Instruction No. 262 on Mandatory Reserves of Credit Organizations for Savings and Other Similar Obligations

Registered with the Ministry of Justice of the Republic of Tajikistan on May 7, 2025, No. 1340 Approved by the Resolution of the Board of the National Bank of Tajikistan on April 18, 2025, No. 58

Instruction No. 262 on mandatory reserves of credit organizations for savings and other similar obligations

Instruction No. 262 on mandatory reserves of credit organizations for savings and other similar obligations (hereinafter – the Instruction) is developed in accordance with Article 17 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan” with the aim of protecting the rights and interests of depositors (deposit holders) and maintaining a certain level of liquidity of credit organizations, and establishes the procedure for forming mandatory reserves of credit organizations for savings (deposits) and other similar obligations (hereinafter – mandatory reserves), deposited at the National Bank of Tajikistan.

1. GENERAL PROVISIONS

1. Mandatory reserves, as one of the instruments for implementing the monetary and credit policy of the National Bank of Tajikistan, represent a mechanism for regulating the overall liquidity of the banking system.
2. The following main terms are used in this Instruction:

• mandatory reserve funds in national currency – the minimum balance of funds deposited by a credit organization on its correspondent account at the National Bank of Tajikistan, the size of which depends on the mandatory reserve ratio and the amount of attracted savings (deposits) and other similar obligations of the credit organization in national currency;
• mandatory reserve funds in foreign currency – funds reserved by a credit organization in foreign currency in the corresponding account of the National Bank of Tajikistan, the size of which depends on the mandatory reserve ratio and the amount of attracted savings (deposits) and other similar obligations of the credit organization in foreign currency;
• deposit – monetary funds and other valuables of individuals and legal entities transferred to a credit organization for safekeeping;
• savings – monetary funds, the right of temporary use of which is granted to credit organizations on condition of paying a specified interest rate;
• reserve base – the volume of savings (deposits) and other similar obligations (term placements, interbank loans, securities, shares, and accounts pending clarification) of a credit organization providing services for calculating mandatory reserve requirements;
• mandatory reserve ratios – percentage rates established by the National Bank of Tajikistan for credit organizations for calculating mandatory reserves in national and foreign currencies;
• reporting period for mandatory reserve – the calendar month for which the reserve base is calculated for a credit organization;
• period of fulfilling mandatory reserves in national currency – the specified period (28 and 35 days) during which a credit organization ensures compliance with mandatory reserve requirements in national currency.

3. A credit organization’s obligations to comply with mandatory reserve requirements arise from the date of receiving a license from the National Bank of Tajikistan to conduct banking operations. In case of suspension of certain operations specified in the license by a credit organization, these obligations for the reporting period do not cease.
4. Compliance with mandatory reserve requirements in national currency is ensured by a credit organization by maintaining funds on a correspondent account opened at the National Bank of Tajikistan, according to the calendar of mandatory reserves in national currency.
5. The calendar of mandatory reserves in national currency for the following year is approved annually by the Monetary and Credit Policy Committee of the National Bank of Tajikistan before November 30 of the current year, in the form specified in Appendix 1 to this Instruction, and is published on the official website of the National Bank of Tajikistan.
6. A credit organization creates mandatory reserves in foreign currency by transferring monetary funds to the corresponding account opened for this purpose at the National Bank of Tajikistan.
7. No interest is accrued on monetary funds deposited at the National Bank of Tajikistan to fulfill mandatory reserve requirements.

2. PROCEDURE FOR FORMING MANDATORY RESERVES 8. To determine the amount of mandatory reserves, a credit organization submits to the National Bank of Tajikistan the following documents within the period established for submitting reports (if the last reporting date falls on a weekend, the report is submitted on the first working day following the weekend):

• approved balance sheet (daily, monthly, via email);
• daily and monthly account balances (in electronic form and through the established electronic system) for calculating mandatory reserves in national currency according to Appendix 2 to this Instruction;
• report on compliance with the mandatory reserve ratio in national currency (in electronic form and through the established electronic system) according to Appendix 3 to this Instruction;
• approved balance sheet (decadal, monthly, via email, foreign currency balance accounts);
• decadal and monthly account balances (in electronic form and through the established electronic system) for calculating the amount of mandatory reserves in foreign currency according to Appendix 4 to this Instruction;
• report on compliance with the mandatory reserve ratio in foreign currency (in electronic form and through the established electronic system) according to Appendix 5 to this Instruction.

