Instruction No. 261 on the Procedure for Determining and Announcing the Official Foreign Currency Exchange Rate Relative to the National Currency

Registered with the Ministry of Justice of the Republic of Tajikistan on April 21, 2025, No. 1338.
Approved by the Resolution of the Board of the National Bank of Tajikistan on January 17, 2025, No. 17.

Instruction No. 261 on the Procedure for Determining and Announcing the Official Exchange Rate of Foreign Currency Relative to the National Currency

Instruction No. 261 on the Procedure for Determining and Announcing the Official Exchange Rate of Foreign Currency Relative to the National Currency (hereinafter referred to as "the Instruction") has been developed in accordance with Part 4 of Article 4 of the Law of the Republic of Tajikistan "On Currency Regulation and Currency Control" and establishes the procedure for determining, approving, and announcing by the National Bank of Tajikistan the official exchange rate of foreign currency relative to the national currency – somoni.

1. GENERAL PROVISIONS

1. The National Bank of Tajikistan, as the state currency regulation authority, determines the official exchange rate of foreign currency relative to the national currency – somoni, which is announced as the official foreign currency exchange rate against the somoni (hereinafter – "official exchange rate").
2. The calculation of the official exchange rate is performed using the "direct quotation" rule (the cost of one unit of foreign currency expressed in national currency).
3. The official exchange rate is used for accounting and reflecting foreign currency funds in somoni in the financial and accounting statements of economic entities, for converting into somoni state mandatory payments expressed in foreign currency, calculating and analyzing key macroeconomic indicators and results of foreign economic activity, as well as for other analytical purposes.
4. The official exchange rate is not a buy or sell rate, and the National Bank of Tajikistan is not obligated to buy or sell foreign currency at this rate.
5. For the purpose of collective consideration of issues related to exchange rate policy and finding their solutions, the National Bank of Tajikistan may, in accordance with a Resolution of its Board, create an internal working group. The official exchange rate is determined by the authorized structural subdivision of the National Bank of Tajikistan or an internal working group, approved, and announced based on quotation sheets signed by the responsible person of this structural subdivision.

2. PROCEDURE FOR CALCULATING THE OFFICIAL EXCHANGE RATE
6. The official exchange rates of foreign currencies, the list of which is specified in Appendix 1 to this Instruction, are determined on working days, excluding weekends and public holidays, for the next calendar day in the following manner:

1. The official exchange rate of the United States Dollar (hereinafter – USD) is calculated based on the volume-weighted average rates of buy/sell transactions for somoni during working hours from 8:00 to 16:00, concluded in the interbank market between credit financial organizations, including with the National Bank of Tajikistan, with settlement terms within up to 2 working days, and volume-weighted average rates of USD-to-somoni exchanges during working hours from 8:00 to 16:00, carried out in the interbank market between credit financial organizations and their clients in non-cash form, and between the National Bank of Tajikistan and its clients in non-cash form with settlement terms within up to 2 working days, according to the following formula:
   ОК = (КК1 ∗ ОК1 + КК2 ∗ ОК2 + ⋯ + ККn ∗ ОКn) / (ОК1 + ОК2 + ⋯ + ОКn) Note: where:

• ОК – official exchange rate of the USD against the somoni;
• КК1, КК2,..., ККn – rates of transactions and exchange operations of USD against somoni from 1 to n;
• ОК1, ОК2,..., ОКn – volume of buy/sell transactions and exchange operations of USD against somoni from 1 to n.

2. In the absence of such buy/sell transactions in the interbank market and exchange operations in the interbank market, the official exchange rate of the USD against the somoni for the next day is determined equal to its official exchange rate on the current day. The National Bank of Tajikistan may, in exceptional cases, adjust the calculated volume-weighted average USD rate by ±1.5% upon a decision of the internal working group. In such cases, the National Bank of Tajikistan notes the grounds for making adjustments in the minutes of the internal working group meeting and posts them on its official website.
3. The official exchange rate of other foreign currencies specified in Appendix 1 is calculated in accordance with cross-rate determination rules using the ratio of the official USD exchange rate against somoni (determined based on sub-item 1) of this paragraph) and the official USD exchange rate against that currency, which is established by the central (national) bank of the country issuing that currency on the same day, or calculated based on the USD exchange rate against that foreign currency in global foreign exchange markets using reliable Internet sources. In cases where determining the USD rate against that foreign currency by the central (national) bank of that country and global markets is impossible due to market non-functioning or because most currency operations are conducted in the over-the-counter (international interbank) market, which forms an objective market rate, as well as when observing a significant difference between rates set by global markets, OTC markets, and the central (national) bank of the issuing country, the USD exchange rate from the OTC market (international interbank market) is calculated using the buy rates of foreign banks – counterparties of the National Bank of Tajikistan, or rates obtained based on data on currency operations between domestic and foreign banks through electronic trading systems, email, or other interbank communication means.
4. The official exchange rate of foreign currency is expressed as a numerical value with up to six significant digits, four of which after the decimal point are decimal places. If the official exchange rate of foreign currency against somoni is equal to or exceeds one hundred somoni per unit of foreign currency, the numerical value may contain more than six digits, four of which after the decimal point must be decimal places.

7. On weekends and public holidays, the official exchange rate determined and announced by the National Bank of Tajikistan on the last working day preceding such weekends and holidays is applied, which is posted on the official website.
8. The official exchange rates of foreign currencies, the list of which is specified in Appendix 2 to this Instruction, are calculated once a month on the first working day of the month, in accordance with the rule specified in sub-item 2) of paragraph 6 of this Instruction. Such official exchange rate remains valid from the first working day of the month until the next month's official exchange rate for that currency takes effect.
9. The official exchange rate of Special Drawing Rights (SDR) against somoni is calculated daily on working days for the previous day in accordance with cross-rate determination rules using the ratio of the official USD exchange rate against somoni for the previous day, and the latest SDR-to-USD rate established by the International Monetary Fund. If a working day falls after weekends or public holidays, the SDR rate is determined for the last working day and remains valid for the weekends or public holidays.
10. If one of the currencies listed in Appendices 1 and 2 to this Instruction ceases to exist, its rate will no longer be determined and announced. If one of the currencies listed in Appendices 1 and 2 is replaced by issuing countries with a new currency, the rate will be determined and announced for the new currency.

3. PROVIDING INFORMATION BY CREDIT FINANCIAL ORGANIZATIONS
11. Credit financial organizations licensed to conduct currency operations, based on the "List of Statistical Reporting and Other Reports Provided by Credit Financial Organizations, Foreign Economic Activity Entities, and Insurance Organizations to the National Bank of Tajikistan" (approved by a Resolution of the Board of the National Bank of Tajikistan), are obligated:

• to calculate the official exchange rate, to provide information on the volume and volume-weighted average rates of buy/sell transactions for USD and Russian ruble against somoni, during working hours from 8:00 to 16:00, concluded in the interbank market between credit financial organizations, including with the National Bank of Tajikistan, with settlement terms within up to 2 working days, and volume-weighted average rates of USD-to-somoni and ruble-to-somoni exchanges during working hours from 8:00 to 16:00, carried out in the interbank market between credit financial organizations and their clients in non-cash form, and between the National Bank of Tajikistan and its clients in non-cash form with settlement terms within 2 working days on the same day by 16:30, in the form specified in Appendix 3 to this Instruction, through electronic communication channels;
• for compiling statistical and analytical materials, to provide information on the volume and volume-weighted average rates of buy/sell transactions for foreign currency in the interbank market (between credit financial organizations, including with the National Bank of Tajikistan), interbank market (between credit financial organizations and their clients in non-cash form), and cash market (foreign currency exchange operations with the population in their branches and other structural subdivisions) and exchange of one foreign currency for another on domestic and international interbank markets, concluded on the previous day, through electronic communication channels in the form specified in Appendix 4 to this Instruction.

12. For providing inaccurate or untimely information as established by paragraph 11 of this Instruction, credit financial organizations are subject to enforcement measures provided for by the Law of the Republic of Tajikistan "On the National Bank of Tajikistan" and regulatory legal acts of the National Bank of Tajikistan.

4. PROVIDING INFORMATION ON THE OFFICIAL EXCHANGE RATE
13. The authorized structural subdivision of the National Bank of Tajikistan, after approving the quotation sheet on the same day, posts it on the official website of the National Bank of Tajikistan on the Internet.
14. The validity period of official exchange rates is indicated in quotations according to the rules established by this Instruction.
15. Individuals, legal entities, and state authorities requiring information on the official exchange rate of foreign currency relative to the national currency – somoni, may obtain this information on the official website of the National Bank of Tajikistan.

Appendix 1 to Instruction No. 261
List of foreign currencies, rates established daily by the National Bank of Tajikistan

№	Code	Issuer/Country	Currency
1	840	USA	Dollar
2	978	European Union	Euro
3	960	IMF	SDR (SDR)
4	156	China	Yuan
5	756	Switzerland	Franc
6	810	Russia	Ruble
7	960	Uzbekistan	Sum
8	417	Kyrgyzstan	Som
9	398	Kazakhstan	Tenge
10	933	Belarus	Ruble
11	364	Iran	Rial
12	971	Afghanistan	Afghani
13	586	Pakistan	Rupee
14	949	Turkey	Lira
15	934	Turkmenistan	Manat
16	826	United Kingdom	Pound Sterling
17	036	Australia	Dollar
18	208	Denmark	Krone
19	352	Iceland	Dollar
20	124	Canada	Dollar
21	414	Kuwait	Dinar
22	578	Norway	Krone
23	702	Singapore	Dollar
24	752	Sweden	Krona
25	392	Japan	Yen
26	944	Azerbaijan	Manat
27	051	Armenia	Dram
28	981	Georgia	Lari
29	498	Moldova	Leu
30	980	Ukraine	Hryvnia
31	784	United Arab Emirates	Dirham
32	682	Saudi Arabia	Rial
33	356	India	Rupee
34	985	Poland	Zloty
35	458	Malaysia	Ringgit
36	764	Thailand	Baht
37	410	South Korea	Won

Appendix 2 to Instruction No. 261
List of foreign currencies, rates established once a month by the National Bank of Tajikistan

№	Code	Country	Currency
1	012	Algeria	Dinar
2	032	Argentina	Peso
3	975	Bulgaria	Lev
4	348	Hungary	Forint
5	704	Vietnam	Dong
6	344	Hong Kong	Dollar
7	376	Israel	Shekel
8	360	Indonesia	Rupiah
9	400	Jordan	Dinar
10	818	Egypt	Pound
11	422	Lebanon	Pound
12	484	Mexico	Peso
13	496	Mongolia	Tugrik
14	524	Nepal	Rupee
15	566	Nigeria	Naira
16	554	New Zealand	Dollar
17	946	Romania	Leu
18	901	Taiwan	Dollar
19	788	Tunisia	Dinar
20	203	Czechia	Koruna
21	152	Chile	Peso
22	941	Serbia	Dinar
23	710	South Africa	Rand
24	368	Iraq	Dinar
25	760	Syria	Pound
26	170	Colombia	Peso
27	446	Philippines	Peso
28	512	Macau	Pataca
29	608	Oman	Rial

Appendix 3 to Instruction No. 261
Information on volume and volume-weighted average rates of buy/sell and exchange operations for USD and Russian ruble against somoni in the domestic currency market (8:00 to 16:00) Date: "" of _________ 20_ Credit Financial Organization: ________________________

Segment	Currency	Sum (USD/RUB)	Volume-Weighted Avg Rate
Purchase
Domestic market, total (a+b)	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
a. Between CFOs (incl. NBT)	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
b. Within CFOs (with clients)	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
Sale
Domestic market, total (a+b)	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
a. Between CFOs (incl. NBT)	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
b. Within CFOs (with clients)	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
Exchange Operations
With cash foreign currency	USD / RUB	Sum / Sum	Avg Rate / Avg Rate
Head: ___________ Chief Accountant: ___________ Executor: ___________ Phone: _________

Appendix 4 to Instruction No. 261
Information on volume and volume-weighted average rates of buy/sell and exchange operations in domestic and international currency markets Date: "" of _________ 20_ Credit Financial Organization: ________________________

Segment	Currency (USD/RUB/EUR/Other)	Sum	Volume-Weighted Avg Rate
Purchase
Domestic market, total (a+b+c)	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
a. Between CFOs (incl. NBT)	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
b. Within CFOs (with clients)	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
c. Cash exchange operations	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
Sale
Domestic market, total (a+b+c)	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
a. Between CFOs (incl. NBT)	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
b. Within CFOs (with clients)	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
c. Cash exchange operations	USD / RUB / EUR / Other	Sum / Sum / Sum / Sum	Avg Rate / Avg Rate / Avg Rate / Avg Rate
Cross-Currency Exchange
Other CBOs (Buy/Sell)	Currency Pair	Sum / Sum	Rate
Head: ___________ Chief Accountant: ___________ Executor: ___________ Phone: _________