementation of the purposes carries out other tasks assigned to it according to the legislation of the Republic of Tajikistan.

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