A. This instrument shall be applied as from January 2006, according to the following controls:

1. QCB shall declare two interest rates; one for depositing and the other for lending, using computers through the QCB-connect network.

2. QCB Rate changes according to maturities ranging from one night to thirty days.

3. QCB shall determine, for each bank, a ceiling for total depositing and another one for total lending.

4. QMR Lending shall be conducted during the daily working hours from 9:00 am. till 2:00 pm.

5. The one-night operations shall be renewed automatically (rolled over) unless the bank determines another maturity.

6. All overnight operations of multiple-day maturities shall be transferred into one-night operations at maturity unless the bank determines another maturity.

7. If the due date of the QMR balance falls on an official holiday, it shall be extended to the next working day with the same interest rate.

8. Interests or returns on the deposited or borrowed funds shall be recorded in the clearing account of the bank at the first of next Gregorian month.