INSTITUTE OF ECONOMY AND TRADE OF THE

TAJIK STATE UNIVERSITY OF COMMERCE

SYLLABUS
(Working educational program)

on discipline "Finance, money circulation and credit"

For students of specialty - 25010407 Finance and credit in FEA

Khujand - 2016
9
 INSTITUTE OF ECONOMY AND TRADE OF THE
TAJIK STATE UNIVERSITY OF COMMERCE
"Confirmed"
Vice-Director of IET TSUC
of education
_________________________
Docent Hoshimov H.H.
" ___ " ____________ 2016

FACULTY: ECONOMY AND INNOVATIVE TECHNOLOGIES

DEPARTMENT: WORLD ECONOMY

SYLLABUS
(Teaching academic program)
on discipline
"Finance, money circulation and credit"
For students of specialty - 25010407 Finance and credit in FEA

Form of education: full-time

Course: 3
Semester: 5
Number of credits:4
Lectures: 16 hours
Practical work: 16 hours
IWSWI: 16 hours
Independent work of the student (outside of an audience): 64 hours
Number of midterm controls: 2
Final examinations: 1
9

Khujand -2016
 The present syllabus is made on the basis of State standard of the higher
vocational training of the Republic of Tajikistan and the curriculum of the
given subject.

Developed by: _________ c.e.s. Mirpochoev D.A and lecturer of World

Economy dpt. F.A. Yahyaeva

It is discussed and approved on the «World economy» Department meeting

on 22th June 2016, minute № 11

Head of the Department: ____________ c.e.s. D.A. Mirpochoev

The syllabus is considered at the session of Education and Methodic

Council of the faculty of «Economy and innovative technologies»
«____» «____________» 2016, minute №___

Dean of the faculty ___________ c.e.s., docent Kayumov A.A.

Chief of the Teaching Department _________ c.t.s., docent, I.I. Salimov

9
 SYLLABUS

А Finance, money circulation and credit Course 2-3

Teaching The form of last Instructor: Mirpochoev D.A. Number of
language: control: cell: (92) 600 49 26; credits
English Examination e-mail: daler1@mail.ru 8
The year and the Lecture / Practice IWST
semesters of Days of a week
Type of subject:
teaching:
Mandatory Building of teaching
Years 2 - 3
Semesters 4 - 5 Auditorium

B Educational and methodical materials on discipline:

1. Laws and norm - legal acts:

1.1. Law of Republic of Tajikistan "About foreign economic activities of Republic of Tajikistan" -
№ 869 from December 27 1993 (www.mmk.tj).
1.2. Law of Republic of Tajikistan "About the investments" - №260 from May 12 2007 (www.mmk.tj).
1.3. Law of Republic of Tajikistan from 24 November, № 1132 “On State Budget of Republic of
Tajikistan for 2015”
1.3. Message of the President of Republic of Tajikistan Emomali Rahmon to Parliament of Republic of
Tajikistan from April 23, 2014 (www.prezident.tj).
1.4. Message of the President of Republic of Tajikistan Emomali Rahmon to Parliament of Republic of
Tajikistan from January 20, 2016 (www.prezident.tj).

2. Basic literature:
2.1. Финансы, денежное обращение и кредит : учебник для бакалавров / под ред. М. В. Романовского, О. В.
Врублевской. —2-е изд., перераб. и доп. — М. : Издательство Юрайт ; ИД Юрайт,2014.
2.2. Финансы, денежное обращение и кредит: учеб. пособие / В.В.Асаул, А.В.Дементьев, Д.К.Молчанов; под
ред. В.В. Асаул; СПб:ГАСУ, 2010
2.3. Банковское дело. Экспресс – курс:: учебное пособие/кол.авторов; под ред. О.И. Лаврушина. – 3-е изд.,
перераб. и доп. – М.: КНОРУС, 2009
2.5. Finance: environment and decisions. Peyton Foster Roden and George A. Christy.

