Registered
Amendments and additions by the Ministry of Justice of the Republic of Tajikistan dated «07» October 2026, No. 139 «ё»

Approved
Amendments and additions by resolution of the Board of the National Bank of Tajikistan dated «11» September 2026, No. 105

Registered by the Ministry of Justice of the Republic of Tajikistan dated «25» August 2020, No. 139 «е»

Approved by resolution of the Board of the National Bank of Tajikistan dated «30» July 2020, No. 95

Registered by the Ministry of Justice of the Republic of Tajikistan dated «04» December 2015, No. 139«д»

Approved by resolution of the Board of the National Bank of Tajikistan dated «29» September 2015, No. 195

Instruction No. 211 «On the procedure for carrying out exchange operations with foreign currency»

Instruction No. 211 «On the procedure for carrying out exchange operations with foreign currency» (hereinafter - the Instruction) has been developed in accordance with Article 9 of the Law of the Republic of Tajikistan «On Currency Regulation and Currency Control», parts 2 and 3 of Article 3 of the Law of the Republic of Tajikistan «On Banking Activity», part 2 of Article 23 of the Law of the Republic of Tajikistan «On Microfinance Organizations» and establishes the procedure and rules for the organization, carrying out, processing, accounting and reporting of exchange operations with foreign currency in credit financial organizations. (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

CHAPTER 1. GENERAL PROVISIONS

1. Exchange operations with cash and non-cash foreign currency (hereinafter – exchange operations) include operations of purchase and sale of foreign currency for national currency, as well as exchange of one foreign currency for another foreign currency.

2. When carrying out exchange operations with cash foreign currency, the following additional services may be offered:

• exchange of cash foreign currency;

• replacement of worn and damaged cash foreign currency with payment cash foreign currency;

• determination of the authenticity of cash foreign currency and others.

For these services, credit financial organizations establish tariffs and approve them in cases established by legislation, in agreement with antimonopoly bodies.

3. Exchange operations are carried out by a credit financial organization that has the right to carry out operations with foreign currency in accordance with the license of the National Bank of Tajikistan (hereinafter - authorized bank) on the territory of the Republic of Tajikistan and beyond its borders, without restrictions in the procedure established by legislation and this Instruction.

3 1 . Islamic credit organizations carry out exchange operations with foreign currency in accordance with the principles of Islamic finance and normative legal acts of the National Bank of Tajikistan on Islamic banking activity.

4. The authorized bank carries out an exchange operation on the domestic currency market (interbank, intrabank, cash) and on the international currency market for itself or for its clients (individuals and legal entities having bank accounts) and with other individuals (one-time exchange operations). (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

5. The authorized bank carries out exchange operations with cash and non-cash foreign currency on the domestic currency market and with non-cash foreign currency on international currency markets where there is demand and supply, taking into account the need and necessity for this operation and obtaining income. (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

6. The authorized bank conducts exchange operations on the domestic currency market through the head office, branches and their structural subdivisions that have the right to conduct exchange operations in accordance with the normative legal acts of the National Bank of Tajikistan, as well as through its own self-service technical devices with cash servicing function, and on the international currency market – through the head office and (or) branches carrying out operations with foreign currency and international settlements. (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

CHAPTER 2. PROCEDURE FOR CARRYING OUT EXCHANGE OPERATIONS WITH CASH FOREIGN CURRENCY

7. The authorized bank, for carrying out an exchange operation with cash foreign currency, uses the capabilities of operating cash desks of separate subdivisions and its own structural subdivisions that have the right to conduct exchange operations. (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

8. Structural subdivisions having operating cash desks (hereinafter - structural subdivisions) include: (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

a) central cash desks of the head office and branch; (Resolution of the

Board of the NBT dated 11.09.2026, No. 105)

b) banking service centers, microfinance service centers, cash service points and mobile subdivisions. (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

