Summarizing banking system activities for 2018 and tasks for 2019

In the extended meeting of management of the National Bank of Tajikistan with heads of credit institutions, which took place on January 25, 2019, the results of banking system activities of the country for 2018 was the subject of full consideration of participants and tasks were determined for 2019.

The summarizing meeting was opened by Jamshed Nurmahmadzoda, Chairman of the National Bank of Tajikistan and he stated that the National Bank of Tajikistan is taking timely and expeditious measures for realization of instructions and tasks of the Founder of Peace and National Unity - Leader of the Nation, President of the Republic of Tajikistan, His Excellency Emomali Rahmon, current legislation of the country and Decrees of the Government in the direction of strengthening of control and rehabilitation of banking system, maintenance of financial stability, implementation of efficient monetary policy, conduction of balanced monetary policy through modern tools and supporting to stable economic development and positive microeconomic indicators testify on that.

During his speech Jamshed Nurmahmadzoda, Chairman of the National Bank of Tajikistan also has provided exact information on volume of the Gross Domestic Product (GDP) in 2018 and its real development, maintenance of stable inflation rate, extension of exchange policy on “floating regulating” mode, increment of international reserves volume, factors leading to unsteadiness of internal exchange market, provision of economy with national currency, also for management and elimination of exchange rate risks, maintenance of stable inflation rate, activization of financial market and provision of international reserves, and noted that the National Bank of Tajikistan will take all necessary steps for realization of principal directions of monetary policy and stabilization of country’s banking system in cooperation with all corresponding authorities, and continue the reform process of banking sector with the view of acceleration of economic and social growth of country.

During the summarizing meeting, Nurmuhammad Sharipov, Director of Banking Supervision Department in turn made presentation on banking system’s situation of the Republic, achieved results and existing shortcomings in 2018. He drew attention of heads of banks, micro-lending organization and participants to some issues, including the position of banking system in the Address of the Leader of the Nation, President of the Republic of Tajikistan, His Excellency Emomali Rahmon to Majlisi Oli, banking system situation and payment system in the reporting period, risks and defects of industry, and measures foreseen in this direction.

During discussion of issues of the meeting, J. Nurmahmadzoda, Chairman of the National Bank of Tajikistan according to tasks, allotted to the National Bank of Tajikistan by President of the Republic of Tajikistan, His Excellency Emomali Rahmon in the extended meeting of the Government of the Republic of Tajikistan (21.01.2019) invited the credit organizations for proper realization of credit policy and attraction of deposits, revision of their interest rate policy, attraction of domestic and foreign capital, contributing in improvement of public’s confidence to banking system, quality improvement and introduction of new services, provision of services for realization of non-cash settlement policy. The activities of banks were estimated individually according to profitability, liquidity and liabilities indicators and attraction of investments, their advantages and shortages in 2018 with special analyses during the meeting.

During the meeting, Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan has proposed suggestions on qualification of high-level officials of the credit institutions, including Micro Credit Deposit organizations, relevant corporative management with the view of prevention of potential risks.

Naimi A’lamkhon Kodiriyon, the Chief of Finance Management of the Executive Office of the President of the Republic of Tajikistan has acted during the meeting and expressed his view on banking system situation and considered analyses and presented his proposals to participants’ attention.

Following consideration of banking system situation in 2018 and summing up the activities of credit institutions, Ashurboi Solehzoda, Assistant to President of the Republic of Tajikistan on economic issues made a concluding speech. A. Solehzoda has summed up the situation of sector, and expressed opinion for realization of instructions and tasks of the President of the Republic of Tajikistan, His Excellency Emomali Rahmon in the extended meeting of the Government of the Republic of Tajikistan (21.01.2019) during which the banking system of the country was considered, including for elimination of reiterant shortcomings by credit organizations and maintenance of law enforcement, compliance and adoption of stringent measures by regulating authority against credit organizations in the event of allowing of serious troubles, improvement of qualification of executive officers of banking system, preparation of high-level personnel for banking system, guaranteeing of transparency by the banks and presentation of actual reports, avoiding distortions and developing of methodology of presentation of statistics. A.Solehzoda, Assistant to President of the Republic of Tajikistan on economic issues has specially noted the role of credit organization in realization of the 4th National Strategy in Tajikistan – industrialization, because the banking system of the country as key part of economy plays an important role in realization of the given Strategy. Therefore, banking system of the country in 2019 was instructed to act for development of branch and taking measures for enhancement of system’s authority.

Jamshed Nurmahmadzoda, Chairman of the National Bank of Tajikistan has concluded the meeting and by instructing the system in 2019 has invited the credit organizations to consider existing possibilities for taking appropriate measures on attraction of more capital, reimbursement of non-performing loans, improvement of crediting culture, development and updating of credit policy, improvement of corporative management, strengthening of internal supervision system and risk management, improvement of level and quality of services and implementation of modern banking services, widening the range of non-cash settlements, contributing to industrialization of the country, increase of lending with the view of development of tourism and folk crafts, development of rural infrastructure due to announcing by the Leader of the Nation the 2019-2021 - “Years of development of rural infrastructure, tourism and folk crafts”, and also use of all-round possibilities for improvement of public’s confidence to banking system and celebrate the 30th Anniversary of state independence of the Republic of Tajikistan with prominent results.

It should be noted that Deputies Chairmen Lola Salimova, Hamidullo Mashrabov and heads of sub structural divisions of the National Bank of Tajikistan and executives of all credit organizations took part in the summarizing meeting.

As of January 1, 2019 there are 79 credit organizations, including 17 banks, 25 Micro Credit Deposit organizations, 6 Micro Loan organizations and 31 Micro Credit Funds functioning in the banking system of the Republic of Tajikistan.

Press Division
NBT