Region

Jurisdiction

Regulator

2022-09-19

Rules for Providing Loans to Credit Organizations by the National Bank of Tajikistan in Emergency Cases

The National Bank of Tajikistan issued these Rules to establish the legal framework for providing short-term emergency loans to credit organizations to ensure liquidity. The regulations define eligibility criteria, including the maintenance of correspondent accounts and adherence to economic norms, while specifying acceptable collateral such as government securities and bank guarantees. The document further details the procedures for loan issuance, limit calculations, and the enforcement mechanisms available to the central bank in the event of default.

Tajikistan

National Bank of Tajikistan

Approved By the Resolution of the Board of Directors of the National Bank of Tajikistan of December 23, 2011, No. 237 Amendments and Additions Approved By the Resolution of the Board of Directors of the National Bank of Tajikistan of August 2, 2012, No. 166

RULES for providing loans to credit organizations by the National Bank of Tajikistan in emergency cases

Rules for providing loans to credit organizations by the National Bank of Tajikistan in emergency cases (hereinafter referred to as the "Rules") are developed in accordance with Article 22 of the Law of the Republic of Tajikistan "On the National Bank of Tajikistan" and define the procedure for providing short-term loans to ensure the liquidity of credit organizations.

SECTION I. GENERAL PROVISIONS

The following terms are used in the text of these Rules:

Power of Attorney – a document issued by the National Bank of Tajikistan to a credit organization and transmitted to the corresponding department of the structural division responsible for issuing loans. This document certifies the authority of the National Bank of Tajikistan to complete operations with securities pledged as collateral;
State Treasury Bills – short-term discounted state securities of the Government of the Republic of Tajikistan;
Securities of the National Bank of Tajikistan – state securities issued by the National Bank of Tajikistan in the form of records on separate accounts of the depository of the National Bank of Tajikistan;
Creditor – the National Bank of Tajikistan, which lends money for a certain period and under certain conditions and has the right on this basis to demand from the credit organization the repayment of the loan or the fulfillment of other obligations;
Emergency Loans – funds provided by the National Bank of Tajikistan to credit organizations to ensure liquidity for a period of up to three months on the conditions of interest payment, repayment, and security;
Pledge List of Securities – a list of securities accepted as collateral for loans of the National Bank of Tajikistan;
"Depo" Account – a combined set of records in depository registers, united by a common feature, intended for accounting of securities;
Depository Accounting – accounting of securities for the purpose of obtaining complete and reliable information about securities, broken down by their owners, storage locations, and depository operations applied to them;
Credit Line Limit – the maximum possible balance of debt on the loan account of a credit organization opened at the National Bank of Tajikistan;
Loan Agreement – an agreement on providing funds to the borrower on the conditions of term, cost, repayment, and security;

Emergency loans are provided to a credit organization in case of a temporary absence or insufficiency of funds on its correspondent accounts opened at the National Bank of Tajikistan, for the purpose of ensuring liquidity to fulfill its obligations to clients, provided that the credit organization has no other opportunities to obtain a loan.
The interest rate on emergency loans provided by the National Bank of Tajikistan to credit organizations is established by the Board of Directors of the National Bank of Tajikistan upon the proposal of the Committee on Monetary and Credit Policy of the National Bank of Tajikistan.
A credit organization must meet the following requirements to receive an emergency loan:

have a correspondent account at the National Bank of Tajikistan;
comply with economic standards established by the Board of Directors of the National Bank of Tajikistan for at least the last 2 months;
have no unpaid contributions to mandatory reserves, no unpaid fines for violation of mandatory reserve standards;
have sufficient collateral meeting the requirements established by the National Bank of Tajikistan.

Emergency loans are issued by the National Bank of Tajikistan to a credit organization in the event that:

the credit organization – the potential borrower, according to the concluded loan agreement, provides the National Bank of Tajikistan with the right to unconditional collection from all correspondent accounts of the credit organization of funds in the amount of the claims of the National Bank of Tajikistan on

the presented loans without the disposal of the credit organization – the owner of the correspondent account;

the credit organization – the potential borrower, in the case of pledging securities issued by the Government of the Republic of Tajikistan or securities issued by the National Bank of Tajikistan, will have a "Depo" account and provide a power of attorney to the National Bank of Tajikistan, in case of non-fulfillment of its obligations, for the realization of pledged securities.

The National Bank of Tajikistan, in the case of pledging securities, has the right:

to open and assign numbers to the "Depo" account of the credit organization: "Securities pledged for emergency loans" and "Realization of securities pledged for emergency loans" (for obtaining emergency loans);
to close the "Depo" account section of the credit organization specified in these Rules.

