Improvement of banking and financial sectors investment climate

In compliance with the requirements of 8 Paragraph of the Protocol of the XVII meeting of the Consultative Council under the President of the Republic of Tajikistan as of January 30, 2017, a meeting of “Intra-bank Working Group on improvement of investment and business climate in the banking and financial sectors”, chaired by Mr. Jamoliddin Nuraliev, First Deputy Chairman of the NBT, held today in the National Bank of Tajikistan.

During the advisory session the members of the Working Group considered various issues of the banking system according to Plan, including; assistance in improving the investment climate in the country through implementation of legislative reforms, maintaining inflation within the forecast indicators, expanding cooperation in developing correspondent relations, facilitating the attraction of foreign capital In various branches of the economy, in particular in the banking industry, providing the necessary conditions for performing basic demonstrations Programs for the development of the national economy, providing entrepreneurs with access to financial products, improving the rules for the conduct of banking operations and studying the rules for determining interest on bank loans, increasing the issuance of securities to develop the secondary securities market, developing the necessary measures to improve the effectiveness of this tool, Citizens to ensure the rights of consumers and increase their financial literacy, ensuring a smooth operation payment system of NBT, timely conduct of interbank settlements, and the expansion of share of non-cash payments.

In his speech, Mr. Jamoliddin Nuraliev, First Deputy Chairman of NBT, drew attention of presents on necessity to create a reliable basis for attracting investments and further consideration of relevant issues at the interagency level, as well as to consider at the internal level primarily the main aspects of activities in order to improve investment and business climate in banking and finance.

“Effective implementation of monetary policies with the view of maintenance of inflation at expected level in coordination with fiscal policy will be one of activities of the Working Group on improving the investment climate," said Mr. J. Nuraliev during discussing of the Work Plan components.

The next stage of the implementation of requirements of 8 Paragraph of Protocol of the XVII of the Consultative Council meeting under the President of the Republic of Tajikistan within the framework of the “Interagency Working Group for Improving the Investment and Business Climate in the Banking and Financial Sectors” will be continued under the leadership ofMr. J. Nurmahmadzoda, NBT Chairman. It was noted that the laws promoting the improvement of the banking system and investment climate will be improved by the Interdepartmental Working Group in cooperation with international financial institutions.

At the same time, it was stressed that for attraction of foreign capital and technical support, it is necessary to strengthen cooperation with international financial institutions and foreign credit organizations.

The interbank Working Group led by Mr. Jamoliddin Nuraliev, First Deputy Chairman of NBT, also discussed a Draft of the Action Plan on improving investment climate, which will be submitted to the Inter-Ministerial Working Group.

The meeting was also attended by Deputy Chairmen of the NBT – Sirojiddin Ikromi, Hamidullo Mashrabzoda and other heads of the relevant structural subdivisions, who expressed their views on the development of the Working Group's Action Plan.

Recall that “Interagency Working Group for Improving the Investment and Business Climate in the Banking and Financial Sectors” was established on April 18, 2017 in order to fulfill the requirements of paragraph 8 of the Protocol of the XVII meeting of the Consultative Council under the President of the Republic of Tajikistan. This group includes relevant ministries and departments.

Press Division
NBT