Payment system of the Republic of Tajikistan
One of the key components of a financial system of the country is the payment system, in this connection the National Bank of Tajikistan (hereinafter referred to as the NBT) pays a special attention to the development of payment system.
The payment system is an interconnected system of technologies intended for realization of clearing settlements between credit orqanizations and other non-banking financial organizations. The functioning of payment system and interrelations between its members are adjusted by the legislative and normative acts of the NBT, as well as by the appropriate bilateral agreements.
The main function of payment system is realization of money transfers between credit orqanizations through correspondent accounts, opened with the NBT.
The members of payment system are the NBT, 142 credit orqanizations (from them: 16 commercial banks, 1 Non–banking credit institutions, 125 Microfinance organizations ), Main Department of Central Treasure of the Ministry of Finance of RT, Central Stock Exchange of Tajikistan, Interstate Bank in Moscow city, CJSC “NBP Pakistan SUBSIDIARY BANK in Tajikistan” and one branch of Foreign Commercial Bank “Tijorat” of the Islamic Republic of Iran in Dushanbe city. Large credit orqanizations of the republic have a wide branch network consisting of 300 branches and departments.
Settlements between commercial banks, their branches can be realized:
- by correspondent accounts (subaccounts), opened with the NBT;
- by direct correspondent relations, i.e. through the correspondent accounts opened by credit orqanizations for each other, omitting the NBT;
- by intrasystem settlements between branches subordinated to one credit orqanization.
Credit orqanizations can simultaneously carry out interbank settlements in several ways, but thus they should proceed from principles of reliability, expediency and acceleration of effecting of settlements. Each credit orqanization (except the microcredit organisation and microcredit fund) is obliged to have the correspondent account with the NBT’s department and centrally to carry out all settlements of its branches. The NBT’s departments carry out settlements of credit orqanizations and their branches under «Contract on rendering of services on interbank settlements». The settlements between credit orqanizations on direct correspondent relations are carried out under «Contract on direct correspondent relations» . Payments on correspondent accounts (subaccounts) of credit orqanizations, their branches opened with the NBT’s departments, are carried out only within the limits of availability of money resources on the correspondent account of the credit orqanization.
One of the primary goals of the NBT is maintenance of effective, reliable and uninterrupted functioning of settlements system. The National Bank of Tajikistan being guided by Laws of the RT «On National Bank of Tajikistan», «On banks and banking activity» and normative acts, determines the main directions of perfection of payment system of the RT, establishes rules, forms, terms and standards for realization of cash and cashless settlements in the RT.
The NBT also establishes rules and terms of storage of documents on interbank settlements and coordinates activity of the central archives of interbank settlements, procedures of storage of information providing safety and using of all kind of information concerning operations, implemented in interbank settlements system, as well as the information necessary for the resolution of disputes and disagreements between members of interbank settlements.
The NBT services correspondent accounts of credit orqanizations – members of payment system and carries out cash servicing of the state budget.
Interbank settlements within the RT are carried out on electronic payment system. The members of electronic payments system is the NBT, Head Offices of credit orqanizations, мicrofinance organizations, Intergovernmental Bank in Moscow, CJSC “NBP Pakistan Subsidiary Bank in Tajikistan”, Branch of Foreign Commercial Bank “Tijorat” of the Islamic Republic of Iran in Dushanbe city, Main Department of Central Treasure of the Ministry of Finance of RT and Central Stock Exchange of Tajikistan.
The NBT provides settlement services on a paid basis. Cost of services depends on time of transmission of payment documents. Establishment of higher rates at the end of operational day promotes to accelerate money resources turnover and to align volume of document circulation within the operational day.
The table provides current rates for the settlement services of the NBT, approved by the Board of the National Bank of Tajikistan №191 from August 30, 2012:
| Type of payment || The time execution of payment || Tariff*(somoni) |
| Electronic payments || from 08:00 before 14:00 ||0,50 |
| from 14:00 before 16:00 ||0,95 |
| from 16:00 before 17:30 ||3,10 |
| from 17:30 before and of settlements ||5,00 |
* - in a case if within one month the credit orqanization carries out a small amount of payments and the sum of the account for settlement services within that month in accordance with the fixed rates makes less than 85 somoni, then the credit orqanization pays NBT charges in the amount of 85 somoni per one month.
Main payment document of interbank settlements in the territory of the RT is the payment order (forms of cashless settlements are determined by Instruction No. 193 “On cashless settlements in the Republic of Tajikistan”).
For protection of electronic payment documents files from falsification and securing of confidentiality of data contained in these files upon their transferring through the communication channels enciphering is used. With the purpose of authenticity confirmation and authorship of the electronic payment documents received through the communication channels, the electronic - digital signature is used. Application of the electronic - digital signature upon transferring of electronic documents is regulated by the Law of the RT «On the electronic document» and “On the electronic - digital signature”.