In the section "Blocked by the National Bank of Tajikistan" of the "Depo" account of the credit organization, securities meeting the requirements of these Rules must be blocked in an amount sufficient to secure the emergency loan (blocked securities).
Securities accepted as collateral must meet the following requirements:

included in the pledge list;
accounted for on the "Depo" account of the credit organization.
be the property of the credit organization, have no restrictions on obligations, and have no claims and disputes regarding them in the established order.

Emergency loans are issued under the security of funds provided for in paragraph 16 of these Rules, by issuing a loan or opening a credit line limit for a period of no more than 3 months (Appendix No. 1, Appendix No. 2).
To obtain emergency loans, the credit organization must apply to the National Bank of Tajikistan with a letter signed by the head. The letter must fully explain the reason for the need to obtain an emergency loan.
The provision (prolongation) of emergency loans or the opening of a credit line limit and the provision of its tranches is carried out on the basis of a decision of the Credit Committee of the National Bank of Tajikistan.
To obtain an emergency loan, the credit organization must conclude a loan agreement for obtaining a loan or opening a credit line limit with the National Bank of Tajikistan, as well as provide an Application for obtaining each loan tranche (Appendix No. 4).
After the provision of each tranche of the emergency loan, the credit organization is provided with a notice of its provision (Appendix No. 5).
When calculating the opening of a credit line limit, the following formula is used: Limit = a * Ao where, Limit – credit line limit; a – limit coefficient, guaranteeing compensation for losses from non-repayment of the loan; Ao – real value of the borrower's asset, which is provided as collateral. The limit coefficient is established in accordance with the type and permissible level of security for issuing an emergency loan (Appendix No. 3).
In case of non-repayment of an emergency loan within the specified time, the National Bank of Tajikistan may extend the repayment period by up to three months if the credit organization submits a request and a justified plan of measures, approved by its executive body, indicating the following conditions:

method of loan repayment;
measures to correct the situation to prevent the subsequent need to obtain a loan in emergency cases.

SECTION III. SECURITY OF EMERGENCY LOAN BY PLEDGE

The National Bank of Tajikistan may accept only the following assets as collateral for the emergency loans it issues:

securities issued by the Government of the Republic of Tajikistan;
securities issued by the National Bank of Tajikistan;
simple or promissory notes having two or more endorsements, at least one of which belongs to one of the credit organizations, with a payment term of no more than ten months from the date of their acquisition by the National Bank of Tajikistan;
savings, cash foreign currency, precious metals, and other valuables in the National Bank of Tajikistan and credit organizations, which the National Bank of Tajikistan recognizes as liquid assets;
guarantee of another credit organization;
real estate and other assets of credit organizations, acceptable to the National Bank of Tajikistan.

Securities issued by the Government of the Republic of Tajikistan, with a maturity date not earlier than 15 days after the maturity date of the emergency loan, are accepted as collateral for the emergency loan, provided that they are in the ownership of the credit organization – the client of the depository of state securities of the National Bank of Tajikistan and are not encumbered by any other obligations.
The National Bank of Tajikistan provides an emergency loan under the pledge of its own securities for a period of up to 3 months, but no longer than the period remaining until the maturity of these securities. Securities of the National Bank of Tajikistan are accepted on condition that they are in the ownership of the credit organization-borrower and are not encumbered by any other obligations.
As collateral for the emergency loan, the National Bank of Tajikistan may accept deposits of the credit organization (Appendix No. 6), which are located in the National Bank of Tajikistan and in other credit organizations. The loan term must not exceed the term of the Bank Deposit Agreement.
As collateral for the emergency loan, the credit organization may provide a guarantee of another resident credit organization (Appendix No. 7), the term of which must be at least 30 days from the established term for the repayment of the emergency loan.
An emergency loan under the guarantee of another resident credit organization is provided in the event that the credit organization-guarantor ensures stable activity and satisfactory financial condition for the last three years as of the date of providing the guarantee, complies with mandatory reserve standards and economic standards.
As collateral for the emergency loan, the credit organization may provide its real estate not encumbered by any other obligations.
The total amount of the collateral subject transferred by credit organizations as collateral for the emergency loan must be no less than the amount of the provided emergency loan and interest on it, taking into account penalties, costs for maintaining the pledged property, and other possible expenses, as well as depending on the type of loan security and the permissible level of providing collateral.
Assets of credit organizations are accepted by the National Bank of Tajikistan as collateral based on their market value.
The pledge agreement is drawn up in writing, simultaneously with the conclusion of the loan agreement for the provision of an emergency loan, in the manner provided for by the legislation of the Republic of Tajikistan (Appendix No. 8).
Accounting of operations for accepting financial assets as collateral for an emergency loan and their write-off from off-balance sheet accounts upon fulfillment of the conditions of the loan agreement is carried out in accordance with the normative legal acts of the National Bank of Tajikistan.
If, due to a lack of funds on the correspondent accounts of the credit organization, it is impossible to collect the debt amount, then the National Bank of Tajikistan has the right in accordance with the legislation of the Republic of Tajikistan:

to sell the pledged securities and satisfy its claims in accordance with the loan agreement from the proceeds;
to present a claim to the credit organization that provided the guarantee;
to sell the real estate of the credit organization located under pledge;
to effect early repayment of securities issued by the National Bank of Tajikistan;
to write off the pledged savings to satisfy the obligations of the credit organization;
to sell other assets (foreign currency, precious metals, etc.);

