Issues of internal exchange market are considered

The current situation issues of internal exchange market, reason of growth of the US dollar exchange rate and ways of stabilization of the arisen situation and also prevention of speculative phenomena and fraud while sale and purchase of foreign currency have been considered in detail during the working meeting, which have taken place on November 28, current year headed by Mr.Jamshed Nurmahadzoda, Chairman of the National Bank of Tajikistan with heads of banks and microfinancing institutions of the republic.

As the Chairman of the National Bank of Tajikistan has noted, despite appreciable improvement of quality of services provided by banks of the country, there are still remained many lacks in their activity, especially it was noted cases causing concern in sphere of operations control connected with exchange of foreign currency, attraction of deposits and extension of loans.

He also has underlined that for last months it was stopped the activity of more than 800 exchange bureaus and majority of these exchange bureaus have been included to structures of credit institutions on the base of corresponding decision. Despite the situation in the exchange market irrespective of short period of time, due to absence of imposing serious responsibility and duly control by credit institutions over the activity of exchange bureaus it was occurred a sharp increase of the USD exchange rate. The staff of exchange bureaus taking the opportunity have raised exchange rate of foreign currency fraudulently and by speculative methods in order to gain profit.

Mr.Jamshed Nurmahmadzoda has added further that in order to relieve tensions in the internal exchange market and prevent negative cases while purchase and sale of cash currency, the National Bank of Tajikistan undertakes a number of influencing measures directed to strengthening of requirements imposed in this area.

Considering the given situation, it will be applied sanctions in form of large penalties to credit institutions, which do not meet the requirement of the National Bank of Tajikistan or violate them. In addition it was ordered to create constantly operating headquarters in all credit institutions for daily summarizing of their work and corresponding decision making. Also the acting legislation will be amended and supplemented in order to tighten the control of obligatory requirements observance and development of necessary measures.

During the meeting heads of credit institutions with the purpose of stabilization of internal exchange market situation have expressed the opinions on arrangement of close cooperation between banks, streamlining of interest rates parity on deposits and loans in national and foreign currencies, also on improvement of activity of exchange bureaus, banking service centers and change of their work schedule.

At the end of meeting the Chairman of the National Bank of Tajikistan has urged attendees to use all internal capacity in order to ensure stabilization of exchange market.

Press-service  
NBT