Registered
Amendments and additions by the Ministry of Justice of the Republic of Tajikistan dated "13" October 2026, No. 11681

"Approved"
Amendments and additions by resolution of the Board of the National Bank of Tajikistan dated "25" September 2026, No. 111

"Registered" by the Ministry of Justice of the Republic of Tajikistan dated "13" June 2022, No. 1168

"Approved" by resolution of the Board of the National Bank of Tajikistan dated "22" February 2022, No. 23

Instruction No. 251 on the scope of use, procedure for circulation of foreign currency, procedure and rules for issuing and revoking a license for activity in conducting currency operations in the Republic of Tajikistan

1. GENERAL PROVISIONS

1. Instruction No. 251 on the scope of use, procedure for circulation of foreign currency, procedure and rules for issuing and revoking a license for activity in conducting currency operations in the Republic of Tajikistan (hereinafter – the Instruction) has been developed in accordance with part 2 of article 3, part 4 of article 4 and with article 5 of the Law of the Republic of Tajikistan "On Currency Regulation and Currency Control" and with article 15 of the Law of the Republic of Tajikistan "On the Licensing System" and establishes the scope of use and procedure for circulation of foreign currency for residents and non-residents, as well as the procedure and rules for issuing a license for carrying out activity in conducting operations with foreign currency and the grounds for refusal or its revocation (except for credit financial organizations) in the territory of the Republic of Tajikistan. (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

2. The following basic concepts are used in this Instruction:

1) foreign currency – the national currency of foreign countries;

2) authorized banks - credit financial organizations conducting operations with foreign currency on the basis of a license from the National Bank of Tajikistan;

3) authorized representative – an individual authorized by a legal entity to carry out operations (bank account);

4) exchange operations with cash and non-cash foreign currency (hereinafter - exchange operations) include operations of buying and selling foreign currency for national currency, as well as exchanging one foreign currency for another foreign currency;

5) special services in foreign currency include: (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

• performance of work and provision of services for the maintenance, parking, repair, inspection and preparation of aircraft of foreign airlines;

• provision of consular services to non-residents of the Republic of Tajikistan at international airports and railway stations (customs border);

• intermediary services in the purchase and sale of goods, performance of work and provision of services during their export and import;

• services for the implementation of international cargo transportation, including forwarding, insurance and other services provided for by the legislation of the Republic of Tajikistan;

• provision of services to passengers on international vehicles;

• sale of goods in duty-free shops;

• provision of services in the halls of international airports; (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

• provision of hotel services to non-residents of the Republic of Tajikistan;

• provision of intermediary services between a resident and diplomatic missions of foreign states (consulates and embassies) in the Republic of Tajikistan for obtaining visas of foreign states; (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

  6) documents confirming the official source of origin of cash foreign currency:

• license of the National Bank of Tajikistan issued to resident legal entities for carrying out activity in conducting operations with foreign currency;

• customs declaration on the import of cash foreign currency into the territory of the Republic of Tajikistan;

• a supporting document on the receipt of foreign currency from the bank account of a legal entity and individual in an authorized bank and the National Bank of Tajikistan; (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

• documents confirming the receipt of cash foreign currency from the operating cash desks of authorized banks and their structural subdivisions when carrying out exchange and transfer operations without opening a bank account; (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

• a supporting and executed document on the receipt and withdrawal of cash foreign currency to (from) the cash desk(s) of a legal entity.

2. SCOPE OF USE OF FOREIGN CURRENCY

3. Foreign currency as a means of circulation and payment in the territory of the Republic of Tajikistan may be used in the following areas:

1) activity in conducting operations with foreign currency, which is carried out on the basis of a license issued by the National Bank of Tajikistan, including:

• currency operations carried out by credit financial organizations;

• provision of special services in foreign currency; (Resolution of the Board of the NBT dated 25.09.2026, No. 111)

• intermediation in the international currency market;

2) intermediary activity in the sale of imported goods received from a non-resident on the basis of a consignment or commission contract (agreement) for the export of goods produced by residents for export. In this case, the intermediary transfers the value of the imported goods in foreign currency to the non-resident (seller) and keeps the commission fee for intermediation in its account in the currency of payment. When selling the exported goods, the intermediary sells the goods to the non-resident (buyer) in foreign currency and pays the value of the goods to the domestic producer in foreign currency, receiving a commission in national currency for this. Payment is made to the intermediary's currency account only in non-cash form. The amount of the commission fee is considered a currency asset of the intermediary and is not included in the price of the goods. All these conditions must be stipulated in the agreement (contract) concluded between residents (buyer, intermediary) and non-residents (seller), as well as between residents (producer, intermediary, seller) and non-residents (buyer).

