LAW OF THE REPUBLIC OF TAJIKISTAN

of December 14, 1996 No. 383

About National Bank of Tajikistan

Chapter I. General provisions

Article 1. Legal status of National Bank of Tajikistan

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 the Majlisi Oli of the Republic of Tajikistan bears responsibility to Madzhlisi namoyandagy

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

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

National Bank of Tajikistan, maybe at discretion to open departments and representations in the country and beyond its limits.

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 Oli of the Republic of Tajikistan or the President of the Republic of Tajikistan, the National Bank of Tajikistan does not bear responsibility according to obligations of the Republic of Tajikistan assumed without the consent of National Bank of Tajikistan.

Article 1 (1). Basic concepts

In this Law the following basic concepts are used:

- credit institutions - legal entities (banks and non-bank credit institutions) whose main objective is profit earning, all or separate transactions performing based on the license of National Bank of Tajikistan provided by the Law;

- bank - credit institution which has the right to 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 transactions. The list of banking activities for non-bank credit institutions is established by National Bank of Tajikistan;

- credit body of final instance - National Bank of Tajikistan which credit institutions for receipt of the credit in case of lack of other opportunities on satisfaction of the requirements can address;

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

- platzhny balance - ratio between the amount of cash receipts from abroad and the amount of osushchestvlnny payments abroad;

- refunding rate - minimum interest rate on which the National Bank of Tajikistan grants the loan to credit institutions;

- the credit - the money issued to the client by credit institution on the terms of urgency, percentage payment and recoverability;

- the deposit - money and values of physical persons and legal entities, razmeshchnny in credit institutions;

- saving - money which right of temporary use is granted to credit institutions on the terms of payment of certain percent;

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

- currency - national currency of foreign states;

- actually got profit of National Bank of Tajikistan

- the profit got by revenues to bank account of money;

- payment system - the interconnected system of technologies, procedure, rules, means of payment and the money transfer system providing money turnover;

- cash services - money transfer systems, primas of payments with use of the automated Items the prima of payments, settlement and cash services, collection of money, bills of exchange and checks, issue and servicing of plastic payment cards;

- 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 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 credit institutions which observance is obligatory for execution by credit institutions.

Article 2. Accountability of National Bank of Tajikistan

The National Bank of Tajikistan is accountable to Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan.

Accountability means:

- approval 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 and its deputies;

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

- determination of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan of other auditing firm for carrying out audit of National Bank of Tajikistan according to article 79 of this Law, in case of disagreement with result of the 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 forecast of monetary policy of the Republic of Tajikistan and report on its accomplishment.

Article 3. Main objectives of National Bank of Tajikistan

Main objectives of National Bank of Tajikistan are:

- maintenance of stable price level within the competence;

- ensuring development and strengthening of bank system of the country;

- assistance to effective and smooth functioning of payment system.

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

Article 4. Main functions of National Bank of Tajikistan

For goal achievement, the stipulated in Article 3 presents of the Law, the National Bank of Tajikistan performs the following functions:

- develops and pursues monetary policy of the Republic of Tajikistan;

- is effective as the banker of the state and its financial agent;

- carries out the economic and cash analysis and on its basis makes to the Government of the Republic of Tajikistan the offers, brings analysis results to the attention of the public;

- for banking operations grants licenses to banks, non-bank credit institutions and exercises regulation and supervision of their activities;

- is credit body of final instance for credit institutions;

- creates payment, clearing, settlement system and system of cash services in the Republic of Tajikistan, exercises regulation and supervision of their activities;

- exclusively performs currency issue and will organize their address and their retirement;

- stores and manages the international reserves which are at its disposal;

- on behalf of the Republic of Tajikistan assumes liabilities, carries out the transactions following from participation of the Republic of Tajikistan in activities of the international organizations in the bank sphere and the cash relations according to international treaties;

- constitutes paying balance of the state;

- performs other banking activities and functions provided by the Law.

The National Bank of Tajikistan according to the law for the purpose of fight against legalization of the income received in the criminal way, and financing of terrorism can undertake necessary measures and with respect thereto exercise regulation and supervision of activities of credit institutions.

Article 5. Regulatory legal acts of National Bank of Tajikistan

The National Bank of Tajikistan on the questions carried to its competence by this Law and other laws of the Republic of Tajikistan publishes the regulatory legal acts obligatory for bodies of the state and executive authority, all credit the organizations, other physical persons and legal entities.

Regulatory legal acts of National Bank of Tajikistan cannot contradict the laws of the Republic of Tajikistan.

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