9. To determine the amount of mandatory reserves in national currency for each reporting period, the reserve base is calculated, which includes balances from balance sheet accounts 20202, 20204, 20212, 20216, 20220, 20226, 20230, 20802, 20806, 20810, 20814, 20862, 22212, 22216, 26214, 26218, 26222, 26226, 26232.
10. Obligations for attracted funds through the issuance of securities in national currency are not included in the reserve base if they meet the following conditions:

• the term of the securities from the date of issue to the maturity date is at least two years;
• the security cannot be redeemed in full or partially before maturity.

11. The amount of the reserve base in national currency for the reporting period is calculated using the average value formula: P = (D1 + D2 + D3 + ... + Dn) / n where: P – size of the reserve base for the reporting period; D1, D2, D3 and Dn – size of the reserve base respectively on the first, second, third day of the reporting period and the last day of the reporting period; n – number of calendar days in the reporting period.
12. A credit organization forms the amount of mandatory reserves in national currency corresponding to the reserve base in national currency in accordance with the procedure established by this Instruction and deposits it into the correspondent account at the National Bank of Tajikistan in national currency.
13. The minimum balance on the correspondent account of a credit organization at the National Bank of Tajikistan in national currency is considered as the amount for fulfilling mandatory reserve requirements, and its average value at the end of the period of fulfilling mandatory reserves must be equal to or greater than the amount of mandatory reserves, i.e.: (L1 + L2 + L3 + ... + Ln) / n ≥ RR where: L1, L2, L3 and Ln – balance of funds on the correspondent account on the first, second, third and last day of the period of fulfilling mandatory reserves; n – number of calendar days in the mandatory reserve period; RR – amount of mandatory reserves.
14. To determine the amount of mandatory reserves in foreign currency for each reporting period, the reserve base is calculated, which includes balances from balance sheet accounts 20206, 20208, 20214, 20218, 20222, 20228, 20232, 20864, 26216, 26228.
15. The amount of the reserve base in foreign currency for the reporting period is calculated as a chronological average sum, using the following formula: P = (D1/2 + D2 + D3 + D4/2) / 3 where: P – size of the reserve base for the reporting period; D1, D2, D3 and D4 – size of the reserve base respectively on the first, eleventh, twenty-first day of the reporting month and the first day following the reporting period.
16. A credit organization forms the amount of mandatory reserves in foreign currency corresponding to the reserve base in foreign currency and fully transfers it to the next account at the National Bank of Tajikistan in accordance with the procedure established by this Instruction: – 20606 – “Mandatory reserves of local credit organizations for savings and other similar obligations in foreign currency”; – 22206 – “Mandatory reserves of foreign credit organizations for savings and other similar obligations in foreign currency”.
17. The formation of the amount of mandatory reserves in foreign currency is carried out by a credit organization monthly, as of the first day following the reporting period, by reconciling the amount of actually reserved and reservable funds.
18. The National Bank of Tajikistan verifies the credit organization’s report on compliance with mandatory reserve requirements in foreign currency against the amount of actually reserved funds, and if they correspond, the requirements are considered fulfilled.
19. A credit organization forms the amount of mandatory reserves in foreign currency using operational currencies, such as US dollars, euros, Russian rubles, and Chinese yuan.
20. The amount of mandatory reserves for savings (deposits) and other similar obligations in foreign currency, not specified in paragraph 19 of this Instruction, is formed in US dollars in a separate account, and its return is also made in US dollars. The foreign exchange rate relative to the US dollar is taken into account on the last date of the reporting period. Any difference (loss) due to exchange rate changes is borne by the credit organization.
21. In case of a shortage of mandatory reserve funds in foreign currency compared to the established ratio, the credit organization transfers the missing amount of money entirely to the corresponding account at the National Bank of Tajikistan within two working days after the final deadline established for submitting the report.
22. In case of excess mandatory funds in foreign currency compared to the established ratio, the National Bank of Tajikistan returns the excess monetary amount to the correspondent account of the credit organization at the National Bank of Tajikistan within seven working days after the final deadline established for submitting the report: – 20602 – “Correspondent account of local credit organizations in foreign currency”; – 22202 – “Correspondent account of foreign credit organizations in foreign currency”.
23. In case of incomplete formation of the amount of mandatory reserves in foreign currency by a credit organization, the National Bank of Tajikistan adjusts the missing amount from the correspondent account of the credit organization or its other accounts at the National Bank of Tajikistan.
24. In the absence or shortage of funds on the correspondent account of a credit organization, the National Bank of Tajikistan adjusts the difference between shortages and excess mandatory reserves of the credit organization between accounts. In the absence of a correspondent account or issues related to the adjustment of mandatory reserve funds, upon request by the credit organization, a corresponding operation is carried out in national currency or another foreign currency.

