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Date: 29.07.2021

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Results of banking system activity for 2019


The enlarged meeting of Board of the National Bank of Tajikistan with heads of credit institutions held on January 27, 2020 has summarized the results of banking system activities for 2019.

Summing up the event, the Chairman of National Bank of Tajikistan Jamshed Nurmahmadzoda has noted that: “The banking system is one of the main components of economy of the country and as highlighted by the Founder of Peace and National Unity - Leader of the Nation, His Excellency Emomali Rahmon in his message to the Majlisi Oli it should promote the development of real sectors of economy, activity of private sector and foreign trade turnover.


In 2019 the important events took place in the economic and social life of the country, which included the meeting of the Leader of the Nation with the officials of financial, tax, customs, investment authorities and banks where the issues on situation of banking system, financial intermediation, financial support of the economic sectors, attraction of population deposits, reducing banking risks and addressing the deficiencies in the system were underlined by the Founder of Peace and National Unity. Also the mentioned issues and their inevitable settlement was highlighted in the next message of the Founder of Peace and National Unity - Leader of the Nation, His Excellency Emomali Rahmon in his next message to the Majlisi Oli and at the last meeting of the Government of the Republic of Tajikistan.

At the same time, Mr. Nurmahmadzadeh has noted that the National Bank of Tajikistan continuing reforms in the system will take a number of measures to ensure financial stability, implementation of the efficient monetary policy, improvement of banking system and promoting sustainable economic development and for intensifying works in this direction it is taking urgent measures.


Also Mr.Nurmahmadzoda has stressed that: “The implementation of a balanced monetary policy through modern leverage is already bearing its positive results demonstrating in positive macroeconomic and banking system indicators.

In particular, according to statistical data, in 2019 the Gross Domestic Product will reach TJS 77.4 billion increasing by 12.5% ​​compared to the same period of 2018, and its real growth has made 7.5%. During this period the exchange rate of national currency against the US dollar as a whole remained stable, its official exchange rate decreased only by 2.7%, which is less for 4.2% than the same period of the last year. At the same time, in order to prevent and minimize foreign exchange and exchange rate risks, 141 auctions on sales of securities for TJS 16.2 billion were conducted and daily deposits of financial institutions amounted to TJS 123.2 billion were attracted.             The inflation rate in 2019 has reached 8,0% that for 2,6 percentage points more than in the last year. The resulting inflation was mainly caused by the seasonal, external and administrative factors and it is connected with the effective use of monetary policy instruments within the projected target.

The total amount of issued loans of credit institutions has made TJS 9,6 billion that in comparison with the similar period of last year increased by 25,5%. The balance of deposits for the reporting period has made TJS 9,7 billion and increased by TJS 18.4 million compared to the same period of the last year.


Then the representative of National Bank of Tajikistan has made presentation on the main issue of the meeting agenda “Results of banking system activity for 2019” with deep and detailed analysis. The meeting will focus the attention of heads of banks and microfinance institutions on proper internal audit and risk management, improvement of asset and liability management system, compliance with lending rules namely provision of large-scale loans with deep analysis, compliance with requirements of the NBT regulations, providing accurate reports, improvement of financial intermediation and etc., it was noted that despite some difficulties in the sphere, results of activity of goods credit institutions in 2019 amounted to TJS 308.8 billion as of July 1, 2012 that is more for 12,5% against same period of last year and testifies to rehabilitation of banking system.

During the meeting, heads of commercial banks have noted a number of achievements, including reduction of NPL loans, decrease of interest rates, increase in non-cash transactions, introduction of new banking services and increase in the number of banking services centers and indicated some difficulties in their activities and expressed their readiness to contribute jointly with the National Bank of Tajikistan to settlement of the above mentioned problems.

In the end, the Chairman of the National Bank of Tajikistan J.Nurmahmadzoda instructed the heads of banks and microfinance institutions and recommended to take various measures to attract more low-cost and long-term capital, to take real measures to increase public confidence in the banking system, to strengthen internal audit and risk management activities, to expand cashless settlements, to improve corporate management, professional development of employees through seminars and other training activities, to proper distribution of staff, to increase financial intermediation, taking into account prevention of risks to increase lending, especially in remote areas, diversification of credit portfolio, revision of interest rate policy, improvement of banking activity to take practical measures for improving the quality of services and introduction of modern banking services.

Press Division NBT

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