News archive
31.03.2015
It should be noted, that National bank of Tajikistan carries out the regulation of the international reserves on the basis of articles 38 and 39 Laws of Republic of Tajikistan “On the National Bank of Tajikistan” where the composition of components in structure of the international reserves and corresponding procedures in the conditions of their reduction are defined. Norms of obligatory observance of recommended standards of the international institutes are not fixed in the mentioned law.
At the same time, the National bank of Tajikistan carries out regular monitoring of conformity of the international reserves to recommended standards of the international financial institutions. However, in the conditions of the crisis developments, necessity of reaction to arising currency shocks, and also in interests of the macroeconomic stabilisation, the given parametre can deviate from certain threshold value on a short-term basis.
Really, in the end of last year and in the beginning of current year the National bank of Tajikistan took active participation in the currency market, with the view of prevention speculative pressure upon national currency. As of December 31, 2014 the Gross International Reserves has made TJS 2 711,1 million, that according to the official exchange rate TJS 5,3079 corresponds to USD 510,8 million or to 1,4 months of a covering of import, at monthly average volume of import to USD 2014 361,6 million. Gradually, according to decrease of volatility of external and speculative pressure on TJS, the expired costs are restored not so fast, but in course of time. So, as of January 31, 2015, volume of gross international reserves has increased by USD 45,2 million, having made USD 556,0 million.
It is necessary to underline, in the interview of NBT press-service with A. Sarkorova, BВC correspondent that the sounded general gold and exchange currency reserves in volume of USD 1,2 bln. Included in as well not monetary gold (i.e. the gold, not passed refining and international certification procedures), and also SWAP operation. While gross international reserves for October 31, 2014 made USD 516,3 million, having increased by 8,2 % against December 31, 2013.
The National Bank of Tajikistan also hereafter will apply all necessary measures within the limits of available powers for stabilisation of situation in the currency market, prevention of the speculative phenomena and minimization of influence of currency pressure upon national economy.
The author of article in the analyses on the basis of incomplete data for the various periods, or having preliminary character draws conclusions which, in our opinion, completely do not cover an actual picture of results of an estimation of sufficiency of the international reserves.
Having chosen as comparison the Republic of Kyrgyzstan, it would be desirable to result, demanded statistical data for an estimation on this country also for the compared period (in particular, for 2014 volume of average monthly import for a year, an external debt, broad money, deposits in a foreign currency and the exchange rate of national currency used at calculations).
Press-service
NBT
The expired costs are restored in due course
The response to article of Nozim Ishankulov, Cato Institute analyst “Reserves of National Bank of Tajikistan raise concerns”, published on "Asia-plus" site, on March 5, 2015.
The author of article voices a doubt regarding the volume of NBT international (gold and exchange) reserves sufficiency, based on the statement of the Chairman of National Bank of Tajikistan from January, 21st of current year and further results his estimation upon 5 criteria/indicators. It should be noted, that National bank of Tajikistan carries out the regulation of the international reserves on the basis of articles 38 and 39 Laws of Republic of Tajikistan “On the National Bank of Tajikistan” where the composition of components in structure of the international reserves and corresponding procedures in the conditions of their reduction are defined. Norms of obligatory observance of recommended standards of the international institutes are not fixed in the mentioned law.
At the same time, the National bank of Tajikistan carries out regular monitoring of conformity of the international reserves to recommended standards of the international financial institutions. However, in the conditions of the crisis developments, necessity of reaction to arising currency shocks, and also in interests of the macroeconomic stabilisation, the given parametre can deviate from certain threshold value on a short-term basis.
Really, in the end of last year and in the beginning of current year the National bank of Tajikistan took active participation in the currency market, with the view of prevention speculative pressure upon national currency. As of December 31, 2014 the Gross International Reserves has made TJS 2 711,1 million, that according to the official exchange rate TJS 5,3079 corresponds to USD 510,8 million or to 1,4 months of a covering of import, at monthly average volume of import to USD 2014 361,6 million. Gradually, according to decrease of volatility of external and speculative pressure on TJS, the expired costs are restored not so fast, but in course of time. So, as of January 31, 2015, volume of gross international reserves has increased by USD 45,2 million, having made USD 556,0 million.
It is necessary to underline, in the interview of NBT press-service with A. Sarkorova, BВC correspondent that the sounded general gold and exchange currency reserves in volume of USD 1,2 bln. Included in as well not monetary gold (i.e. the gold, not passed refining and international certification procedures), and also SWAP operation. While gross international reserves for October 31, 2014 made USD 516,3 million, having increased by 8,2 % against December 31, 2013.
The National Bank of Tajikistan also hereafter will apply all necessary measures within the limits of available powers for stabilisation of situation in the currency market, prevention of the speculative phenomena and minimization of influence of currency pressure upon national economy.
The author of article in the analyses on the basis of incomplete data for the various periods, or having preliminary character draws conclusions which, in our opinion, completely do not cover an actual picture of results of an estimation of sufficiency of the international reserves.
Having chosen as comparison the Republic of Kyrgyzstan, it would be desirable to result, demanded statistical data for an estimation on this country also for the compared period (in particular, for 2014 volume of average monthly import for a year, an external debt, broad money, deposits in a foreign currency and the exchange rate of national currency used at calculations).
Press-service
NBT