Necessary measures are taken for stabilization of the internal exchange market

The Chairman of the National Bank of Tajikistan Jamshed Nurmahmadzoda has held a meeting with heads of credit institutions of the country today, on December 18, current year. During the meeting there were discussed issues of streamlining and implementation of operations in the internal exchange market within the acting legislation, restriction of foreign currency illegal sale and purchase, increase of banking services quality and ensuring stable development of banking system.

During the meeting he has noted that the analysis of the internal exchange market and effecting exchange operations with foreign currency for last days and also numerous complaints and appeals of population concerning poor work of some establishments of credit institutions connected with extension of loans, loans high interest rates, prolongation of loans maturity date and repayment of their interest in foreign currency cause concerns to the management of the National Bank of Tajikistan and other government authorities. 

The Chairman of NBT has added that the National Bank of Tajikistan has given a number of instructions to credit institutions. It has warned and obliged them to take a set of technical and standard legal measures and to ensure a regular activity of the exchange market in order to provide necessary services on exchange to population. Unfortunately, heads of some credit institutions, having ignored instructions of the National Bank, have not met requirements of transition period and closed their exchange bureaus. Such hasty decisions promoted a revival of activity of speculators and illegal exchange market.

During the meeting J. Nurmahmadzoda has noted it causes concern that after termination of exchange bureaus activity, credit institutions have not undertaken corresponding actions for granting services on exchange through cash desks of their establishments. Such relation of some credit institutions has led to excitement of internal exchange market and grievance of citizens. People in due time can not buy a foreign currency in credit institutions and they are forced to buy it in the informal market. 

Also it has been noted that during these days such credit institutions as SSB RT «Amonatbank, OJSC "Eskhata", CJSC «AccessBank Tajikistan» and CJSC "Kazkommersbank" have demonstrated responsibility and have sold foreign currency to the population as much as possible. This step should become an example to follow for others. Also it was recommended to credit institutions to arrange a close cooperation with local businessmen that they could open accounts in banks, depositing their funds on accounts with them and if necessary to exchange them for foreign currency.

Heads of credit institutions during discussion of the above-mentioned issues have noted that they try daily by joint efforts and by assistance of the National Bank of Tajikistan to stabilize a situation in the internal exchange market. The process of effecting exchange operations now proceeds at cash desks of banks, branches, banking service centers and money transfer offices. At the same time it is established training of staff in training centers of banks. 

During the meeting with a view of supplying population’s demand in foreign currency it was entrusted to heads of credit institutions to open additional banking services centers and money transfer offices in the area of big markets, shopping centers and populous places of the country with change of their working schedule in order to ensure their functioning on Saturdays and Sundays.

Besides, heads of credit institutions and responsible persons of this sphere have received prevention of refraining from unreasonable overstating of the US dollar exchange rate and to sell the bought currency to the population. It will be taken sanctions on ceasing of right to effect foreign exchange operations in regard to credit institutions violating the corresponding requirements in case of revealing of facts of foreign currency’s purchase rate artificial increase, failure of cash foreign currency sale and failure in providing of indicated banking services.

Press-service  
NBT