Third meeting of the National Financial Stability Council of the Republic of Tajikistan

On January 24, 2020, the National Bank of Tajikistan held the third meeting of the National Financial Stability Council (hereinafter referred to as the Council) in the Republic of Tajikistan under the leadership of Chairman of the Council - Minister of Economic Development and Trade of the Republic of Tajikistan Zavqizoda Zavqi Amin with participation of heads of Ministry of Finance of the Republic of Tajikistan, Ministry of Energy and Water Resources of the Republic of Tajikistan, National Bank of Tajikistan, State Committee on Investments and State Property Management of the Republic of Tajikistan, the Individuals Savings Insurance Fund and OJSC "Tojiktransgaz".

At the beginning of the event, according to the agenda of the meeting, the issue of implementation of decisions approved at the second meeting of the Council was considered, responsible persons addressed the meeting with reports on situation of banking system, activities of the National Bank of Tajikistan concerning regulation of national currency and inflation, activities of large state enterprises, cooperation of Council members with an expert from the World Bank in direction of maintaining the stability of financial system, as well as existing problems.

During the meeting, members of the Council have considered issues related to risk and problems encountered in the work of large state enterprises, in particular the financial situation of OJSC “Tojiktransgaz” and the plan for using credit funds of enterprises as well as a mechanism for the financing of deficit of the Individuals Savings Insurance Fund and proposed measures to eliminate existing problems.

In connection with increased competition between states and uncertainty in the global economy, appropriate measures are being taken to forecast economic and financial risks and minimize their impact on the national economy as well as increase the competitiveness of key sectors of the economy and banking sphere.

It was noted that for the purpose of developing production oriented towards export and import substitution, for the first time, export of goods and products tended to increase, while import tended to decrease.

It was also emphasized that in order to maintain sustainable growth of the country's economy, especially the full-fledged activities of large state enterprises, on which the development of financial and banking system largely depends, an important role is played by bilateral cooperation in coordinating monetary and budgetary policies, as well as stabilizing the financial industry.

At the end of the meeting, in order to jointly implement the instructions and orders of the Founder of Peace and National Unity - Leader of the Nation, President of the Republic of Tajikistan Emomali Rahmon regarding the development of banking and financial system, the Council approved the appropriate decisions to eliminate existing problems in work of large state enterprises and improve the legal framework on implementation of the Fund deficit financing mechanism.

It should be noted that the National Financial Stability Council of the Republic of Tajikistan is an interdepartmental consultative permanent body, and was established by the Resolution of Government of the Republic of Tajikistan dated June 21, 2018 No. 331 to consider issues related to ensuring financial stability, identifying risks in the financial system and proposing measures for their reducing.

Press Division NBT