At the same time, the intermediary may purchase goods from a non-resident of one state (seller) and sell them without importation into the customs territory of the Republic of Tajikistan to a non-resident (buyer) of another state. In this case, the non-resident (buyer) is obliged to make full prepayment to the intermediary. All conditions related to payments, settlement currency, scope and conditions of services, as well as the procedure for receiving payment for intermediary services must be clearly specified in the agreement (contract) between residents and non-residents; (Resolution of the Board of the NBT of 25.09.2026, No. 111)

3) when carrying out operations through bank accounts opened in foreign currency by legal entities and individuals in domestic and foreign authorized banks;

31 ) currency operations between residents and non-residents are carried out without restrictions if one of the parties is outside the Republic of Tajikistan; (Resolution of the Board of the NBT of 25.09.2026, No. 111)

4) when carrying out between residents currency operations provided for by Article 8 of the Law of the Republic of Tajikistan "On Currency Regulation and Currency Control".

3. PROCEDURE FOR CIRCULATION OF FOREIGN CURRENCY FOR LEGAL ENTITIES

4. Legal entities may use foreign currency in the areas specified in paragraph 3 of this Instruction.

5. Legal entities may use foreign currency to carry out activities involving operations with foreign currency on the basis of a license from the National Bank of Tajikistan, subject to compliance with subparagraph 1) of paragraph 3 of this Instruction and fulfillment of the following conditions:

• setting prices for goods and tariffs for special services in foreign currency and in the equivalent in national currency;

• provision of conditions and technical means necessary for the acceptance, storage and determination of the authenticity of cash foreign currency, availability of employees with knowledge and skills in working with foreign currency;

• availability of a bank account in foreign currency. Legal entities carrying out operations with foreign currency on the basis of a license from the National Bank of Tajikistan are obliged to unconditionally accept, along with cash foreign currency, also national currency if clients offer national currency to pay the cost of goods and provision of special services. In such case, the cost of goods and provision of special services, expressed in foreign currency, is expressed in national currency at a rate not exceeding the selling rate of the currency of the servicing bank.

  6. Cash foreign currency from legal entities - residents and non-residents (their authorized representative) may:

• in one operational day be credited to any currency accounts up to 1750 indicators for settlements without limitation of the amount and without submission of documents confirming their official procedure, and in an amount of more than 1750 indicators for settlements subject to submission of documents confirming their official procedure;

• be imported (exported) into the republic (from the republic) or transferred by an authorized representative of a legal entity in accordance with the requirements established by Instruction No. 234 "On the Procedure for Import into the Republic of Tajikistan and Export from the Republic of Tajikistan of Currency Valuables", approved by resolution of the Board of the National Bank of Tajikistan of 23 May 2019, No. 55 and which passed state registration with the Ministry of Justice of the Republic of Tajikistan of 21 February 2020, No. 153"v".

  7. Legal entities may use cash foreign currency for business trips, for payment of study and internships, treatment of employees abroad (on the basis of documents confirming their assignment). (Resolution of the Board of the NBT of 25.09.2026, No. 111)

  8. Legal entities may, without restriction, transfer foreign currency from one of their bank accounts to their other bank account in any authorized bank in non-cash form. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

  9. On the part of legal entities – residents and non-residents, operations with foreign currency are carried out in compliance with the requirements of the Law of the Republic of Tajikistan "On Combating the Legalization (Laundering) of Income Obtained by Criminal Means, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction".