3. Additional literature:
3.1.Финансы, денежное обращение, кредит: Практикум. Под ред. Доррендорф Н.И. -  Новосибирск;
НГСАУ, 2001
3.2. Денежное обращение, финансы и кредит: учебное пособие/ Т.Р. Рахимов, А.Б. Жданова, В.В. Спицын;
Томский политехнический унивесритет. – Томск: Изд-во Томского политехнического унивесритета, 2009
3.3. Хасанов А.Р., Миразизов А.Х., Содиков Р.Х. Финансы и кредит (Учебное пособие). – Душанбе:
«Ирфон», 2010

4. Internet resources:
4.1. www.nbt.tj

5. The list of visual aids and auxiliaries

5.1. Calculator
5.2. Video projector
9
 C The brief contents and orientation of a rate

1. Name of a subject Finance, money circulation and credit

2. Quantity of modules 2
The subject of Finance, money circulation and credit is the basic
The purpose of a discipline for educating specialists on Finance and credit and is designed
3.
subject to prepare professionals - practitioners in the field of personal, corporate
and public finance operations
The study of a subject bases on knowledge of the following subjects:
The preliminary
4. The Economics, World economy, International finance relations, Financial
requirements
management, Economy of the enterprise.
The studies are carried out on the basis of direct active and interactive
training methods and are supervised by academic hours. During
organization of lecture classes students listen to the lectures, write brief
abstracts
On practical trainings with the purposes of strengthening the lecture
5. Methods of training materials discussions, presentation of the reports are organized.
IWST includes performance and delivering the teacher written and oral
works, answering in tests in written form or by computer.
IWS assumes independent study of separate themes and materials,
performance of scientific works, preparation for lectures and practical
trainings, for intermediate and final examinations.
The training factor
For effective training it is necessary to the students to observe
"Rules of participation of the student on employment":
1. Do not be late or miss classes without a valid reason, and missed themes should promptly
work out (within 2 weeks).
2. To have all educational accessories to participate in classes.
3. To be active at performance of the tasks.
6. 4. Do not use the mobile telephone and other accessories.
5. To come to the classes in appropriate clothes.
6. To be polite and disciplined
7. to be self respected and respect others .
8. Do not smoke and to not litter in audiences.
9. To protect the educational accessories.
Attention: In case of non-observance of rules, the students are not supposed to be
allowed to the lessons

D Distribution of credits and course organization

D.1 Distribution of credits per semester
IWS Midterm
Semester Credits Lecture(L) Practice (P) IWS Final examination
T control
5 4 (64) 16 16 16 32 2 1
Total 8 (128) 32 32 64 64 4 2
9
 D.2 Thematic plan of discipline

hoursTotal
Including

IWST
№ Themes

IWS
P
L
5th semester
1 Investment activity of enterprises’ (organizations’) 6 1 1 1 3
2 Financial planning in enterprises 6 1 1 1 3
Section 3. Credit and financial intermediation
3 Substance of credit, it’s functions 6 1 1 1 3
4 Forms, types and levels of credit 6 1 1 1 3
5 Loans 6 1 1 1 3
6 Structure of banking system of Republic of Tajikistan 6 1 1 1 3
7 Principles of activity and function of commercial banks 6 1 1 1 3
Total in 3rd part 42 7 7 7 21
Midterm control № 1
8 Operations and services of commercial banks 6 1 1 1 3
9 Principles of bank crediting 6 1 1 1 3
10 Organization of credit process in bank 6 1 1 1 3
11 Forms and shapes of consumer loan 6 1 1 1 3
12 Economic substance of public loan and it’s role in macroeconomic regulation 6 1 1 1 3
13 Classification of public loans 6 1 1 1 3
14 Management of public loans’ 6 1 1 1 3
th
Total in 4 part 42 7 7 7 21
Midterm control № 2
15 Essence, principles and functions of insurance 1 1 1 3
16 International credit 1 1 1 3
Total Hours for 5th semester 96 16 16 16 48
Final examination for 5th semester
9
 Е Table of conducting lessons

Lessons

Hours

Pages
Liter
№ Content of the topics

1 Topic: Investment activity of enterprises’ (organizations’) Total hours 6

2.
Outline of the class: Economic concept of investments and investment activity. 1 23
1.2 1

L
Meaning and problems of investment activity. 2. 3
2
Topic: Investment in main capital, non-material and financial assets 2.
Discussion Questions: Definition of investments and investment activity of 1 23
1.3. 1

P
enterprise. List the sources of financing of capital investments. Name the main 2. 3
methods of financing long-term investments. 2
Topic: Investments in current assets

IWST
1.4. Outline of the class: Checkup the knowledge of students and the performance of 1
tasks. Problems and tests on the topic.
2.