In the absence of funds on the correspondent accounts of the credit organization for the repayment of an emergency loan secured by securities of the National Bank of Tajikistan, the National Bank of Tajikistan, as a creditor and debtor on securities, transfers them to its ownership in an amount equal to the size of the loan and considers it repaid early.

Appendix No. 1 to the Rules for providing loans to credit organizations by the National Bank of Tajikistan in emergency cases

Loan Agreement No. //___ Dushanbe "_" __________ 20 year

The National Bank of Tajikistan, represented by the Chairman of the National Bank of Tajikistan ________________________________, hereinafter referred to as (Full Name) "Creditor" and acting on the basis of the Law of the Republic of Tajikistan "On the National Bank of Tajikistan", on the one hand, and __________________________ (Name of credit organization) represented by the Chairman ________________________________, acting on the basis of (Full Name) the Charter, hereinafter referred to as "Borrower", on the other hand, on the basis of the Resolution of the Board of Directors of the National Bank of Tajikistan, have concluded this Agreement under the following conditions:

Subject of the Agreement 1.1. The Creditor provides the Borrower with a loan in the amount of ____________________ (in words) Somoni according to the conditions provided for in this Agreement. The Borrower undertakes to return the received loan within the time specified in this Agreement and to pay interest on it. 1.2. The date of loan repayment is no later than "_" __________ 20 year. 1.3. The loan is provided at a rate of ___ percent per annum. 1.4. In case of extending the repayment term, the interest rate on the loan increases by ___ percent. 1.5. Repayment of the loan is secured by the following _______________________ (type of collateral) pledge. 1.6. Mutual relations are regulated depending on the conditions of the Pledge Agreement.
Obligations and Liability of the Parties 2.1. The Parties undertake to comply with the conditions of this Agreement and the pledge agreement derived from this Agreement. 2.2. The Creditor has the right: 2.2.1. In case of non-repayment of the loan by the Borrower within the time specified in this Agreement, to collect this amount from all existing correspondent accounts of the Borrower without prior notice. 2.2.2. In case of insufficient funds on the Borrower's correspondent accounts, from the next working day after the expiration of the term of this Agreement, to collect the entire debt amount in the following order:

fines;
interest for the use of the loan;
principal debt. 2.2.3. In case of non-fulfillment or improper fulfillment by the Borrower of its obligations to repay the loan and interest for its use, to charge a fine on the amount of the overdue principal debt and unpaid interest. Penalty charges are calculated at the beginning of the business day for each calendar day (until the full satisfaction of the Creditor's claims). The fine is charged in the amount of ____ for each day of delay. 2.2.4. In case of insufficient total amount of the collateral subject, due to a fall in prices, to demand from the Borrower to replenish the collateral or replace it with an equivalent one. 2.2.5. To initiate early termination of this Agreement and demand early repayment of the entire debt amount on the provided loan, payment of interest for its use, possible penalties in case of detection of facts of providing the Borrower with unreliable information that had a significant impact on the decision regarding the provision of a loan for liquidity. 2.3. The Borrower undertakes: 2.3.1. To return to the Creditor the loan amount and interest for its use, specified in paragraph 1.2 of this Agreement. 2.3.2. Monthly, until the end of the month, to credit interest on the loan to account No. _______________ of the National Bank of Tajikistan. Upon the arrival of the repayment term, to repay the loan and accrued interest. 2.3.3. In case of insufficient total amount of the collateral subject, due to a fall in prices, to replenish the collateral or replace it with an equivalent one after receiving the corresponding written request from the National Bank of Tajikistan. 2.3.4. In case of impossibility of fulfilling its obligations upon the request of the Creditor, to pay a fine in the amount of ____ percent of the debt amount for each day of delay. Penalty charges are calculated at the beginning of the business day for each calendar day. 2.4. The Borrower has the right: 2.4.1. To repay the loan and interest for its use early. 2.4.2. In case of timely return of the loan and interest for its use, to receive from the Creditor the presented collateral for securing the loan.