  10. For legal entities, the carrying out of exchange operations in cash form is prohibited. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

4. PROCEDURE FOR CIRCULATION OF FOREIGN CURRENCY FOR INDIVIDUALS

11. Cash foreign currency may be:

• stored as a personal asset;

• deposited (withdrawn) as a deposit and savings in (from) an authorized bank in accordance with a bank account agreement;

• received as a loan and used for repayment of the loan and its interest;

• bought or sold in authorized banks in compliance with the requirements of the Law of the Republic of Tajikistan "On Combating the Legalization (Laundering) of Income Obtained by Criminal Means, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" and according to the procedure established by Instruction No. 211 "On the Procedure for Carrying Out Exchange Operations with Foreign Currency", approved by resolution of the Board of the National Bank of Tajikistan of 30 July 2020, No. 95 and which passed state registration with the Ministry of Justice of the Republic of Tajikistan of 25 August 2020, No. 139"e"; (Resolution of the Board of the NBT of 25.09.2026, No. 111)

• carry out import (export) or transfer into (from) the republic.

  12. Individuals - residents and non-residents may, in their own name, deposit cash foreign currency into their bank accounts opened with authorized banks or into bank accounts of third parties, in compliance with the requirements of the legislation of the Republic of Tajikistan in the field of combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, without limitation of the amount and without presenting a document confirming the official source of origin of the cash foreign currency.

  13. Individuals may withdraw cash foreign currency from their currency accounts without limitation and upon first demand. Authorized banks are not entitled to charge a commission for the issuance from currency (deposit) accounts of individuals of cash foreign currency that was credited to these currency accounts in cash form.

  14. Transfers of foreign currency between individuals within the republic and not for the purposes of payment and settlements are carried out without limitation in accordance with the requirement of the Law of the Republic of Tajikistan "On Currency Regulation and Currency Control". (Resolution of the Board of the NBT of 25.09.2026, No. 111)

  15. The crediting by individuals of cash and non-cash foreign currency to the accounts of charitable funds is carried out in compliance with the requirements of the legislation of the Republic of Tajikistan in the field of combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, without limitation of the amount and without presenting a document confirming the official source of origin of the cash foreign currency.

151 . In order to ensure the status of the national currency as the sole legal means of circulation and payment, to ensure the stability of the financial system and the exchange rate of the national currency, the National Bank of Tajikistan may establish a procedure for the issuance of foreign currency transferred to the Republic of Tajikistan by individuals exclusively in the national currency, which is carried out without opening a bank account, as well as with the opening of a bank account or the use of other means of transfer and is not related to entrepreneurial activity. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

5. PROCEDURE FOR THE CIRCULATION OF FOREIGN CURRENCY FOR AUTHORIZED BANKS

16. Authorized banks may carry out the purchase and sale of foreign currency on the territory of the Republic of Tajikistan on the internal currency market (through currency exchanges, the interbank market, the intra-bank market and the cash foreign currency market), without limitation of the amount and purpose, for their own account and for clients.

17. Authorized banks set the rate of exchange operations independently based on the situation on the internal currency market, supply and demand for foreign currency and the official request of clients. Authorized banks are not obliged to buy or sell foreign currency at the official exchange rate of foreign currency to the national currency, which is set and announced by the National Bank of Tajikistan. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

18. Authorized banks are obliged to officially accept requests or instructions from their clients for currency exchange in electronic or written form and to ensure timely execution of requests from their currency position. In case of insufficient funds in national or foreign currency to fulfill clients' requests, they must turn to the interbank currency market and provide the client with the relevant information on the results. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

18¹. Authorized banks submit to the National Bank of Tajikistan a report on the needs of legal entities in foreign currency and on their satisfaction for the previous day by 11:00 of each working day. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

6. PROCEDURE AND RULES FOR ISSUING A LICENSE FOR ACTIVITY IN CONDUCTING OPERATIONS WITH FOREIGN CURRENCY, GROUNDS FOR REFUSAL OR REVOCATION OF A LICENSE

19. The activity of conducting operations with foreign currency in the spheres provided for by subparagraph 1) of paragraph 3 of this Instruction is carried out on the basis of a license of the National Bank of Tajikistan (hereinafter - the license). An operation with foreign currency cannot be an independent or main activity of a resident. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

20. The license is nominal and without a term, and cannot be transferred to a third party. The license issued to a legal entity is a document granting its holder the right to engage only in the activity specified in the license. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

