The Law of the Republic of Tajikistan on Banks and Banking Activities

This document presents the Law with regard to the banks and banking activities in the Republic of Tajikistan. The Law sets out the following:

• Definition of a bank and banking activity;
• Constitution of the banking system in the country;
• Activities that the banks are prohibited from undertaking;
• Organizational and legal structure of banks;
• Procedures for opening of banks and their branches;
• Norms for non-resident banks of the Republic of Tajikistan to operate branches in the country;
• Registration and licensing requirements in various contexts, and grounds for withdrawal of licenses;
• Normative functions of the National Bank of Tajikistan in case of infringement of the Law by banks;
• Prudential norms, limits and other obligations that the banks need to adhere to;
• Norms for interest rate setting and transactions of the banks with their clients,
• Accounting, auditing and reporting obligations of the banks;
• Responsibility in the case of infringement.

Further, the law states that the regulatory norms in the case of non-banking financial institutions would be set by the National Bank. It also talks about the right of the banks to appeal against the actions of the National Bank.