On July 11, 2024, under the leadership of Chairman of the National Bank of Tajikistan Firdavs Tolibzoda and with the participation of Assistant to the President of the Republic of Tajikistan on Economic Issues Qosimzoda Inoyatullo Shodi, First Deputy Chairman of the National Bank of Tajikistan Firuz Sharifzoda, Deputy Chairman of the National Bank of Tajikistan Gulbahor Naziri, heads of financial credit institutions , the Association of Banks of Tajikistan, the Association of Microfinance Organizations of Tajikistan, the Deposit and Savings Insurance Fund of Tajikistan, and the Bureau of Credit History held a meeting on summarizing the results of the banking system in the first half of 2024 and tasks for the second half of 2024.
Expressing gratitude to the Founder of Peace and National Unity - Leader of the Nation, President of the Republic of Tajikistan, honorable Emomali Rahmon for his support of Tajikistan's banking system, National Bank of Tajikistan’s Chairman Firdavs Tolibzoda acknowledged the global political and economic challenges. Despite these difficulties, Tajikistan has made significant progress across all societal sectors, achieving economic and financial stability.
In particular, in the first six months of 2024, the Gross Domestic Product (GDP) of the country reached 61.7 billion. somoni, and its real growth equaled 8.2 percent. In the reporting period, the inflation rate was 1.9 percent, which is 0.4 percentage point less than the same period last year.
The refinancing rate has been revised and reduced to 9.25 percent annually, taking into account the fact that the inflation rate is at the lower level of the set target and the improvement of the inflation expectations of the population.
During his speech, Firdavs Tolibzoda noted the National Bank of Tajikistan has taken all the necessary measures to implement the monetary policy and ensure the stability of the banking system in cooperation with other relevant institutions of the country, and is continuing the process of reforming the banking sector in order to increase the economic and social development of the country.
To ensure the stability of the internal currency market, the National Bank of Tajikistan implements the exchange rate policy in the mode of "regulated floating, without defining and announcing the exchange rate change zones" for the implementation of monetary policy and management of international reserves. The official medium-term exchange rate of the US dollar to the somoni stabilized at 2.7% during this period, while this indicator decreased by 7.0% in the same period last year.
It was mentioned in order to implement the provisions of the Law of the Republic of Tajikistan "On amnesty due to the legalization of assets and funds of citizens of the Republic of Tajikistan", the National Bank of Tajikistan is taking necessary measures together with authorized credit organizations.
Moreover, the National Bank of Tajikistan, as an authorized body in the direction of the development of the non-cash settlement system controls the process of implementation of the Decree of the President of the Republic of Tajikistan, No. 586 "On measures to expand non-cash payments" in all points of payment for paid services of the country and appropriate measures have been taken to resolve existing problems.
Then, heads of a number of structural units of the National Bank of Tajikistan (Director of Banking Supervision Department Abdulloev Z.H., Director of International Reserves Management and Exchange Rate Policy Department Boyakov Z.G., Director of Financial Monitoring Department H.S. Mirzoaliev, Director of Information Technology Department Ghaniev D. B, Director of Payment Systems Department
Sh.K. Salohiddinov, Head of Financial Stability Management N.M. Kurbanalieva and Head of Consumer Rights Protection Division Murodaliev D.U.) introduced their presentations on the banking system state in the first half of 2024, ensuring financial stability, implementation of currency policy, the superiority of financial credit institutions in the direction of financial monitoring, implementation of effective policy of the payment system, the state of information systems and evaluation of banking system services.
After getting acquainted with the presented information, the heads of financial credit institutions separately reported to the management of the National Bank of Tajikistan about the financial situation of their organization and the performance of assigned tasks.
Firdavs Tolibzoda received specific responses from the heads of financial credit institutions on strengthening the capital base of credit organizations, improving the quality of banking services, strengthening the system of internal control and risk management, reducing the level of non-performing loans, increasing the qualification level of employees, increasing the share of profitable assets, ensuring information security, timely implementation of the requirements of the NBT instructions, increasing the level of financial literacy of the population, timely implementation of the development strategy activities of credit organizations for 2022-2026, offering "green" loans, expansion of non-cash settlements, increasing the volume of lending to various sectors of the economy, including the production sector, and effective use of existing opportunities.
In his turn, Qosimzoda Inoyatullo Shodi, Assistant to the President of the Republic of Tajikistan on Economic Issues, stated despite the positive trend of the banking system’s main indicators in the reporting period, there are problems in the activity of some credit organizations, which require the special attention of the management of credit organizations.
According to Qosimzoda Inoyatullo the role of the banking system is considered important in the effective and successful implementation of the economic policy of the state and the government, and it has an immense contribution in ensuring the stable socio-economic development of the country, enriching the state budget, forming the private sector and entrepreneurship, and solving social problems.
Further, Chairman of the National Bank of Tajikistan Firdavs Tolibzoda noted in order to ensure the stable operation of the banking system and support the development of the national economy, it is necessary for financial credit institutions to implement the National Financial Inclusion Strategy of the Republic of Tajikistan for 2022-2026, and the Strategy for the Development of Financial Activities of credit organizations for the years 2022-2026, implementation of the action plan of credit organizations to fulfill the tasks set in the Message of the President of the country "On the main directions of internal and foreign policy of the Republic of Tajikistan", implementation of the Decree of the President of the Republic of Tajikistan No. 586 "On measures to expand non-cash payments".
For 2024, priorities include expanding payment infrastructure for government services, enhancing software support, and expanding non-cash payment infrastructure nationwide. Urgent action is needed to secure payment methods and prevent fraud. Mandatory measures to encourage non-cash payments are being considered, along with the full implementation of digital banking services in all regions. Improving banking services and ensuring gender equality are crucial, as is strengthening internal controls and risk management. Efforts focus on accelerating the sale of mortgaged property, decreasing non-performing loans, bolstering capital and attracting investments, improving employee knowledge and professionalism, increasing profitable assets, further reducing non-performing loans, managing cyber risks, ensuring information security, and raising public awareness about financial credit institutions.
Concluding his remarks, Chairman of Tajikistan's National Bank Firdavs Tolibzoda thanked the Government of the Republic of Tajikistan for its consistent support of the banking sector in propelling our nation's economic growth. He urged attendees to actively participate in fostering the sustainable development of our beloved homeland.
Press Division
NBT
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11.07.2024