21. Residents, in order to obtain a license for the activity of conducting operations with foreign currency, apply with an application to the National Bank of Tajikistan in accordance with Appendix No. 1, providing the following documents and information in written form or through the electronic system: (Resolution of the Board of the NBT of 25.09.2026, No. 111)

• constituent documents and documents confirming state registration (a copy certified in accordance with the requirement of the legislation of the Republic of Tajikistan); (Resolution of the Board of the NBT of 25.09.2026, No. 111)

• on the financial results of economic activity as of the last reporting date (in the case of a newly created legal entity - submission of financial statements after one year of activity);

• on the condition, place and method of carrying out activity related to the conduct of operations with foreign currency, the procedure for receiving and storing currency funds, the forms of their mutual settlements related thereto;

• on the responsible employees ensuring the activity of conducting operations with foreign currency;

• the details of the bank account and the servicing authorized bank;

• documents confirming payment of fees for consideration of the application and license fees (in accordance with Article 6 of the Law of the Republic of Tajikistan "On Currency Regulation and Currency Control"), (receipt, payment order or other document);

Note to the sixth paragraph: The National Bank of Tajikistan makes a decision to grant or refuse consideration of an application of a resident — legal entity for the issuance of a license within 30 calendar days from the day the application is received. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

22. The National Bank of Tajikistan, when considering an application for the issuance of a license, in order to determine the readiness of the resident to carry out activities for conducting operations with foreign currency, conducts an inspection which covers the following issues:

• familiarization with the regulatory, organizational, material and technical base, the resident's provision with the necessary conditions (availability of a safe, surveillance cameras, counting machine) for organizing activities for conducting operations with foreign currency;

• assessment of the internal system of accounting, storage of funds and relations with the authorized credit financial organization servicing the resident's activity for conducting operations with foreign currency;

• general assessment of the level of qualification of responsible employees ensuring the conduct of operations with foreign currency, including in the sphere of countering the legalization (laundering) of proceeds obtained by criminal means, financing of terrorism and financing of the proliferation of weapons of mass destruction.

  23. If the requirements of this Instruction are observed and there is a positive conclusion of the responsible structural subdivisions of the National Bank of Tajikistan, the Board of the National Bank of Tajikistan adopts a decision on issuing to the legal entity – resident a license in accordance with Appendix No. 2 to this Instruction.

23¹. Residents pay to the state budget a fee for consideration of the application, a one-time fee for the issuance of the license and a subsequent annual fee for maintaining the validity of the license in accordance with the Law of the Republic of Tajikistan "On the Licensing System". (Resolution of the Board of the NBT of 25.09.2026, No. 111)

24. An application of a legal entity - resident for obtaining a license may be rejected on the following grounds:

• submission of incomplete, incorrect, unreliable documents and information or failure to submit them;

• unsatisfactory results of the inspection conducted by the National Bank of Tajikistan;

• gross and/or systematic violation by the resident of the requirements of the legislation of the Republic of Tajikistan in the sphere of currency regulation and currency control, as well as the legislation of the Republic of Tajikistan in the sphere of countering the legalization (laundering) of proceeds obtained by criminal means, financing of terrorism and financing of the proliferation of weapons of mass destruction;

• The National Bank of Tajikistan considers it unnecessary for the resident to carry out activities for conducting operations with foreign currency, that is, if it becomes known that the resident is fully capable of carrying out its activity in the national currency and does not need to conduct operations with foreign currency.

  25. In case of refusal of an application for the issuance of a license, the National Bank of Tajikistan sends the applicant a written response with justification of the refusal of the application for the issuance of a license, within the established period.

  26. The National Bank of Tajikistan has the right to revoke the license in case of non-compliance with the following requirements:

• failure to provide reports within the established period and in the established procedure;

• carrying out currency operations outside the sphere of activity specified in the license;

• non-compliance with the requirements of the legislation of the Republic of Tajikistan in the sphere of currency regulation and currency control, as well as the legislation of the Republic of Tajikistan in the sphere of countering the legalization (laundering) of proceeds obtained by criminal means, financing of terrorism and financing of the proliferation of weapons of mass destruction.

