News archive
20.11.2014
1. What is the reason of rate downswing of national currency of Tajikistan in relation to US dollar which is observed almost daily?
- At present in the most world financial markets the excessive rate fluctuation of a foreign currency is observed. Exchange rates by their nature are very sensitive, and are not only under the influence of macroeconomic, but also under many other factors which influence a currency supply and demand in the markets.
Changes which happen in region, also directly influence on demand on a foreign exchange in the domestic market.
There are objectively long-term factors inherent in economy and financial market of our country which seasonally increase demand and reduce the foreign currency supply, including cash currency.
The negative balance of trading balance (USD 2,7 bln.) appertains to given factors which has led to minus balance of volumes of inflow and outflow of a foreign currency and its deficiency, decrease in volume of remittances of physical persons, and especially its dollar part, seasonal increase in demand at USD cash and decrease of its supply, decrease in receipt of export currency gain etc.
This year the situation was aggravated under the influence of the universal strengthening tendency of USD to other national currencies. It is connected with a geopolitical aggravation of a situation in the world, in the Middle East, in Ukraine and in Russia, and also by change of monetary policy of the Federal Reserve System with the view of support of a financial system of America.
2. What does National bank of Tajikistan do for prevention of the further decrease of TJS rate?
- The National Bank of Tajikistan along with application of measures of a monetary policy also constantly is present in the currency market, provides its liquidity and stability.
Thus, from the beginning of year the National Bank of Tajikistan performed regular sale of currency in the domestic market. These measures allow to level supply and demand of a foreign currency and provide stability of the market and a rate accordingly.
3. Is the National Bank of Tajikistan intended to perform new intervene in the foreign-exchange market, and whether it has necessary means for it?
- The National Bank of Tajikistan will perform as required operations in the domestic market for smoothing of excessive rate fluctuations and demand for a foreign currency, thereby providing stability and liquidity of the market. For this purpose there are all mechanisms and necessary means.
4. What gold and exchange currency reserves the National Bank of Tajikistan has?
- The NBT gold and exchange currency reserves grow and have steady growth dynamics. Annual rate of its growth on the average with the view of last changes makes 10-12 percent. As of November, 14th of current year the NBT general gold and exchange currency reserves have made USD 1,2 bln., increasing monthly in average on USD 27-35 mln.
5. Under forecasts, according to the Law of the Republic of Tajikistan “On the State budget for 2014” the dollar exchange rate should not exceed TJS 5 for a USD. How can you comment on it?
- First of all, it is necessary to notice that in the Law of the Republic of Tajikistan “On the State budget for 2014” USD exchange rate is used only as a settlement rate for the forecast of the basic indicators.
Thus, in process of realisation of the given Law which is made one year ahead, a rate of foreign exchange (in this case US Dollar) consists of market conditions in the current period. So it is possible to point out, that in the past there were periods when the current rate developed as lower so higher of a settlement rate.
Press-service
NBT
NBT maintains stability and liquidity of the domestic currency market
Answers to questions of M. Abdulloeva - correspondent of a weekly paper «Asia plus»
1. What is the reason of rate downswing of national currency of Tajikistan in relation to US dollar which is observed almost daily?
- At present in the most world financial markets the excessive rate fluctuation of a foreign currency is observed. Exchange rates by their nature are very sensitive, and are not only under the influence of macroeconomic, but also under many other factors which influence a currency supply and demand in the markets.
Changes which happen in region, also directly influence on demand on a foreign exchange in the domestic market.
There are objectively long-term factors inherent in economy and financial market of our country which seasonally increase demand and reduce the foreign currency supply, including cash currency.
The negative balance of trading balance (USD 2,7 bln.) appertains to given factors which has led to minus balance of volumes of inflow and outflow of a foreign currency and its deficiency, decrease in volume of remittances of physical persons, and especially its dollar part, seasonal increase in demand at USD cash and decrease of its supply, decrease in receipt of export currency gain etc.
This year the situation was aggravated under the influence of the universal strengthening tendency of USD to other national currencies. It is connected with a geopolitical aggravation of a situation in the world, in the Middle East, in Ukraine and in Russia, and also by change of monetary policy of the Federal Reserve System with the view of support of a financial system of America.
2. What does National bank of Tajikistan do for prevention of the further decrease of TJS rate?
- The National Bank of Tajikistan along with application of measures of a monetary policy also constantly is present in the currency market, provides its liquidity and stability.
Thus, from the beginning of year the National Bank of Tajikistan performed regular sale of currency in the domestic market. These measures allow to level supply and demand of a foreign currency and provide stability of the market and a rate accordingly.
3. Is the National Bank of Tajikistan intended to perform new intervene in the foreign-exchange market, and whether it has necessary means for it?
- The National Bank of Tajikistan will perform as required operations in the domestic market for smoothing of excessive rate fluctuations and demand for a foreign currency, thereby providing stability and liquidity of the market. For this purpose there are all mechanisms and necessary means.
4. What gold and exchange currency reserves the National Bank of Tajikistan has?
- The NBT gold and exchange currency reserves grow and have steady growth dynamics. Annual rate of its growth on the average with the view of last changes makes 10-12 percent. As of November, 14th of current year the NBT general gold and exchange currency reserves have made USD 1,2 bln., increasing monthly in average on USD 27-35 mln.
5. Under forecasts, according to the Law of the Republic of Tajikistan “On the State budget for 2014” the dollar exchange rate should not exceed TJS 5 for a USD. How can you comment on it?
- First of all, it is necessary to notice that in the Law of the Republic of Tajikistan “On the State budget for 2014” USD exchange rate is used only as a settlement rate for the forecast of the basic indicators.
Thus, in process of realisation of the given Law which is made one year ahead, a rate of foreign exchange (in this case US Dollar) consists of market conditions in the current period. So it is possible to point out, that in the past there were periods when the current rate developed as lower so higher of a settlement rate.
Press-service
NBT