Jamoliddin Nuraliev met with representatives of EBRD

On October 25, 2018 Mr. Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan has met with representatives of the European Bank for Reconstruction and Development (EBRD), including Mr. Fernando Gonzales, Chief Specialist on Money Market and Capital Market Development, Ms. Alexandra Fasakhova, Coordinator of the Legal Reform Project and Ms. Ayten Rustamova, Head of the European Bank of Reconstruction and Development Office in the Republic of Tajikistan.

During the meeting the parties have exchanged views on the “Legal Reform” distance proceeds in the sphere of Money Market and Capital Market of the Republic of Tajikistan, and at the same time have discussed the issues of development of cooperation in the direction of Projects and Programmes’ implementation on Financial Sector.

Mr. Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan has expressed satisfaction on mutual fruitful cooperation with the EBRD, and expressed willingness for the further development of mutual fruitful cooperation on development of securities market that is one of the main directions of financial market system development, using modern tools. Jamoliddin Nuraliev has attracted by attention of the EBRD’s representatives to the current priorities of capital market development and its regulation.

During the meeting Mr. Fernando Gonzales, Chief Specialist on Money Market and Capital Market Development has noted that considering the realized reforms situation in this direction and financial stabilization of commercial markets Report on Money Market and Capital Market of the Republic of Tajikistan is developed.

According to this Report Ms. Alexandra Fasakhova, Coordinator of the Legal Reform Project has discussed the necessities of reforms, based on laws and regulations in the sphere of Money Market and Capital Market of the Republic of Tajikistan. It was mentioned that results of Money Market and Capital Market infrastructure analyses requires development and improvement. Therefore, the given market’s development and realization of new mid-term mechanisms, necessity of Law reform in the sphere of government securities market is highly appreciated, because current legislation has restricted the operation and activities frame in the market.

“The matured money and capital market is considered as attraction of domestic investment mechanism without additional tax burden and diversification of state debt structure, and from other side provides the financial market’s development with placement of free capital of financial institutions”, - noted the EBRD experts. According to this factor, Jamoliddin Nuraliev also has stated that securities interest rates should be defined on the base of market demand and supply factors, and the curve of securities yield may act as the base of interest rate for foreign investors. In its turn, this will directly provides convenient basis for better improvement of transparency and prognosing of interest policy in fiscal policy.

Further, Mr. Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan has considered useful the proposals of EBRD’s experts, and in the line of reform of laws on securities, as well as importance of improvement of corporative tools, reporting process and primary and secondary market in the securities market. He also added that currently Interagency Working Group is acting for support of securities market in the level of corresponding ministries and departments.

At the end of the meeting Mr. Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan has expressed gratitude to EBRD delegation for support cooperation for improvement and strengthening of country’s money market and capital market, and has noted that EBRD experts’ analyses and recommendations will be considered and used in NBT and other corresponding Ministries and Agencies’ future activities.

Press Division
NBT