IWS
1.5. Tasks: Investment climate in Tajikistan: ways of improvement 3 3
2
2Topic: Financial planning in enterprises
Outline of the class: Concept and tasks of financial planning. Necessity of financial 2.
2.1. 1 34

L
planning. Stages of financial planning. Financial planning and forecasting 1
Topic: Content and meaning of financial planning
Discussion Questions: Necessity of financial planning. Purpose of financial 2.
2.2. 1 34

P
planning Objectives of financial planning. Financial planning and forecasting: 1
difference between them
Topic: Methods and instruments of financial planning

IWST
2.3. Outline of the class: Checkup the knowledge of students and the performance of 1
tasks. Problems and tests on the subject.
2.
IWS
2.4. Tasks: Features of financial planning in micro level 3 34
1
Section 3. Credit: definition, classification and functions
3Topic: Substance of credit, it’s functions
Summary of the activity: Essence of credit. Definition of credit. Principles of
2.
3.1. crediting. Functions of credit. Classification of credit. Demand and supply for credit 1 39
L

1
resources.
Topic: Classification of credit.
2.
3.2. Discussion Questions: Bank credit. Consumer credit. Mercantile credit. Bill of 1 39
P

1
exchange. Interest rate.
Topic: Functions of credit
IWST

3.3. Outline of the class: Functions of credit. Checkup the knowledge of students and 1
the performance of tasks. Problems and tests on the subject.
2.
IWS

3.4. Tasks: Factors impacting on interest rate. 3 39

1
4. Topic: Credit system in Tajikistan
Outline of the class: Definition of credit system. Levels of credit system. Functions 2.
4.1. 1 45
L

of Central banks. 1
Topic: Microloan organizations in credit system of Tajikistan
2.
4.2. Discussion Questions: Role of microloans in economy of Tajikistan: positive and 1 45
P

1
negative aspects
9

Topic: Credit adjustment by National bank of RT.

IWST

4.3. Outline of the class: Structure of National bank of Tajikistan. Functions of National 1
bank in Tajikistan.
 2.

IWS
4.4. Tasks: Challenges of credit system in Tajikistan 3 45
1
5. Topic: Structure of banking system of Republic of Tajikistan
Summary of the activity: Characterize the structure of National Bank of Tajikistan 2.
5.1. 2 49

L
and it’s role in credit system of RT. Levels of banking system in Tajikistan 1
Topic: National bank of Tajikistan
2.
5.2. Discussion Questions: Functions of National bank of Tajikistan. Objectives of 2 49

P
1
National bank of Tajikistan.
Topic: Role of National bank in implementation of monetary policy

IWST
5.3. Outline of the class: Structure of National bank of Tajikistan. Functions of National 4
bank in Tajikistan.
2.

IWS
5.4. Tasks: National bank of Tajikistan and exchange rate control 4 49
1
6. Topic: Structure of banking system of Republic of Tajikistan
Summary of the activity: Characterize the structure of National Bank of Tajikistan 2.
21.1. 1 53

L
and it’s role in credit system of RT 1
Topic: Target activities of National Bank of Tajikistan
2.
21.2. Discussion Questions: Name the main target activities of National Bank of 1 53

P
1
Tajikistan.
Topic: Credit organizations

IWST
21.3. Outline of the class: Checkup the knowledge of students and the performance of 2
tasks. Challenges and tests on the subject.
Tasks: The study of additional material on the subject. Compilation of lecture notes. 2.

IWS
21.4. 2 53
Preparing for a Midterm control № 1 1
22. Topic: Principles of activity and function of commercial banks Total hours 6
Summary of the activity: Name the principles of activity of commercial bank and 4.
22.1. 1

L
it’s functions 1
Topic: Objectives of commercial banks 4.
22.2. 1

P
Discussion Questions: Describe the objectives of commercial banks of Tajikistan 1
Topic: Management structure of commercial bank
22.3. Outline of the class: Checkup the knowledge of students and the performance of IWST 2
tasks. Challenges and tests on the subject.
Tasks: The study of additional material on the subject. Compilation of lecture notes. 4.
IWS