3. SUPERVISION OF COMPLIANCE WITH MANDATORY RESERVES REQUIREMENTS 25. Proper verification of the formation of mandatory reserves is carried out by the corresponding structural subdivision of the National Bank of Tajikistan in accordance with this Instruction. 26. In case a credit organization fails to meet the following requirements regarding mandatory reserve ratios, the National Bank of Tajikistan has the right to apply operational corrective measures and impact measures against the credit organization, as provided by Article 48 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan”:

• untimely submission of a report or inaccurate and incomplete submission of the report;
• improper depositing of fund balances on the correspondent account at the National Bank of Tajikistan by the end of the period of fulfilling mandatory reserves in national currency;
• untimely transfer of mandatory reserve funds in foreign currency to the corresponding account.

4. COMPLIANCE WITH MANDATORY RESERVES REQUIREMENTS UPON CESSATION OF A CREDIT ORGANIZATION'S ACTIVITIES 27. Upon revocation of a credit organization’s license to conduct banking operations, the amount of mandatory reserves deposited at the National Bank of Tajikistan is used to fulfill the obligations of that credit organization.

5. PROCEDURE FOR ACCOUNTING OF MANDATORY RESERVES IN FOREIGN CURRENCY 28. The amount of mandatory reserves in foreign currency is accounted for on the balance sheet accounts of the National Bank of Tajikistan in accordance with paragraph 16 of this Instruction. 29. Accounting (by operations) when forming mandatory reserves in foreign currency is carried out as follows:

1. upon transfer of the amount of mandatory reserves in foreign currency to the National Bank of Tajikistan:

• at the credit organization when forming mandatory reserves in foreign currency: № | Account Name | Debit | Credit 1 | 10311 Mandatory reserves at the National Bank of Tajikistan - foreign currency | X | 2 | 10305 Correspondent account at the National Bank of Tajikistan - foreign currency | X |
• at the National Bank of Tajikistan when forming mandatory reserves in foreign currency: № | Account Name | Debit | Credit 1 | 20602 Correspondent account of local credit organizations in foreign currency | X | 2 | 22202 Correspondent account of foreign credit organizations in foreign currency | X | 3 | 20606 Mandatory reserves of local credit organizations for savings and other similar obligations in foreign currency | X | 4 | 22206 Mandatory reserves of foreign credit organizations for savings and other similar obligations in foreign currency | X |

2. upon return to the credit organization of excess mandatory reserves in foreign currency:

• at the National Bank of Tajikistan when returning mandatory reserves formed in foreign currency: № | Account Name | Debit | Credit 1 | 20606 Mandatory reserves of local credit organizations for savings and other similar obligations in foreign currency | X | 2 | 22206 Mandatory reserves of foreign credit organizations for savings and other similar obligations in foreign currency | X | 3 | 20602 Correspondent account of local credit organizations in foreign currency | X | 4 | 22202 Correspondent account of foreign credit organizations in foreign currency | X |
• at the credit organization when returning mandatory reserves formed in foreign currency: № | Account Name | Debit | Credit 1 | 10305 Correspondent account at the National Bank of Tajikistan - foreign currency | X | 2 | 10311 Mandatory reserves at the National Bank of Tajikistan - foreign currency | X |

Appendix 1 to Instruction No. 262 on mandatory reserves of credit organizations for savings and other similar obligations Sample Calendar of mandatory reserves for 20__ year. № | Reporting period (month) | Period of fulfillment | Duration of fulfillment (days) | | Start | End | Start | End | 20__ - 1 | 01.11.20__ | 30.11.20__ | 10.01.20__ | 13.02.20__ | 35 20__ - 2 | 01.12.20__ | 31.12.20__ | 14.02.20__ | 12.03.20__ | 28 20__ - 3 | 01.01.20__ | 31.01.20__ | 13.03.20__ | 09.04.20__ | 28 20__ - 4 | 01.02.20__ | 29.02.20__ | 10.04.20__ | 14.05.20__ | 35 20__ - 5 | 01.03.20__ | 31.03.20__ | 15.05.20__ | 11.06.20__ | 28 20__ - 6 | 01.04.20__ | 30.04.20__ | 12.06.20__ | 09.07.20__ | 28 20__ - 7 | 01.05.20__ | 31.05.20__ | 10.07.20__ | 13.08.20__ | 35 20__ - 8 | 01.06.20__ | 30.06.20__ | 14.08.20__ | 10.09.20__ | 28 20__ - 9 | 01.07.20__ | 31.07.20__ | 11.09.20__ | 08.10.20__ | 28 20__ - 10 | 01.08.20__ | 31.08.20__ | 09.10.20__ | 12.11.20__ | 35 20__ - 11 | 01.09.20__ | 30.09.20__ | 13.11.20__ | 10.12.20__ | 28 20__ - 12 | 01.10.20__ | 31.10.20__ | 11.12.20__ | 07.01.20__ | 28