9. The authorized bank, for the purpose of carrying out an exchange operation with cash foreign currency, must:

a) develop, acquire and implement a software product, technical equipment and means of communication necessary for creating a unified, centralized electronic network connecting all institutions carrying out exchange operations with cash foreign currency with its operating system. This system must have the possibility and capability of conducting, accounting, recognizing and determining each exchange operation in a unified operating system connecting institutions having operating cash desks in real time (online) and ensure the submission of information and daily reporting on exchange operations to the National Bank of Tajikistan in electronic form; (Resolution of the Board of the NBT dated 11.09.2026, No. 105)

b) bring the buildings and technical equipment of structural subdivisions into compliance with the requirements of the National Bank of Tajikistan for cash units, equipping the workplace of each cashier with a centralized video control and video surveillance system;

c) based on the volumes of demand for exchange operations, the specifics of the location and operating hours, allocate to the institution sufficient amounts of cash in national and foreign currencies, ensuring their delivery to and return from the institution(s) located outside the head office or branch, through its own cash collection service or on a contractual basis;

d) ensure separate accounting and reporting of the funds in cash national and foreign currency allocated to the cashier under accountability, intended for conducting exchange operations, their receipt, expenditure and balances, receipt and expenditure of income (expenses) from exchange operations to the cash desk and their reflection in the daily balance;

e) take necessary measures for the training and retraining of cashiers who will conduct exchange operations, confirming their completion of qualification training with an official document and not allowing cashiers who have not received qualification to carry out exchange operations. Cashiers with the relevant qualification must know the procedure and rules for conducting exchange operations, accounting and reporting for them, the procedure for their processing, have knowledge and skills to determine the authenticity and negotiability of cash foreign currency in accordance with Appendix No. 1 and national currency, identify suspicious operations and provide information about them, organize and maintain record-keeping, safekeeping of valuables and ensure security during operations; f) adopt a special normative act (order, instruction, directive or other) stating that the cash desk of this institution and the cashier have the right to conduct exchange operations with cash foreign currency, specifying therein the procedure for carrying out, accounting, bookkeeping and reporting of exchange operations, operating hours and other necessary conditions;

ё) place in a prominent (accessible) place for clients information that the cash desk of this structural subdivision carries out exchange operations with cash foreign currency, as well as notify other citizens about the existence of such a service, using various forms of advertising for this;

g) based on the market condition, the ratio of supply and demand for cash foreign currency and the procedure established by the National Bank of Tajikistan, establish by a separate document at the beginning of each working day the rate (cross-rate) of exchange operations with cash foreign currency and, by entering it into the centralized operational system, communicate it to each institution. Information on the rates (cross-rates) of exchange operations must be communicated to clients and other citizens in a visual, transparent and prompt manner on advertising stands and boards located inside the premises of the institution; (Resolution of the NBT Board of 11.09.2026, No. 105)

h) based on the conditions of the locality where the structural subdivision is located, the ratio of supply and demand for cash foreign currency, operating hours and other influencing factors, determine the rate (cross-rate) of exchange operations with cash foreign currency or during the working day change the previously established rate (cross-rate).

10. Exchange operations with cash foreign currency are carried out in the following procedure:

a) individuals – clients of the authorized bank and other individuals may carry out exchange operations with cash foreign currency in the structural subdivisions of the authorized bank (paragraph 8 of this Instruction) without limitation on the amount and purpose, subject to the requirements of the Law of the Republic of Tajikistan "On Countering the Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction". Carrying out exchange operations in other places (outside the head office, branch, banking service center, microfinance service center, cash service points, mobile subdivisions) is strictly prohibited and non-compliance with this requirement by individuals is regarded as an offense and entails administrative and criminal liability; (Resolution of the NBT Board of 11.09.2026, No. 105)

b) an exchange operation with cash foreign currency for an amount equivalent to 350 indicators for calculations is carried out without providing an identity document and for an amount equivalent to more than 350

indicators for calculations, subject to the mandatory provision of an identity document. If there is doubt that an exchange operation with cash foreign currency is related to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction, the operation is carried out with the provision of identity documents, regardless of its amount;

c) the cashier registers each conducted exchange operation with cash foreign currency through the unified operational system in the Exchange Operations Accounting Journal in electronic form and issues to the individual a document confirming the exchange operation (receipt);

d) the Exchange Operations Accounting Journal is maintained in accordance with Appendix No. 2 in electronic form;

e) the document confirming the exchange operation (hereinafter – Confirming document) in accordance with Appendix No. 3 for the amount of cash foreign currency equivalent to up to 350 indicators for calculations is issued without indicating the data of the identity document and signed by the cashier, for the amount equivalent to more than 350 indicators for calculations, with indication of the data of the identity document, signed by the cashier and sealed (stamped) by the structural subdivision, is generated in electronic form, printed on paper and issued to the individual;

f) the Confirming document issued for an amount equivalent to more than 1’750 indicators for calculations is additionally affixed with the round seal of the banking service center, microfinance service center, cash service point, mobile subdivision, branch or head office of the authorized bank;

