National Bank of Tajikistan Dadoboeva F

National Bank of Tajikistan Headquarters - Dushanbe Headquarters - DushanbeDushanbe Currency - Somoni Currency - SomoniSomoni ISO CodeTJS ISO CodeTJS ISO 4217 ISO 4217 Website - Website -

The National Bank of Tajikistan (Tajik: Бонки миллии То ҷ икистон) is the central bank of Tajikistan. The National Bank of Tajikistan (Tajik: Бонки миллии То ҷ икистон) is the central bank of Tajikistan.Tajikcentral bankTajikistanTajikcentral bankTajikistan The Bank is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion.Deposits in the National Bank of Tajikistan during the first half of 2013 were $1.09 million, an increase of more than 17% compared to the same period in 2012 The Bank is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion.Deposits in the National Bank of Tajikistan during the first half of 2013 were $1.09 million, an increase of more than 17% compared to the same period in 2012financial inclusionfinancial inclusion

Principal Objectives of the National Bank of Tajikistan In accordance with the provisions of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan” and Article 3 of this Law the principal objectives of the National Bank of Tajikistan shall be as follows: - to achieve and maintain stability of the purchasing power of the national currency. To this end, the National Bank of Tajikistan shall create and support such conditions for the money, credit, and foreign exchange markets that would be conductive to consistent and sustained economic development and its integration into the world economy; In accordance with the provisions of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan” and Article 3 of this Law the principal objectives of the National Bank of Tajikistan shall be as follows: - to achieve and maintain stability of the purchasing power of the national currency. To this end, the National Bank of Tajikistan shall create and support such conditions for the money, credit, and foreign exchange markets that would be conductive to consistent and sustained economic development and its integration into the world economy; - to develop and strengthen the banking system of the Republic; - to develop and strengthen the banking system of the Republic; - to assist in efficient and smooth operation of the system of settlements. - to assist in efficient and smooth operation of the system of settlements.

Main Functions of the National Bank of Tajikistan In accordance with the Article 4 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan” the National Bank of Tajikistan as the country's reserve bank shall perform the following main functions: 1) to formulate and implement the government's monetary and exchange policies; 1) to formulate and implement the government's monetary and exchange policies; 2) to act as the government's banker and financial agent; 2) to act as the government's banker and financial agent; 3) to carry out economic and monetary analyses, use them as a basis to submit its proposals to the Government of the Republic of Tajikistan, and make the findings of such analyses public; 3) to carry out economic and monetary analyses, use them as a basis to submit its proposals to the Government of the Republic of Tajikistan, and make the findings of such analyses public; 4) to license, supervise, and regulate the activities of banks and other credit institutions; 4) to license, supervise, and regulate the activities of banks and other credit institutions; 5) to be a lender of the last resort for banks and other non-bank financial organizations; 5) to be a lender of the last resort for banks and other non-bank financial organizations; 6) to supervise the system of payments in the Republic, and to facilitate efficient operation of the system of interbank payments; 6) to supervise the system of payments in the Republic, and to facilitate efficient operation of the system of interbank payments; 7) to exercise a monopoly on issuance of currency, and to organize its circulation; 7) to exercise a monopoly on issuance of currency, and to organize its circulation; 8) to keep and manage the official foreign exchange reserves; 8) to keep and manage the official foreign exchange reserves; 9) to assume liabilities on behalf of the Republic of Tajikistan, and to conduct transactions ensuing from the Republic of Tajikistan's participation in the activities of international organizations in banking, credit, and monetary spheres in accordance with the terms and conditions of international agreements; 9) to assume liabilities on behalf of the Republic of Tajikistan, and to conduct transactions ensuing from the Republic of Tajikistan's participation in the activities of international organizations in banking, credit, and monetary spheres in accordance with the terms and conditions of international agreements; 10) to compile the national balance of payments. 10) to compile the national balance of payments.

