Payment system of the Republic of Tajikistan

The national payment system is one of the main components of the financial infrastructure, providing stable and efficient functioning of financial system of the country and realization of a monetary policy by prompt and safe payments and settlements, thereby promoting social and economic development of the Republic of Tajikistan.

In this connection the National Bank of Tajikistan pays special attention to the development of payment system and accountable for organizing stable and effective payment, clearing, settlement systems and remittances in the Republic of Tajikistan, and also regulates and oversees their activities.

Payment system is a set of organizations, interacting according to the rules of payment system with a purpose to transfer money.

The National Bank of Tajikistan, in accordance with the Laws of the Republic of Tajikistan “On National Bank of Tajikistan”, “On Banking Activities”, “On Payment Services and Payment System” and regulations, identifies the principal directions of improvement of payment system of the Republic of Tajikistan, establishes rules, forms, terms and standards on performance of non-cash and cash settlements in the Republic of Tajikistan. The Law of the Republic of Tajikistan “On Payment Services and Payment System” (dd. February 24, 2017, № 1397) establishes legal and organizational bases of payment systems operations and procedures for functioning of payment services in the Republic of Tajikistan and it is focused on creation of favorable conditions for payment system development .

Functioning of payment systems and mutual relations between its participants are regulated by legal acts of the Republic of Tajikistan, regulatory documents of the National Bank of Tajikistan, and also corresponding agreements.

The participants of payment system of the Republic of Tajikistan are the National Bank of Tajikistan, credit financial institutions and Main Department   administration of the Central Treasury of the Ministry of Finance of the Republic of Tajikistan. There are more than 332 branches of the credit financial institutions functioning across the country.

Settlements between credit financial institutions, their branches can be performed by:

- correspondent accounts (subaccounts), opened with the National Bank of Tajikistan;

- direct correspondent relations, i.e. through correspondent subaccounts, opened by the credit financial institutions for each other, without the National Bank of Tajikistan;

- internal settlement systems  between branches subordinated to one credit financial institution.

Credit financial institutions can perform interbank settlements simultaneously in several ways, but they should function according to principles of reliability, expediency and acceleration of settlements’ transmission. Each credit financial institution (except microcredit organizations and microcredit funds) must possess a correspondent account with the National Bank of Tajikistan. The National Bank of Tajikistan carries out settlements of credit financial institutions and their branches on the basis of “Agreement for interbank settlements services”. The settlements between credit financial institutions on direct correspondent relations shall be carried out on the basis of “Agreement on direct correspondent relations”. Payments on correspondent accounts of credit financial institutions, their branches, opened in the National Bank of Tajikistan, shall be carried out only within the available money on the correspondent account of the credit financial institution.

One of the main objectives of the National Bank of Tajikistan is to support effective, reliable and uninterrupted operation of payment system.

The National Bank of Tajikistan ensures interbank settlement services of the credit financial institutions and cash service of public institutions.

Interbank settlements in the territory of the Republic of Tajikistan shall be carried out through Payment System of the National Bank of Tajikistan. The participants of given payment system are the National Bank of Tajikistan, credit financial organizations (except microcredit organizations and microcredit funds), Interstate Bank of  Moscow and Central administration of the Central Treasury of the Ministry of Finance of the Republic of Tajikistan.

The National bank of Tajikistan renders settlement services on a paid basis according to the table of the operating tariffs approved by Board of the National Bank of Tajikistan on July 13, 2018, №98:

* - Cost of processing of each electronic payment document processed after 18-00 hours makes 5,00somoni.

Based on the resolution of the Board of the National Bank of Tajikistan dated March 31, 2020, No. 44, in order to support the banking system during the COVID-19 pandemic from April to August 2020, credit financial institutions, credit institutions in the process of liquidation and financial institutions non-residents are exempt from payment for settlement services for interbank settlements carried out through the Automated System of Interbank Money Transfers and the Automated Banking System, as well as from payment for services for participation in the National Payment System "Corti Milli" and the international payment system "Visa" (project TJNSS).

The National Bank of Tajikistan establishes documents’ storage rules and terms on interbank settlements and information storage procedures concerning operations, performed in electronic payments system.

The main payment document of interbank settlements in the Republic of Tajikistan is a payment order (Forms of clearing settlements are defined by the Instruction № 193 “On non-cash settlements in the Republic of Tajikistan”).