(Resolution of the Board of the NBT of 11.09.2026, No. 105)

e) provision of the Confirming document (receipt) for each exchange operation and for each client is mandatory;

f) The Confirming document is the basis for the export by an individual of cash foreign currency abroad;

g) the software product of the centralized operating system of the credit financial organization must ensure the possibility of recording, maintaining and processing the Registration Journal and the Confirming document, summarizing the day's results and preparing a report on exchange operations with cash foreign currency and printing them on paper.

CHAPTER 3. PROCEDURE FOR REPORTING AND SUPERVISION OF EXCHANGE OPERATIONS WITH CASH FOREIGN CURRENCY

11. Authorized banks shall, by the 5th day of each month, submit to the National Bank of Tajikistan (its regional branches) a consolidated report on institutions that have received or been deprived of the right to carry out exchange operations with cash foreign currency.

12. Consolidated reporting on the volumes and weighted average rates of exchange operations with cash foreign currency, as part of the authorized bank's reporting on exchange operations with foreign currency in the domestic currency market of the republic, shall be submitted to the National Bank of Tajikistan (its regional branches) for the previous day, on a daily basis. (Resolution of the Board of the NBT of 11.09.2026, No. 105)

13. Authorized banks shall submit to the National Bank of Tajikistan and its regional branches all other information related to the conduct of exchange operations, in the form and within the timeframes established by the National Bank of Tajikistan. (Resolution of the Board of the NBT of 11.09.2026, No. 105)

14. Heads of authorized banks (their branches) and responsible persons of structural subdivisions are obliged to carry out daily supervision over the procedure for carrying out, recording income, processing and reporting of exchange operations, the safekeeping of cash valuables, including by means of unified own operating systems. Authorized banks and their branches are obliged, in the established procedure, to provide each of their structural subdivisions with an Inspection Record Journal.

15. The National Bank of Tajikistan and its regional branches (their authorized representatives) have the right to inspect the activities of any institution, directly or with the participation of a representative of the authorized bank.

CHAPTER 4. LIABILITY FOR VIOLATION OF THIS INSTRUCTION

16. Ensuring compliance with the requirements of this Instruction is assigned to the heads of authorized banks (their branches) and responsible persons of institutions, and control over compliance with the requirements is carried out by the National Bank of Tajikistan (its regional branches) on site.

17. In case of detection of violations of the requirements of this Instruction, the National Bank of Tajikistan, in accordance with Article 48 of the Law of the Republic of Tajikistan "On the National Bank of Tajikistan", may apply to the authorized bank any prompt corrective measures or measures of influence.

18. The National Bank of Tajikistan, in case of non-compliance with the procedure for carrying out exchange operations, failure to comply with instructions and orders to eliminate deficiencies more than two times, in order to ensure financial stability, within the framework of the requirements of the Laws of the Republic of Tajikistan "On the National Bank of Tajikistan" and "On Banking Activity", may apply to the authorized bank a measure prohibiting the carrying out of operations or revoking the license to carry out banking activity.

Annex No. 1 to Instruction No. 211
"On the procedure for carrying out exchange operations in foreign currency"

RULES for determining the signs of authenticity and payability of foreign currencies

1. Foreign currencies (monetary notes - banknotes, treasury notes) are recognized as payable in the following cases:

a) those that have preserved the main signs of payability: the name of the central (national) bank, numbers and series, denomination in figures and words, the main design (portrait) of the obverse and reverse sides, as well as elements of protection against counterfeiting (watermark, magnetic marks embedded in the paper, colored fibers, including those visible under ultraviolet rays, confetti, security threads, microtext, luminescent designs, etc.);

b) those having abrasions and soiling;

c) those having glued, torn off corners or pieces (with an area of not more than 1-2 square centimeters), if the torn off parts unconditionally belong to the given banknote;

d) those having glued tears, if they do not exceed one fourth of the width of the banknotes;

e) those having small oil and other stains, inscriptions and stamp impressions (except for stamps indicating that the banknote is not genuine), in cases where they do not prevent the determination of the authenticity of the banknotes and do not significantly (more than 50%) cover one of the main signs of payability specified in subparagraph "a" of this paragraph;

f) banknotes having punctures with a hole diameter of not more than 0.5 mm;

g) monetary notes declared by the central (national) bank-issuer of the corresponding foreign state for their withdrawal from circulation up to and including the date announced by it.

