Approved by Board of National Bank of Tajikistan on July 10, 2000 No. 109

The instruction No. 103 about establishment of limits of open foreign exchange position and control of their observance by authorized banks of the Republic of Tajikistan

According to Item 6 of article 45 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and item 4 of article 4 of the Law of the Republic of Tajikistan "About currency control and currency exchange control" the National Bank of Tajikistan this Instruction sets limits of open foreign exchange position and procedure for their maintaining for the authorized banks operating in the territory of the Republic of Tajikistan.

I. General provisions

1. Authorized bank - bank and other credit institute, (further referred to as - bank), obtained the License of National Bank of Tajikistan for the right of making of banking activities in foreign currency (according to Item 12 of article 1 of the Law of the Republic of Tajikistan "About currency control and currency exchange control").

2. Foreign exchange position - remaining balance of means in foreign currencies which create assets and liabilities (taking into account out of balance sheet requirements and obligations) in the corresponding currencies and creates with respect thereto risk of receipt of additional incomes or expenses in case of change of the exchange rates of currencies.

3. Open foreign exchange position - difference of remaining balance of means in foreign currencies which create quantitatively incoincident assets and liabilities (taking into account off-balance requirements and obligations) in separate currencies.

The open foreign exchange position can be two types: short and long.

4. Short open foreign exchange position - open foreign exchange position in separate foreign currency, liabilities and off-balance obligations in which quantitatively exceed assets and off-balance requirements in this foreign currency.

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