Appendix 2 to Instruction No. 262 on mandatory reserves of credit organizations for savings and other similar obligations INFORMATION on monthly account balances for calculating mandatory reserves in national currency as of “” _____ 20 year. (somoni) № | Balance sheet account number | Account balance, daily 01 | 02 | 03 | Last date

1. Accounts in national currency 1 | 20202 2 | 20204 3 | 20212 4 | 20216 5 | 20220 6 | 20226 7 | 20230 8 | 20802 9 | 20806 10 | 20810 11 | 20814 12 | 20862 13 | 22212 14 | 22216 15 | 26214 16 | 26218 17 | 26222 18 | 26226 19 | 26232 X | Total Chronological average reserve base in the reporting period Head of credit organization ________ ________________ (signature) (Full Name) Chief accountant of credit organization _________ ________________ (signature) (Full Name) M.P. “___”________________ 20. year

Appendix 3 to Instruction No. __ on mandatory reserves of credit organizations for savings and other similar obligations ___________________________________ (name of credit organization) Report on compliance with mandatory reserve ratios as of “” _____ 20 year. № | Name | Reserve base | Mandatory reserve ratio | Amount of mandatory reserves | Average balance of correspondent account at NBT in national currency | Compliance (-) incorrect (+) correct 1 | Savings and other similar obligations in national currency | Total Head of credit organization ________ ________________ (signature) (Full Name) Chief accountant of credit organization ________ ________________ (signature) (Full Name) M.P. “_____”_______________ 20__. year

Appendix 4 to Instruction No. 262 on mandatory reserves of credit organizations for savings and other similar obligations INFORMATION on decadal account balances for calculating mandatory reserves as of “01” ________ 20__ year. № | Balance sheet account number | Account balance on each decadal date 01 in national currency | 01 in actual currency | 11 in national currency | 11 in actual currency | 21 in national currency | 21 in actual currency | 01 in national currency | 01 in actual currency

1. Accounts in foreign currency (Russian ruble) 1 | 20206 2 | 20208 3 | 20214 4 | 20218 5 | 20222 6 | 20228 7 | 20232 8 | 20864 9 | 26216 10 | 26228 Total: Chronological average reserve base in the reporting month

2. Accounts in foreign currency (US dollars) 1 | 20206 ... [same list] ... Total: Chronological average reserve base in the reporting month

3. Accounts in foreign currency (euro) 1 | 20206 ... [same list] ... Total: Chronological average reserve base in the reporting month

TOTAL: (Chronological average reserve base in the reporting month) Head of credit organization (signature) (Full Name) Chief accountant of credit organization (signature) (Full Name) M.P. “___”________________ 20. year

Appendix 5 to Instruction No. 262 on mandatory reserves of credit organizations for savings and other similar obligations ________________________________ (name of credit organization) Report on compliance with mandatory reserve ratios as of “01” _____ 20___ year. № | Name | Reserve base in national currency | Reserve base in foreign currency | Reserve ratios | To be reserved in national currency | To be reserved in actual currency | To be reserved in US dollars | Actual balance of mandatory reserves | Difference (-) underpaid (+) overpaid in national currency | Difference (-) underpaid (+) overpaid in foreign currency | Exchange rate at end of period | Equivalent amount in US dollars 1 | Savings and other similar obligations in foreign currency (Russian ruble) 2 | Savings and other similar obligations in foreign currency (US dollar) 3 | Savings and other similar obligations in foreign currency (euro) 4 | Savings and other similar obligations in foreign currency (Chinese yuan) 5 | Savings and other similar obligations in foreign currency (British pound) 6 | Savings and other similar obligations in foreign currency (Swiss franc) 7 | Savings and other similar obligations in foreign currency (Uzbek sum) 8 | Savings and other similar obligations in foreign currency (...) Total: Head of credit organization (signature) (Full Name) Chief accountant of credit organization (signature) (Full Name) M. P. “_”___________ 20__. year