RESOLUTION OF BOARD OF NATIONAL BANK OF TAJIKISTAN

of November 29, 2012 No. 308

About the Instruction No. 199 "About procedure for provision of the microcredits in the microfinancial organizations"

According to Articles 20, 21 and 23 Laws of the Republic of Tajikistan "About the microfinancial organizations", the Board of National Bank of Tajikistan decides:

1. Approve the Instruction No. 199 "About procedure for provision of the microcredits in the microfinancial organizations" it (is applied).

2. In accordance with the established procedure to provide this Resolution to the Ministry of Justice of the Republic of Tajikistan for state registration.

3. Enact this Resolution after state registration and official publication.

4. Authorize the Director of the department of banking supervision (Davlatov I. H.) in case of state registration of this Resolution in the Ministry of Justice of the Republic of Tajikistan if necessary to make to the text of appendix of this Resolution changes and amendments of editorial nature which are not changing it content.

5. To assign execution of Items 2 and 3 of this Resolution to Department of banking supervision (Davlatov I. H.), Legal management (Davlatov Sh. F.) and Press service (Kurbonov A. M.).

6. To impose control of execution of this Resolution on the vice-chairman of National Bank of Tajikistan Nejmatov A. H.

Approved by the Resolution of Board of National Bank of Tajikistan of November 29, 2012 No. 308

The instruction No. 199 "About procedure for provision of the microcredits in the microfinancial organizations"

This Instruction is developed according to requirements Articles 20, 21 and 23 Laws of the Republic of Tajikistan "About the microfinancial organizations" and determines procedure for issue of the microcredits and charge of percent for the credit in the microfinancial organizations.

Chapter 1. General provisions

1. In this Instruction the following basic concepts are used:

- the microcredit - the loan granted to the borrower by the microfinancial organization on the terms of interest payment and recoverability in certain time which amount does not exceed the size established by National Bank of Tajikistan;

- the crediting limit is the maximum extent of set of all credits to one borrower or group of borrowers;

- credit risk - probability of failure to carry out of the credit obligation from the borrower to the creditor;

- the loan interest rate is percentage expression which is established concerning the credit for its use during certain period;

- interest amount on the credit – the amount which the borrower pays the organizations for use of the credit for one certain period of time according to interest rate for this credit;

- annual effective interest rate – percentage expression which is charged taking into account payments of the client for servicing of the credit of the microfinancial organization (further the organization). The annual effective interest rate shows interest rate Gothic, correctly, effectively and comparably.

2. The organization shall specify in the agreement loan interest rate and annual effective interest rate on the credit.

3. The organization can establish the additional rates on crediting limit which are not exceeding the rates established by National Bank of Tajikistan.

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