Powers of the Chairman of the National Bank of Tajikistan In accordance with the Article 72 of Law of the Republic of Tajikistan “On the National Bank of Tajikistan” The Chairman of the National Bank of Tajikistan shall: In accordance with the Article 72 of Law of the Republic of Tajikistan “On the National Bank of Tajikistan” The Chairman of the National Bank of Tajikistan shall: 1) act in the name of the National Bank of Tajikistan and represent its interests without power of attorney in relations with bodies of state government and administration, credit organizations, organizations of foreign states, and international organizations, conclude agreements, and make decisions in all matters of its activity with the exception of those placed within the competence of the Board; 1) act in the name of the National Bank of Tajikistan and represent its interests without power of attorney in relations with bodies of state government and administration, credit organizations, organizations of foreign states, and international organizations, conclude agreements, and make decisions in all matters of its activity with the exception of those placed within the competence of the Board; 2) preside over meetings of the Board; 2) preside over meetings of the Board; 3) sign normative acts of the National Bank of Tajikistan, decisions of the Board, minutes of meetings of the Board, and arrangements and agreements concluded by theNational Bank of Tajikistan; 3) sign normative acts of the National Bank of Tajikistan, decisions of the Board, minutes of meetings of the Board, and arrangements and agreements concluded by theNational Bank of Tajikistan; 4) distribute responsibilities among deputies; 4) distribute responsibilities among deputies; 5) determine the salaries of Deputy Chairmen and employees of the National Bank of Tajikistan; 5) determine the salaries of Deputy Chairmen and employees of the National Bank of Tajikistan; 6) sign orders and issue directives binding upon all employees of the bank and its institutions; 6) sign orders and issue directives binding upon all employees of the bank and its institutions; 7) bear full liability for activity of the National Bank of Tajikistan, and ensure implementation of its functions. 7) bear full liability for activity of the National Bank of Tajikistan, and ensure implementation of its functions. In the absence of the Chairman of the National Bank of Tajikistan, his functions shall be performed by the First Deputy Chairman, and in the absence of the latter, by one of the other Deputy Chairmen. In the absence of the Chairman of the National Bank of Tajikistan, his functions shall be performed by the First Deputy Chairman, and in the absence of the latter, by one of the other Deputy Chairmen.

Functions of the Board of the National Bank of Tajikistan In accordance with the Article 73 of Law of the Republic of Tajikistan “On the National Bank of Tajikistan” in the course of its functions, the Board In accordance with the Article 73 of Law of the Republic of Tajikistan “On the National Bank of Tajikistan” in the course of its functions, the Board shall discuss reports on the economic and monetary position of the country. To this end, the First Deputy Chairman of the National Bank of Tajikistan - Deputy Chairman of the Board, shall ensure that the Bank's departments, branches and divisions regularly submit the following reports: shall discuss reports on the economic and monetary position of the country. To this end, the First Deputy Chairman of the National Bank of Tajikistan - Deputy Chairman of the Board, shall ensure that the Bank's departments, branches and divisions regularly submit the following reports: 1) on the management of operations of the National Bank of Tajikistan, and on their implementation; 1) on the management of operations of the National Bank of Tajikistan, and on their implementation; 2) on the implementation and regulation of monetary policies; 2) on the implementation and regulation of monetary policies; 3) on the situation in the banking system; 3) on the situation in the banking system; 4) on the situation in the financial and exchange markets; 4) on the situation in the financial and exchange markets; 5) other reports by decision of the Board. 5) other reports by decision of the Board.

Powers of the Board In accordance with the Article 74 of Law of the Republic of Tajikistan “On the National Bank of Tajikistan ” The Board shall exercise the following powers: In accordance with the Article 74 of Law of the Republic of Tajikistan “On the National Bank of Tajikistan ” The Board shall exercise the following powers: 1) it shall formulate the national monetary policy, including restrictions on the open market operations of the National Bank of Tajikistan, the interest rate on deposits with the National Bank of Tajikistan, the conditions for granting credits, and the type and level of reserves that banks and other credit institutions are obligated to hold in the National Bank of Tajikistan; 1) it shall formulate the national monetary policy, including restrictions on the open market operations of the National Bank of Tajikistan, the interest rate on deposits with the National Bank of Tajikistan, the conditions for granting credits, and the type and level of reserves that banks and other credit institutions are obligated to hold in the National Bank of Tajikistan; 2) it shall implement the national foreign exchange policy, including the procedures for setting the exchange rate of the national currency; 2) it shall implement the national foreign exchange policy, including the procedures for setting the exchange rate of the national currency; 3) it shall adopt and approve generally applicable statutory acts and regulations of the National Bank of Tajikistan; 3) it shall adopt and approve generally applicable statutory acts and regulations of the National Bank of Tajikistan;