  27. Residents must submit to the servicing authorized bank a copy of the license certified by them.

  28. A copy of the license is a sufficient basis for the authorized bank to carry out payments and settlements related to activities for conducting operations with foreign currency.

28¹. Re-issuance and issuance of a second copy (duplicate) of the license is carried out in the procedure established by the legislation in the sphere of the licensing system. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

7. FINAL PROVISIONS

29. On the territory of the Republic of Tajikistan all price tags, tariffs, units, contracts, agreements and contracts are indicated only in the national currency - somoni. Their expression and use in foreign currency or conventional units is prohibited, except for cases established by subparagraph 1) of paragraph 3 of this Instruction. (Resolution of the Board of the NBT of 25.09.2026, No. 111)

30. Residents – legal entities are obliged to submit to the National Bank of Tajikistan the following information on their activity for conducting operations with foreign currency:

• monthly report in accordance with Appendix No. 3 to this Instruction; (Resolution of the Board of the NBT of 25.09.2026, No. 111)

• a certified copy of tariffs (price tags) for activities for conducting operations related to foreign currency (once a year and when tariffs (price tags) change during the year).

Appendix No. 1 to Instruction No. 251 on the sphere
of use, procedure for circulation of foreign currency, procedure and rules for issuance and revocation of licenses for conducting currency operations in the Republic of Tajikistan

To the Chairman of the National Bank of Tajikistan respected _______________________________ on behalf of the company _________________________ __________________________________________

Application

The daily activity of the company ______________________________ __________________________________________________________________ is related to the following operations __________________________________ __________________________________________________________________ ____________________________________________________ and their conduct sometimes directly requires carrying out operations with foreign currency. In this regard, we ask You to provide assistance in obtaining a license to carry out activity related to conducting operations with foreign currency.

Respectfully,
Head of the company

---

(signature, full name)

Place of seal

(Resolution of the Board of the NBT of 25.09.2026, No. 111)

Appendix No. 2 to Instruction No. 251 on the sphere
of use, procedure for circulation of foreign currency, procedure and rules for issuance and revocation of a license for conducting currency operations in the Republic of Tajikistan

National Bank of Tajikistan

LICENSE

__________________________________________________________________ (name, organizational-legal form and address of the licensee — for a legal entity; surname, name, patronymic, place of residence, details of the identity document — for an individual entrepreneur)

Types of activity and actions subject to licensing:___________________________________________________ __________________________________________________________________

Subtypes of activity and actions requiring licensing:___________ __________________________________________________________________

License number in accordance with the list of the licensing authority:____________________________________________________________

Date of issue of the license in accordance with the list of the licensing authority: __________________________________________________________________

Validity period of the license: _____________________________________________ (unlimited or one-time)

Taxpayer identification number: ________________________

Unified taxpayer identification number:__________________

Date of adoption and number of the resolution on issuance of the license: __________________________________________________________________

Information on the address of the official website where licensed activity will be carried out through information and communication technologies, including through the Internet __________________.

Chairman _________________ __________ ________________________ (position of the head (signature) (surname, name, patronymic of the head of the licensing authority) of the licensing authority)

Place of seal

(Resolution of the Board of the NBT of 25.09.2026, No. 111)

Appendix No. 3 to Instruction No. 251 on the sphere
of use, procedure for circulation of foreign currency, procedure and rules for issuance and revocation of a license for conducting currency operations in the Republic of Tajikistan

REPORT on activity related to conducting operations with foreign currency

_____________________________________ in_________ month 20___ year (short name of the resident)

Type of activity	Amount received from activity related to carrying out operations with foreign currency							Total, in somoni *
	in somoni		in US dollars		in euros		in Russian rubles
	in cash	by bank transfer	in cash	by bank transfer	in cash	by bank transfer	in cash	by bank transfer
**
Total:

[*] *- at the official exchange rate of the foreign currency to the national currency on the 1st day of the month following the reporting month (Resolution of the Board of the NBT of 25.09.2026, No. 111);

[**] **- type of activity related to conducting operations with foreign currency.

Head of the company: _________________________________ (signature, full name)

Responsible person: ________________________________________ (signature, full name)

Executor's phone number: ______________