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 of "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 referred to as 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 Currency Regulation and Currency Control" and establishes the procedure for determining, approving and announcing by the National Bank of Tajikistan of 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 the national currency, as well as the exchange of one foreign currency for another foreign currency in cash or non-cash form;

• SPOT operation – a contract for the purchase and sale of foreign currency under which the parties undertake to carry out settlements (transfer of currency) within a period not later than 2 business days after the day of conclusion of the contract, or the exchange rate for this operation is established at the moment of conclusion of the contract and remains unchanged;

• interbank currency market – part of the domestic currency market in 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;

• intra-bank currency market – part of the domestic currency market in which exchange operations are carried out between credit financial organizations and their clients in non-cash form;

• domestic currency market – the interbank, intra-bank and cash market of the territory of the Republic of Tajikistan, in which

SPOT operations and exchange operations are carried out with the participation of the National Bank of Tajikistan, credit financial organizations and clients;

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

• world currency market – a set of interconnected electronic platforms and interbank networks through which the purchase and sale of currency is carried out between banks of countries, while the rate on it is determined on the basis of supply and demand;

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

• weighted average rate – an indicator of the currency rate which is 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 the national currency) by its rate and dividing the resulting sum by the total volume of purchased (or sold) foreign currency on a certain date;

• cross-rate – the currency rate determined using the ratio of the official exchange rate of the United States of America dollar (hereinafter referred to as the USA) against the somoni and the rate of the USA dollar against the same foreign currency on the corresponding date according to the rules of the Instruction;

• official exchange 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 currency regulation body using the "direct quotation" rule;

• currency quotation – an official document of the National Bank of Tajikistan which reflects information on the official exchange rate of foreign currencies against the somoni on a certain date and which is approved by the authorized structural subdivision of the National Bank of Tajikistan.

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

  3. The official exchange rate is used for the purposes of accounting and mandatory payments, including the reflection of currency funds in somoni in the financial and accounting statements of economic entities, for the conversion into somoni

3 of state mandatory payments expressed in foreign currency, calculation and analysis of the main macroeconomic indicators and results of foreign economic activity, as well as for other analytical purposes. 4. The official exchange rate is not a mandatory rate for purchase or sale and the National Bank of Tajikistan and credit financial organizations are not obliged to buy or sell foreign currency at this rate. 5. The Board of the National Bank of Tajikistan, for the purposes of collegial consideration of issues related to exchange rate policy and finding their solutions, may by its resolution create an internal departmental working group. The official exchange rate is determined by the authorized structural subdivision of the National Bank of Tajikistan or the internal departmental working group according to the rules of this Instruction, approved and announced on the basis of quotation sheets signed by the responsible person of the authorized structural subdivision. 2. PROCEDURE FOR CALCULATING THE OFFICIAL EXCHANGE RATE 6. The official exchange rate of foreign currencies, the list of which is specified in Appendix 1 to the Instruction, is determined every business day, except weekends and non-working holidays, on the next business day (on a weekend and non-working holiday, the official exchange rate determined and announced by the National Bank of Tajikistan on the last business day before such weekend and non-working holiday and officially posted on its website shall apply) in the manner provided for in paragraphs 7, 8, 9 and 10. 1) the official exchange rate of the US dollar is calculated on the basis of the weighted average rates of SPOT transactions of the US dollar for somoni on the interbank foreign exchange market and the weighted average rates of exchange transactions of the US dollar for somoni on the intra-bank foreign exchange market, effected from 8:00 to 16:00 of the business day, according to the following formula: OK = ∑ (OO𝑖𝑖 ∗ KO𝑖𝑖) 𝑛𝑛 𝑖𝑖=1 ∑ OO𝑖𝑖 𝑛𝑛 𝑖𝑖=1 Note: where: - OK – the official exchange rate of the US dollar against the somoni; - OO – the volume of each SPOT transaction and exchange transaction of the US dollar for somoni from 1 to n; - KO – the rate of each SPOT transaction and exchange transaction of the US dollar for somoni from 1 to n;

4 - 𝑛𝑛 — the total number of transactions. 8. In the absence during a business day of transactions in accordance with paragraph 7 of the Instruction (SPOT and exchange) on the interbank market and the intra-bank foreign exchange market, the official exchange rate of the US dollar against the somoni for the next day shall be determined as equal to its official exchange rate for the current day. The National Bank of Tajikistan, in exceptional cases, may adjust the calculated weighted average US dollar exchange rate by up to ±1.5% by decision of an intra-departmental working group. In such cases, the National Bank of Tajikistan shall record the grounds for making adjustments in the minutes of the meeting of the intra-departmental working group and shall post them on its official website. 9. The official exchange 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 exchange 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 against this foreign currency on the same day on the world currency markets using reliable sources on the Internet, or on the basis of the official exchange rate of the US dollar against this foreign currency established by the central (national) bank of the state of this foreign currency on the same day, on the basis of expert analysis by the authorized structural subdivision of the National Bank of Tajikistan. If on the same day the determination of the market rate of the US dollar against this foreign currency according to data from the world currency markets or according to 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 the world currency markets, or the execution of most transactions on the over-the-counter currency market, or for other reasons) is impossible, the market rate of the US dollar against this foreign currency is calculated on the basis of data from the international interbank currency 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. In the event that 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 business 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 against the somoni for the previous day, and the latest value of the rate of special drawing rights to the US dollar established by the International Monetary Fund. If a business day falls after weekends or non-working holidays, the rate of special drawing rights is determined for the last business day and this rate applies to the weekends or non-working holidays.

12. In the event that one of the currencies listed in Appendix 1 to the Instruction ceases to exist, its rate will no longer be determined and announced. In the event of the replacement of one of the currencies listed in Appendix 1 to this Instruction by the issuing countries with a new currency, the 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 to:

• in order to calculate the official exchange rate and monitor the current state of the foreign exchange market, submit to the National Bank of Tajikistan information on the volume and weighted average exchange rate of US dollar and Russian ruble SPOT transactions for somoni concluded on the interbank foreign exchange market, and on the volume and weighted average exchange rates of US dollar and Russian ruble exchange transactions for somoni performed on the intra-bank foreign exchange

market from 8:00 to 16:00 hours of the working day, on the same day before 16 hours 30 minutes in accordance with Appendix 2 to the Instruction through electronic communication channels;

• in order to compile statistical and analytical materials, submit to the National Bank of Tajikistan information on the volume and weighted average exchange rate of SPOT transactions (foreign currency for somoni) on the interbank foreign exchange market, and exchange transactions 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, performed on the previous day, through electronic communication channels in the form specified by Appendix 3 to the Instruction.

  14. For the submission of unreliable 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 hours 00 minutes.

16. The validity period of official exchange rates shall be indicated in the 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.