4) it shall consider and approve the information and recommendations submitted by the National Bank of Tajikistan to the Majlisi Namoyandagon of the Majlisi Oli of the Republic of Tajikistan and to the President of the Republic of Tajikistan; 4) it shall consider and approve the information and recommendations submitted by the National Bank of Tajikistan to the Majlisi Namoyandagon of the Majlisi Oli of the Republic of Tajikistan and to the President of the Republic of Tajikistan; 5) it shall make decisions regarding the National Bank of Tajikistan's participation in international organizations; 5) it shall make decisions regarding the National Bank of Tajikistan's participation in international organizations; 6) it shall determine the face value and appearance of banknotes and coins, the procedures for placing them into circulation, and the conditions for removing them from circulation; 6) it shall determine the face value and appearance of banknotes and coins, the procedures for placing them into circulation, and the conditions for removing them from circulation; 7) it shall approve the granting of each credit to the Government of the Republic of Tajikistan within the procedure set under Article 25 hereof; 7) it shall approve the granting of each credit to the Government of the Republic of Tajikistan within the procedure set under Article 25 hereof; 8) it shall approve, by no less than a two-thirds majority of the votes of the members of the Board present at the meeting, the granting of each credit or use of other financial instruments in favor of a bank or credit (9) it shall decide, with the consent of the President of the Republic of Tajikistan, on increasing the authorized capital fund of the National Bank of Tajikistan; 8) it shall approve, by no less than a two-thirds majority of the votes of the members of the Board present at the meeting, the granting of each credit or use of other financial instruments in favor of a bank or credit (9) it shall decide, with the consent of the President of the Republic of Tajikistan, on increasing the authorized capital fund of the National Bank of Tajikistan; 10) it shall approve annual reports and financial reports of the National Bank of Tajikistan; 10) it shall approve annual reports and financial reports of the National Bank of Tajikistan;

11) it shall decide on issuing debt instruments of the National Bank of Tajikistan, and on the size and design of the issue; 11) it shall decide on issuing debt instruments of the National Bank of Tajikistan, and on the size and design of the issue; 12) it shall determine debt instruments suitable for investment by the National Bank of Tajikistan; 12) it shall determine debt instruments suitable for investment by the National Bank of Tajikistan; 13) it shall determine the structure of the National Bank of Tajikistan and the salary of the Chairman of the National Bank of Tajikistan; 13) it shall determine the structure of the National Bank of Tajikistan and the salary of the Chairman of the National Bank of Tajikistan; 14) it shall determine the procedure and conditions of hiring employees of the National Bank of Tajikistan in accordance with the current labor legislation; 14) it shall determine the procedure and conditions of hiring employees of the National Bank of Tajikistan in accordance with the current labor legislation; 15) it shall create and abolish branches and representative offices of the National Bank of Tajikistan; 15) it shall create and abolish branches and representative offices of the National Bank of Tajikistan; 16) it shall approve the estimate of revenues and expenditures of the National Bank of Tajikistan; 16) it shall approve the estimate of revenues and expenditures of the National Bank of Tajikistan; 17) it shall consider any allegations of abuse by members of the Board or their inability to fulfill their duties and, if it considers such allegations well-founded, it shall submit a report of its findings and recommendations to the President of the Republic of Tajikistan; 17) it shall consider any allegations of abuse by members of the Board or their inability to fulfill their duties and, if it considers such allegations well-founded, it shall submit a report of its findings and recommendations to the President of the Republic of Tajikistan; 18) it shall consider other issues falling within the competence of the National Bank of Tajikistan in accordance with this Law. 18) it shall consider other issues falling within the competence of the National Bank of Tajikistan in accordance with this Law.