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Approved by Board of National Bank of Tajikistan of November 22, 1997 No. 57

Regulations No. 74 on required reserves of the banks and other credit institutions deposited in National Bank of Tajikistan

(as amended on 15-03-2001)

1. General provisions

1.1. Required reserves (reserve requirements) - one of the main instruments of implementation of monetary policy of National Bank of Tajikistan - represent the mechanism of regulation of overall liquidity of bank system. used for control of cash aggregates by means of decrease in money multiplier. Reserve requirements are established for the purpose of restriction of credit opportunities of banks and others credit institution and maintenance at the certain level of money supply in the address.

The obligation of accomplishment of reserve requirements arises from the moment of receipt of the license of National Bank of Tajikistan for the right of implementation of the corresponding banking activities and is necessary condition of their implementation. The bank and other credit institution bears responsibility for observance of procedure for deposition of required reserves in National Bank of Tajikistan. The obligation of bank to the third parties is not the basis of release from obligations on deposition of required reserves in National Bank of Tajikistan.

The procedure for deposition of required reserves is performed only based on this Provision.

1.3. According to article 16 of the Law of the Republic of Tajikistan "About National Bank Tajikistan" the size of required reserves as a percentage of obligations of bank, and also the procedure for their deposition in National Bank of Tajikistan is established by Board of National Bank of Tajikistan.

1.4. The procedure for deposition of part of borrowed funds established by this Provision extends to all banks and other credit institutions acting in the territory of the Republic of Tajikistan under the license of National Bank of Tajikistan with the right of making of the corresponding banking activities.

1.5. Regulation of the size of the required reserves which are subject to deposition by banks and other credit institutions is made by organizations of National Bank of Tajikistan in the location of head bank in general on bank, including the branches which are in the territory of the Republic of Tajikistan.

In exceptional cases the decentralized procedure for regulation of the size of required reserves can be accepted according to board decision of National Bank of Tajikistan in relation to separate banks and credit institutions depending on their financial position.

1.6. If the banks and other credit institutions located in the territory of the Republic of Tajikistan have the branches opened in accordance with the established procedure abroad (in neighboring countries or in the territories of the states of foreign countries), then the specified branches independently deposit part of the funds raised by them in national bank of that state in the territory of which the branch, according to the procedure and according to standard rates of the required reserves established by national bank of the relevant state is open. In this case the bank or other credit institution located in the territory of the Republic of Tajikistan represents to the relevant organization of National Bank of Tajikistan, except composite balance sheet in general on bank, including all its branches, also balance without inclusion in it of the branches located in the territory of the foreign states which are independently depositing means with required reserves with appendix of the Calculation of required reserves certified by national bank of the relevant state.

1.7. Regulation of the size of the required reserves which are subject to deposition is made by all banks monthly (as of 1 date, following for reporting) by reconciliation of the amounts of actually deposited funds on accounts of the raised funds and the existing standard rates of reserve requirements.

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