After the date of withdrawal of monetary notes from circulation, the said monetary notes are declared non-payable by the central (national) bank-issuer and are accepted by it only for exchange.

The date of withdrawal from circulation of monetary notes, announced by the central (national) bank-issuer of the corresponding foreign state, shall be indicated in the information message of the National Bank of Tajikistan. The National Bank of Tajikistan informs credit financial organizations about changes in the cash-money circulation of foreign states.

2. Foreign currencies (monetary notes - banknotes, treasury notes) are recognized as non-payable on the following grounds:

a) torn into parts and glued together; b) those that have not preserved the main signs of payability;

c) those that have changed their original color or become discolored;

d) burnt or scorched;

e) flooded fully or to a significant extent with paint, ink, oil;

e) subjected to exposure to chemical reagents that caused the paper to fluoresce under ultraviolet rays;

f) having significant deliberate damage (the main designs, in particular portraits of people, have been altered, the security thread has been removed, there are significant inscriptions, including those visible under ultraviolet rays);

g) changed geometric dimensions by more than 3 mm, both downward and upward;

h) banknotes withdrawn from circulation after the date announced by the central (national) bank – the issuer of the corresponding foreign state, as being in circulation.

3. Where possible, non-negotiable banknotes of a foreign state may be exchanged for negotiable banknotes of the same foreign state or for somoni, subject to the collection of a commission.

Appendix No. 2 to Instruction No. 211
"On the procedure for carrying out exchange operations with foreign currency"

Register

of registration of exchange operations with cash foreign currency in

(name of the authorized bank, branch of their institutions)

Started: "
" 20 year

No. and date of the operation	Operation type code	Rate (cross-rate) of the operation	Cash funds			Cash funds			Full name of the individual	Passport, series number	Note
			accepted			issued
			code of accepted currency	name	amount	code of issued currency	name	amount
1	2	3	4	5	6	7	8	9	10	11	12
07.07.2015
1	01	6,5200	840	USD	100,00	972	somoni	652,00
2	01	7,1484	978	euro	100,00	972	somoni	714,84
3	02	0,1154	972	somoni	115,40	810	Russian ruble	1000,9
4	03	56,4900	810	Russian ruble	10 000	840	US dollar	177,02

Note: 1. In column 2, the numbers designate: 01 - operation of purchase of cash foreign currency for national currency (somoni); 02 - operation of sale of cash foreign currency for national currency (somoni); 03 - operation of exchange (conversion) of two foreign currencies. 2. In column 3, the transaction rate for the purchase and sale of foreign currency for somoni and the cross-rates for the exchange of two foreign currencies are indicated. 3. In columns 4 and 7, the codes of the currencies participating in the exchange operation are indicated, in accordance with the ISO classification.

Appendix No. 2 to Instruction No. 211
"On the procedure for carrying out exchange operations with foreign currency"

Name of the authorized bank:
Name of the institution:
Registration number No.:
Registration number No.:
Address:
Address:

Document confirming the carrying out of the exchange operation

Date:
Time:

Name of operation: Purchase of cash foreign currency for cash national currency

Full name of the individual:_ Passport: series number No.

No. Operation type code*
Rate (cross- rate) of operation
Cash funds accepted issued code of accepted currency name amount code of issued currency name amount 1 2 3 4 5 6 7 8 9 1 01 6,5200 840 US dollar 100,00 972 somoni 652,00 2 01 7,1484 978 euro 100,00 972 somoni 714,84 3 02 0,1154 972 somoni 115,40 810 Russian ruble 1000,9 4 03 56,4900 810 Russian ruble 10 000 840 US dollar 177,02

• 01 - operation of purchase of cash foreign currency for national currency (somoni) 02 - operation of sale of cash foreign currency for national currency (somoni) 03 - operation of exchange (conversion) of two foreign currencies

Cashier:
(signature)
(Full name)