22.4. 2
Preparation for the next lesson. 1
23. Topic: Operations and services of commercial banks
2.
Summary of the activity: Name the sources of equity capital of a bank. Characterize 1 199
23.1. 1
L

it’s role in supply of sustainable activity of bank 2. 60

2
2.
Topic: Services of commercial banks
1 199
23.2. Discussion Questions: Name main types of deposit operations. What is the 1
P

2. 60
privilege of bank bill. How are they used by banks and enterprises?
2
2.
Topic: Assets of commercial banks
IWST

1 199
23.3. Outline of the class: Checkup the knowledge of students and the performance of 2
2. 60
tasks. Challenges and tests on the subject.
2
2.
Tasks: The study of additional material on the subject. Compilation of lecture notes. 1 199
IWS

23.4. 2
9

Preparing for a Midterm control number 2 2. 60

2
24. Topic: Principles of bank crediting
 2.
1 240
24.1. Summary of the activity: Name main principles of crediting. 1

L
2. 68
2
Topic: Relations between loan-giver and loan-taker 2.
1 240
24.2. Discussion Questions: Which additional laws gives the bank loan-holder loan on 1

P
2. 68
property
2
2.
Topic: Bank guaranty

IWST
1 240
24.3. Outline of the class: Checkup the knowledge of students and the performance of 2
2. 68
tasks. Challenges and tests on the subject.
2
2.
Tasks: The study of additional material on the subject. Compilation of lecture notes. 1 240

IWS
24.4. 2
Preparation for the next lesson. 2. 68
2
25. Topic: Organization of credit process in bank
2.
260
Summary of the activity: Which documents must give creditor to the bank for 1
25.1. 1 83

L
getting credit 2.
72
2
2.
Topic: Credit process 260
1
25.2. 1 83

P
Discussion Questions: Name main stages of credit process 2.
72
2
2.
Topic: Bank control on giving out credit 260

IWST
1
25.3. Outline of the class: Checkup the knowledge of students and the performance of 2 83
2.
tasks. Challenges and tests on the subject. 72
2
Tasks: The study of additional material on the subject. Compilation of lecture notes. 2. 83

IWS
25.4. 2
Preparation for the next lesson. 2 72
26. Topic: Forms and shapes of consumer loan
2.
26.1. Outline of the class: In which forms can the consumer loan be given? 1 287
L

1
Topic: Classification of consumer loan
2.
26.2. Discussion Questions: List the features according to which consumer loans may be 1 287
P

1
classified.
Topic: Factors defining the modern condition of consumer loan
IWST

2.
26.3. Outline of the class: Checkup the knowledge of students and the performance of 2 287
1
tasks. Challenges and tests on the subject. Midterm control № 2
2.
287
IWS

26.4. Tasks: The study of additional material on the subject. Compilation of lecture notes. 2 1

Topic: Economic substance of public loan and it’s role in macroeconomic

27.
regulation
2. 310;
Outline of the class: Give the definition of public loan? In which situations it is 1 354
27.1. 1
L

necessary for a state to act as a creditor? 2. 93;

2 111
2. 310;
Topic: Functions of a public loan
1 354
9

27.2. Discussion Questions: Name the main functions of a public loan? What is the 1
P

2. 93;
difference between public loan and bank loan?
2 111
 2. 310;
Topic: Features of public loans

IWST
1 354
27.3. Outline of the class: Checkup the knowledge of students and the performance of 2
2. 93;
tasks. Challenges and tests on the subject.
2 111

2.
Tasks: The study of additional material on the subject. Compilation of lecture notes. 93

IWS
27.4. 2 2
Repetition of topics and preparation for passing the final examination 111
1.
3
28. Topic: Classification of public loans
2.
Outline of the class: By what features can the public loans be classified? 509;
28.1 1 12

L
Characterize the specialty of inner and outer loans of a state? 234.
.2
Topic: Types of loans depending from form of revenue payment 2.
509;
28.2 Discussion Questions: list types of loans depending from the form of payment of 1 12

P
234.
revenues. What is the specificity of mortgage and non-mortgage loans? .2
2.
Topic: Categories of loans by means of debt repayment 12 509;

IWST
28.3 Outline of the class: Checkup the knowledge of students and the performance of 2 .2 234;
tasks. Challenges and tests on the subject. 3. 36
1
Tasks: The study of additional material on the subject. Compilation of lecture notes. 2. 798;