Emergency Circumstances (Force Majeure) 3.1. The Parties are released from liability for partial or complete non-fulfillment of their obligations under this Agreement if such non-fulfillment was the result of force majeure (force majeure), arising as a result of emergency circumstances (force majeure) after the conclusion of this Agreement and the Parties did not have the opportunity to predict and prevent it. Circumstances of force majeure (force majeure) are confirmed by a conclusion of a competent state body. The Party affected by emergency circumstances (force majeure) must notify the other Party within 5 working days.
Disputes and Disagreements of the Parties 4.1. Disputes and disagreements arising in the process of fulfilling the conditions of this Agreement will be considered preliminarily by the Parties for the purpose of developing mutually acceptable solutions, and in case of failure to reach an agreement – in the manner established by the legislation of the Republic of Tajikistan. 4.2. In case of disagreement by one of the Parties, this Party has the right to appeal to the Supreme Economic Court of the Republic of Tajikistan.
Other Conditions 5.1. In case of non-compliance by the Borrower with the conditions of this Agreement, the Creditor has the right to cancel (annul) this Agreement early. 5.2. In case of annulment of this Agreement, the Creditor has the right to collect the amount of the fine, unpaid interest, and loan. 5.3. If the date of transfer of the corresponding amount of loan provision or loan repayment and repayment of interest for the use of the loan coincides with non-working days in Dushanbe, then repayment of these amounts is made on the next working day. When calculating the amount of accrued interest for the use of the loan, the transfer of the repayment date to another time is taken into account. 5.4. All notifications, certificates, or applications sent between the Creditor and the Borrower must be drawn up in writing. 5.5. In case of liquidation (reorganization) of one or both Parties, this Agreement retains legal force and is transferred to the successor. 5.6. All changes and additions to this Agreement are valid only if they are drawn up in writing and in the form of an additional agreement to this Agreement and are an integral part of this agreement. 5.7. The Agreement enters into force from the moment of its signing and remains valid until the full repayment of the debt on the received loan and accrued interest on it. 5.8. This Agreement is drawn up in the state language in 2 copies of equal legal force, and is signed by authorized representatives of the Parties. One copy is issued to the Borrower, the second copy remains with the Creditor.
Location and Bank Details of the Parties Creditor Borrower National Bank of Tajikistan _________________________ Republic of Tajikistan, Dushanbe, 734003 Rudaki Avenue, 107 A Republic of Tajikistan

BIC 350101101 BIC__________

(loan account) 20402972____________________ (correspondent account)

Chairman Chairman

(Signature) (Signature)

M.P. M.P.

Appendix No. 2 to the Rules for providing loans to credit organizations by the National Bank of Tajikistan in emergency cases

Credit Line Limit Agreement No. //___ Dushanbe "" __________ 20 year

Subject of the Agreement 1.1. The Creditor opens a credit line for the Borrower, for a period up to "___"_______20 year inclusive, within which it carries out lending to the Borrower "under the limit of debt" (hereinafter referred to as "credit line limit") in the amount of __________ (in words) Somoni in an amount not exceeding ____ percent of the real value of the collateral provided as security by the Borrower, for the purpose of maintaining short-term liquidity of the credit organization, according to the conditions provided for in this Agreement. The interest rate of each tranche is determined by the Creditor. By "credit line limit" the Parties understand the maximum possible balance of debt on the loan account of the Borrower specified in this paragraph of this Agreement (hereinafter referred to as the loan account). 1.2. Lending to the Borrower within the Credit Line will be carried out by the Creditor according to paragraph 2.4 of this Agreement in separate Tranches on condition that the simultaneous balance of debt on the loan account of the Borrower during the term of this Agreement will not exceed the "credit line limit". 1.3. Repayment of the loan is secured by the following _______________________ (type of collateral) pledge. 1.4. Mutual relations are regulated depending on the conditions of the Pledge Agreement.
Receipt and Use of Credit Tranches 2.1. Settlements for the use of loan interest are carried out monthly until the end of the month. Upon the arrival of the repayment term, to repay the tranche and accrued interest. 2.2. Settlements for the issuance and repayment of credit Tranches within the Credit Line opened under this Agreement are carried out by the Creditor and the Borrower through the loan account of the Borrower opened at the National Bank of Tajikistan No. _________________. 2.3. The Borrower receives funds in the form of credit Tranches, all conditions for the receipt and repayment of which are regulated by this Agreement and are not оформлены by separate loan Agreements. 2.4. The Creditor provides the Borrower with separate credit Tranches within the credit line on the basis of a submitted written Application. The Application is considered valid if it is signed by the head, chief accountant, and stamped with the seal of the Borrower. The Application must contain the amount of the credit tranche, the interest rate, the date of its provision and repayment, and a reference to this Agreement. 2.5. The date of provision of the corresponding credit tranche is the date of reflection on the loan account of the amount of the credit tranche transferred by the Creditor to the correspondent account of the Borrower.
Obligations and Liability of the Parties 3.1. The Creditor undertakes: