Registered with the
Ministry of Justice of the Republic of Tajikistan on “21” April 2025, No. 1338

Approved by resolution of the Board of the National Bank of Tajikistan dated “17” January 2025, No. 17

Registered with the
Ministry of Justice of the Republic of Tajikistan on “23” October 2026, No. 1438

Approved by resolution of the Board of the National Bank of Tajikistan dated “25” September 2026, No. 112

Instruction No. 267 on the procedure for determining and announcing the official exchange rate of foreign currency against the national currency

Instruction No. 267 on the procedure for determining and announcing the official exchange rate of foreign currency against the national currency (hereinafter – the Instruction) has been developed in accordance with part 1 of Article 77 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan” and part 4 of Article 4 of the Law of the Republic of Tajikistan “On Foreign Exchange Regulation and Foreign Exchange Control” and establishes the procedure for determining, approving and announcing by the National Bank of Tajikistan the official exchange rate of foreign currency against the national currency – the somoni.

1. GENERAL PROVISIONS

1. The following basic concepts are used in the Instruction:

• exchange operation – an operation of purchase and sale of foreign currency for national currency, as well as the exchange of one foreign currency for another foreign currency in cash or non-cash form;

• SPOT operation – a purchase and sale agreement of foreign currency under which the parties undertake to make settlements (transfer of currency) no later than 2 working days after the day of conclusion of the agreement, or the exchange rate for this operation is set at the time of conclusion of the agreement and remains unchanged;

• interbank foreign exchange market – a part of the domestic foreign exchange market on which SPOT operations and exchange operations are carried out between

credit financial organizations, as well as with the National Bank of Tajikistan in non-cash and cash form;

• intrabank foreign exchange market – a part of the domestic foreign exchange market on which exchange operations are carried out between credit financial organizations and their clients in non-cash form;

• domestic foreign exchange market – the interbank, intrabank and cash market of the territory of the Republic of Tajikistan on which SPOT operations and exchange operations are carried out with the participation of the National Bank of Tajikistan, credit financial organizations and clients;

• cash foreign exchange market – a part of the domestic foreign exchange market on which exchange operations are carried out between credit financial organizations and individuals in cash form;

• world foreign exchange market – a set of interconnected electronic platforms and interbank networks through which currency is bought and sold between banks of different countries, while the rate on it is determined on the basis of supply and demand;

• direct quotation rule – a calculation of the official rate providing for the expression of one unit of foreign currency in national currency;

• weighted average rate – an exchange rate indicator calculated by summing the products of the volume of each operation (SPOT and exchange operation – an operation of purchase and sale of foreign currency for national currency) by its rate and dividing the resulting sum by the total volume of foreign currency purchased (or sold) on a certain date;

• cross rate – an exchange rate determined using the ratio of the official rate of the United States of America (hereinafter – the USA) dollar against the somoni and the rate of the USA dollar against the same foreign currency on the relevant date in accordance with the rules of the Instruction;

• official rate – the exchange rate of foreign currency against the national currency – the somoni, which is determined and announced by the National Bank of Tajikistan as the state body of foreign exchange regulation using the “direct quotation” rule;

• currency quotation – an official document of the National Bank of Tajikistan reflecting information on the official exchange rates of foreign currencies against the somoni on a certain date and approved by the authorized structural unit of the National Bank of Tajikistan.

  2. The National Bank of Tajikistan, as the state body of foreign exchange regulation, determines the official exchange rate of foreign currency against the national currency – the somoni, in accordance with the rules of this Instruction and it is announced as the official rate.

  3. The official rate is used for accounting and mandatory payments, including the reflection of foreign currency funds in somoni in the financial and accounting reporting of economic entities, for the conversion into somoni of mandatory state payments expressed in foreign currency, for the calculation and analysis of key macroeconomic indicators and the results of foreign economic activity, as well as for other analytical purposes.

  4. The official rate is not a mandatory buying or selling rate, and neither the National Bank of Tajikistan nor credit financial organizations are obliged to buy or sell foreign currency at this rate.

  5. The Board of the National Bank of Tajikistan, for the purpose of collegial consideration of issues related to the exchange rate policy and finding solutions to them, may by its resolution create an interdepartmental working group. The official rate is determined by the authorized structural unit of the National Bank of Tajikistan or by the interdepartmental working group in accordance with the rules of this Instruction, approved and announced on the basis of quotation sheets signed by the responsible person of the authorized structural unit.

2. PROCEDURE FOR CALCULATING THE OFFICIAL RATE

6. The official exchange rate of foreign currencies, the list of which is given in Appendix 1 to the Instruction, is determined every working day, except for weekends and non-working public holidays, for the following working day (on a weekend day and a non-working public holiday, the official rate applies which the National Bank of Tajikistan determined and announced on the last working day before such weekend day and non-working public holiday and officially posted on its website) in the manner provided for in items 7, 8, 9 and 10.

1) the official rate of the US dollar is calculated on the basis of the weighted average rates of US dollar/ somoni SPOT transactions on the interbank foreign exchange market and the weighted average rates of US dollar/ somoni exchange transactions on the intrabank foreign exchange market carried out from 8:00 to 16:00 of a working day, according to the following formula:

4 ОК = ∑ (ОО𝑖𝑖 ∗ КО𝑖𝑖) 𝑛𝑛 𝑖𝑖=1 ∑ ОО𝑖𝑖 𝑛𝑛 𝑖𝑖=1 Note: where: - ОК – the official rate of the US dollar in relation to the somoni; - ОО – the volume of each SPOT and exchange transaction of the US dollar for somoni from 1 to n; - КО – the rate of each SPOT and exchange transaction of the US dollar for somoni from 1 to n; - 𝑛𝑛 — the total number of transactions. 8. In the absence of transactions in accordance with paragraph 7 of the Instruction (SPOT and exchange) on the interbank and intrabank foreign exchange markets during a working day, the official rate of the US dollar in relation to the somoni for the next day is determined to be equal to its official rate for the current day. The National Bank of Tajikistan may, in exceptional cases, adjust the calculated weighted average rate of the US dollar by ±1,5% by 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 meeting of the internal working group and posts it on its official website. 9. The official rate of other foreign currencies specified in Appendix 1 to the Instruction is calculated in accordance with the rules for determining the cross rate using the ratio of the official rate of the US dollar to the somoni, which is determined on the basis of paragraph 7 and the market rate of the US dollar in relation to this foreign currency on the same day on world foreign exchange markets using reliable sources of the "internet" network or on the basis of the official rate of the US dollar in relation to this foreign currency established by the central (national) bank of the state of this foreign currency on the same day, on the basis of an expert analysis by the authorized structural unit of the National Bank of Tajikistan. If, on the same day, determining the market rate of the US dollar in relation to this foreign currency based on data from world foreign exchange markets or data from the central (national) banks of the state of this foreign currency (due to sharp instability, a significant difference in rates, the non-functioning of world foreign exchange markets, or the majority of transactions being carried out on the over-the-counter foreign exchange market, or for other reasons) is impossible, the market rate of the US dollar in relation to this foreign currency is calculated on the basis of data from the international interbank foreign exchange market using the buying rate of foreign banks (counterparties of the National Bank of Tajikistan or

credit financial organizations of the Republic of Tajikistan) on the same day, obtained through an electronic trading system, electronic mail, or other means of interbank communication. If it is impossible to determine the market rate of the US dollar against the corresponding foreign currency from the above sources, the market rate of the US dollar against the corresponding foreign currency is calculated on the basis of the last available market rate on the basis of which the official exchange rate of the currency against the somoni was determined;

10. The official exchange rate of a foreign currency is expressed as a numerical value having up to six significant digits, four of which come after the decimal point. If the official exchange rate of a foreign currency against the somoni is equal to or exceeds one hundred somoni per unit of foreign currency, the numerical value of the official exchange rate of the foreign currency against the somoni may contain more than six digits, four of which come after the decimal point.

11. The official exchange rate of special drawing rights against the somoni is calculated daily on working days for the previous day in accordance with the rules for determining the cross-rate using the ratio of the official exchange rate of the US dollar to the somoni for the previous day, and the latest value of the exchange rate of special drawing rights to the US dollar established by the International Monetary Fund. If a working day falls after weekends or non-working holidays, the exchange rate of special drawing rights is determined for the last working day and this rate applies on the weekends or non-working holidays.

12. If one of the currencies listed in Appendix 1 to the Instruction ceases to exist, its exchange rate will subsequently not be determined and announced. If one of the currencies listed in Appendix 1 to this Instruction is replaced by the issuing countries with a new currency, the exchange rate will be determined and announced for the new currency.

3. PROVISION OF INFORMATION BY CREDIT FINANCIAL ORGANIZATIONS

13. Credit financial organizations holding a license to conduct currency operations, on the basis of the "List of statistical reporting and other reports submitted by credit financial organizations, subjects of foreign economic activity and insurance organizations to the National Bank of Tajikistan", approved by a resolution of the Board of the National Bank of Tajikistan, are obliged:

• for the purposes of calculating the official exchange rate and monitoring the current state of the foreign exchange market, to submit to the National Bank of Tajikistan information on the volume and weighted average rate of SPOT transactions of the US dollar and Russian ruble for somoni concluded on the interbank foreign exchange market, and on the volume and weighted average rates of exchange transactions of the US dollar and Russian ruble for somoni effected on the intra-bank foreign exchange market from 8:00 to 16:00 of a working day, on the same day before 16:30 according to Appendix 2 to the Instruction through electronic communication channels;

• for the purpose of compiling statistical and analytical materials, submit to the National Bank of Tajikistan information on the volume and weighted average rate of SPOT operations (foreign currency for somoni) on the interbank foreign exchange market, and exchange operations for somoni on the intra-bank and cash foreign exchange markets and the exchange of one foreign currency for another foreign currency on the domestic and international foreign exchange markets, carried out on the previous day, through electronic communication channels in the form determined by Appendix 3 to the Instruction.

  14. For the submission of inaccurate and untimely information established by paragraph 13 of the Instruction, measures of influence provided for by the Law of the Republic of Tajikistan "On the National Bank of Tajikistan" and normative legal acts of the National Bank of Tajikistan shall be applied to credit financial organizations.

4. PROVISION OF INFORMATION ON THE OFFICIAL EXCHANGE RATE

15. The authorized structural subdivision of the National Bank of Tajikistan, after approval of the quotation sheet, shall post it on the official website of the National Bank of Tajikistan on the Internet on the same day no later than 23:00.

16. The validity period of official exchange rates shall be indicated in quotations according to the rules established by the Instruction.

17. Individuals and legal entities, state bodies that need information on the official exchange rate of foreign currency against the national currency – somoni, may obtain information on the official website of the National Bank of Tajikistan.