IWS
28.4 2
Repetition of topics and preparation for passing the final examination 2 270.
29. Topic: Management of public loans
2.
Outline of the class: Define the terms “public loan”, “management of public 593;
29.1 1 12

L
loans”. 257
.2
Topic: Principles of management of public loans 2.
593;
29.2 Discussion Questions: List the basic principles of management of public loans. 1 12

P
257
Name main approaches in the management of public loan and open it’s content .2
Topic: Methods of management of public loans 2.
IWST
593;
29.3 Outline of the class: Checkup the knowledge of students and the performance of 2 12
257
tasks. Challenges and tests on the subject. .2
Tasks: The study of additional material on the subject. Compilation of lecture notes. 2.
IWS

29.4 2 257
Repetition of topics and preparation for passing the final examination 2

Midterm control №2
30. Topic: Basics, principles and functions of insurance
Outline of the class: Define the content of category “insurance defense” and 2.
640;
30.1 indicate forms of it’s organization. Give the definition of insurance, clarify it’s main 1 12
L

258
principles and functions. .2
Topic: Insurance business and it’s organization 2.
640;
30.2 Discussion Question: Define the content of an insurance business and the 1 12
P

258.
composition of it’s subjects .2
2.
Topic: Classification of insurance 12 640;
IWST

30.3 Outline of the class: Checkup the knowledge of students and the performance of 2 .2 258
tasks. Challenges and tests on the subject. 3. 44
2
Tasks: The study of additional material on the subject. Compilation of lecture notes. 2.
IWS

30.4 2 258
Repetition of topics and preparation for passing the final examination 2
9

31 Topic: International credit

 2.
1 676,
Outline of the class: Name the features of international credit and list it’s sources.
31.1 1 686

L
List the functions of international credit
2. 273
2
2.
Topic: Currency-financial and payment conditions of international credit 1 676,
31.2 Discussion Questions: How the conditions of urgency, repayment, serviceability, 1 686

P
security are appeared in international credit? 2. 273
2
2.
Topic: Instruments used in insurance of credit risks of exporters and importers 1 676,

IWST
31.3 Outline of the class: Checkup the knowledge of students and the performance of 2 686
tasks. Challenges and tests on the subject. 3. 33
2
Tasks: The study of additional material on the subject. Compilation of lecture notes. 2.

IWS
31.4 2 273.
Repetition of topics and preparation for passing the final examination 2
FINAL EXAM
The final examination
Total for 5th semester 96

TOPICS FOR THE COURSE WORK

1. The role of money in market economy.
2. The monetary system of Republic of Tajikistan.
3. Establishment of finances and their essence.
4. Financial policy of Republic of Tajikistan in modern conditions.
5. Financial policy and it’s formation (in example of any country).
6. Budgetary structure and budgetary system.
7. Organization of budget process in Republic of Tajikistan.
8. State credit: it’s essence and functions
9. State non-budget funds of Republic of Tajikistan.
10. Finances of enterprises of various types of ownerships.
11. Currency – financial mechanism of foreign economic relations.
12. Currency system of Republic of Tajikistan.
13. Problems of foreign debts of Republic of Tajikistan.
14. Credit and it’s functions.
15. Banking system of Republic of Tajikistan.
16. Functions and operations of National Bank of Republic of Tajikistan.
17. Monetary-credit policy of National Bank of Republic of Tajikistan.
18. Commercial banks and their functions.
19. Currency operations of commercial banks.
20. Factoring operations of commercial banks.
21. Forex market – as dynamic interbank currency market.
22. Importance of international financial institutions.
23. Types of financial markets and their roles (in example of one financial institution).
24. European bank for reconstruction and development: it’s role and functions in world economy.
25. Islamic banking – the key to successful economy.
26. Structure and functions of stocks and bods market.
27. Specialized non-banking credit-financial institutions.
28. Payment system of Republic of Tajikistan.
9

