Approved by the Resolution of Board of National Bank of Tajikistan of January 3, 2007 No. 1

The instruction No. 153 about required reserves of the banks and other financial non-bank organizations deposited in National Bank of Tajikistan

Chapter 1. General provisions

1. This Instruction determines procedure for forming by banks and other financial non-bank organizations (further - banks) the required reserves deposited in National Bank of Tajikistan (further - required reserves), according to article 16 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan". Required reserves (reserve requirements) - one of the main instruments of implementation it is monetary - credit policy of National Bank of Tajikistan - represent the mechanism of regulation of overall liquidity of the bank system used for control of cash aggregates. Reserve requirements are established for the purpose of restriction of credit opportunities of banks and maintenance at the certain level of money supply in the address.

2. Obligations of bank on accomplishment of reserve requirements arise from the moment of receipt of the license of National Bank of Tajikistan for the right of banking operations. Obligations of bank to the third parties are not the basis of release from obligations according to reserve requirements.

3. Standard rates of required reserves cannot exceed 20 percent of obligations of bank and can be differentiated for different forms of the financial non-bank organizations, and also for different types of the attracted deposits.

The specific size of the standard rate of required reserves is established by the Resolution of Board of National Bank of Tajikistan.

Regulations of assignment of required reserves cannot be changed more, than five percent points during any period covering 10 operational days.

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