Immediate actions of the National Bank of Tajikistan and credit institutions yield results

For the third decade of November, current year the situation in cash market of US dollar purchase and sale became more instable. In comparison with the last month a dynamics of cash exchange rate has increased in several times.

The market analysis shows that certain employees of exchange bureaus having abused the given situation and using all possible mean, have specially raised the US dollar exchange rate without any bases. In order to prevent such illegal actions it was established a joint operative group consisting of staff members of the National Bank of Tajikistan and public prosecution authorities. On November 27, current year 6 employees of exchange bureaus of MDO «Vaslat», MDO «Azizi moliya», MDO «Vorisi zamon» and OJSC Tojiksodirotbonk in Dushanbe city have been identified and detained for violation.

It was revealed that these employees stored in cash desks a great volume of money resources in national and foreign currencies, several times exceeding accountable funds and they were involved in illegal sale and purchase of foreign currency.

It is necessary to note that precisely similar illegal actions and negligence of exchange bureaus employees have forced the National Bank of Tajikistan to make decision on liquidation of these exchange bureaus.

Considering it, the Board of the National Bank of Tajikistan has approved the Instruction No.211 «On procedure of effecting foreign exchange operations», which will valid after its official publication.

According to the requirement of the given Instruction all exchange offices will be closed, and foreign currency purchase and sale operations will be carried out only in cash desks of banking services centers, branches and head offices of credit institutions. Also at present the foreign currency operations will be effected temporarily (till 3 months) through money transfer offices located in these institutions (except money transfer offices located behind of these institutions).

In this connection, the National Bank of Tajikistan has addressed to all citizens with request to treat with understanding to necessity of acceptance of the given step and to carry out exchange operations only in the above-stated establishments of credit institutions because exchange operations carried out in other places will be considered as law infringement. Both the seller, and the buyer will be involved to administrative and the criminal liability, their money resources also will be confiscated for the law infringement.

Physical persons - individual entrepreneurs, businessmen and legal entities - enterprises and organizations, companies and trade institutions for acquisition of cash foreign currency should address the credit institutions and their establishments.

The credit institutions have the opportunity to exchange the cash funds in national currency of individuals and legal entities in foreign currency (cash or non-cash).

One of the reason of the US dollar exchange rate record increase was an influence of psychological factor, in particular the attitude and behavior of physical persons - sellers and buyers of foreign currency.

Fears and panic, excessive trustfulness to all unreasonable false rumors lead to that physical persons hasty exchange their money, agreeing on all exchange rates offered by speculators, finally incur losses.

We remind that the similar situation occurred in December, 2014, and also in January, April and May, 2015 and then depreciation of Tajik somoni has made approximately 18,0 %.

Proceeding from it, the National Bank of Tajikistan asks citizens do not trust groundless and false rumors, do not show hastiness at exchange of foreign currency and to inform the National Bank of Tajikistan on all cases of gamble by hotline and exchange bureaus phone numbers.

Currently, there is permanently operating headquarter established among experienced experts of the National Bank of Tajikistan, which carries out immediately foreign exchange regulation and control in the market.

And, at last, it is possible to tell with confidence that the immediate actions implemented by the National Bank of Tajikistan and credit institutions with support and assistance of inhabitants of the country can improve a current situation of cash market and also to restore stability of exchange rate of national currency.

Press-service  
NBT