29. World currency system and it’s development.

30. Organization of international financial-credit relations.
31. Credit system of Republic of Tajikistan
32. Organization of monetary circulation.
 33. Payment balance: structure and methods of regulations.
34. International settlements and their effect on development of international trade.
35. Perspectives of development of free economic zones in Republic of Tajikistan.
36. Role of investment banks in financial investments in industrial developed countries.
33. Budget process and problems of it’s perfection in Republic of Tajikistan.
34. Non-deficiency budget in growing economy: problems of formation and benefits of realization.
35. Budget deficiency and methods of it’s overcoming.
36. Budget policy and it’s features in Republic of Tajikistan.
37. Municipal budget and problems of it’s balancing.
38. Financial state of enterprise and indexes of it’s assessment.
39. Factors ensuring financial stability of enterprise.
40. Organization of current assets of enterprise.
41. Price policy of enterprise and methods of price regulations.
42. Management of material expenses on production and selling of products.
43. Monetary circulation of enterprise and complex management of cash flow.
44. Optimization of current financial activity of enterprise.
45. Investment policy and strategy of enterprise.
46. Capital structure and possibilities of it’s optimization.
47. Factoring and possibilities of it’s use in financial security of business.
48. Long-term, mid-term and short-term planning. Goals, objectives and methods of selling.
49. Management of investment projects.
50. Classification and management of financial risks.
51. Role of IMF in international currency system

F The order of evaluation of students' knowledge

Teacher seeks by determining the actual knowledge of the students to set objective assessment. Therefore,
the midterm and final exams always are open. Midterm exams are taken with the participation of professors,
associate professors and other teachers of the department, and the final exam is taken only in the presence of a
commission appointed by the dean of the faculty. This method of organizing the reception tests improves the
transparency and impartiality of the assessment of the students. Moreover, the process of taking the exam, can
watch other people with the condition that they will not interfere with the process.

Time of the
The form of the control Scores for 6th semester Scores (%)
control
Midterm #1 7th week Up to 100 scores (75 for the results of testing
25
and other 25 as a reward )
Midterm #2 14th week Up to 100 scores (75 for the results of testing
25
and other 25 as a reward )
Final exam 17-19th weeks Up to 100 scores( for the results of testing) 50
th
Total for 4 semester: 100
Midterm #1 7th week Up to 100 scores (75 for the results of testing
25
and other 25 as a reward )
Midterm #2 14th week Up to 100 scores (75 for the results of testing
25
and other 25 as a reward )
Final exam 17-19th weeks Up to 100 scores( for the results of testing) 50
th
Total for 5 semester: 100
9
 Reward points for each employment are set as follows:
During the study subjects in one week provided 1 hour theoretical and practical classes 1 hour and 2 hour
IWST (only 7 weeks 14 hours of classes IWST). Points are placed only in the classroom IWST based on the
following criteria: 
5% of the 25% incentive points are for the active attendance:
5/14 = 0.357% award credit for participating in each session. 
In one week you can receive 0.357 * 2 hours= 0.71%
10% are for the timely execution of individual works: 
10/14 = 0.71% for the performance of each individual work 
In one week, you can get 0.71 * 2 hours  = 1.42%
10% are for the student's activity in the performance of classroom assignments: 
10/14 = 0.71% for the activity of the student in the performance of classroom assignments to each lesson. 
In one week, you can get 0.71 * 2 hours  = 1.42%
The content of midterm exams of 4 th semester and the first midterm control of 5 th semester consists of 8 tests
(5% for each correct answer), and two written questions (17.5% for the correct response to each), and the second
midterm control of 7th semester is conducted as the result of defense of coursework. List of course work topics(see
Appendix number 1. Approximate topics coursework) annually reviewed and approved by the department. 
The final exam consists of 16 tests (4% for each correct answer) and 4 questions (9% for answering each) for a
written response. 
NOTE: Students are obliged to submit course works 2 weeks before midterm control 2 in 5 th
semester. The results of defense of course works will be recorded as results of midterm
control 2.

The final estimation is determined under the formula:

where:
M1 and M2 - results of first and second midterm examinations (%);
Fe - result of final examination (%);
Ge - general estimation (%).

Parameters of examination estimations:

Grading in
Letter scores Digit scores Traditional system of grading
scores
А 4,0 95-100
«Excellent»
А- 3,67 90-94
B+ 3,33 85-89
B 3,0 80-84 «Good»
B- 2,67 75-79
C+ 2,33 70-74
C 2,0 65-69
C- 1,67 60-64 «Satisfactorily»
D 1,33 55-59
D- 1,0 50-54
F 0 0-49 «Unsatisfactorily»
9