Meeting of Jamoliddin Nuraliev with the Director of the Swiss Cooperation Office (SECO) in the Republic of Tajikistan

On June 29, 2021, Nuraliev Jamoliddin Kamolovich, First Deputy Chairman of National Bank of Tajikistan held a meeting withSalome Steib, Director of the Swiss Cooperation Office (SECO) in the Republic of Tajikistan. The meeting was also attended by Mr. Subhrendu Chaatarji, International Advisor on assessing effectiveness of SECO Technical Assistance, Tolibzoda Firdavs, Deputy Chairman of NBT and heads of key departments of NBT.

The purpose of the visit of Swiss Cooperation Office (SECO) delegation to the Republic of Tajikistan was to assess implementation of the World Bank Group's technical assistance project “Tajikistan: Financial Sector Strengthening Program” funded by SECO.

At the beginning of the meeting, Jamoliddin Nuraliev, First Deputy Chairman of the National Bank of Tajikistan has expressed his satisfaction with support extended by Swiss Cooperation Office (SECO) in the field of economy, especially in banking system through implementation of numerous technical assistance projects, in particular, provision of foreign consultants since 2016 , informed SECO delegation in detail on progress of Project "Tajikistan: Financial Sector Strengthening Program "consisting of six components, as well as on work carried out within the framework of this project.

“Provided technical assistance and involvement of international experts within the framework of this project has enabled us to develop reports on financial stability, and thenpreparation of such reports will be carried out on the ongoing basis. At the same time, revitalization of the work of the National Council for Financial Stability in the Republic of Tajikistan, in which the National Bank of Tajikistan along with other economic institutions plays a key role, provides an opportunity for NBT to create a legal framework for macroprudential instruments, conduct analyses, take anti-crisis measures and a methodology for implementing new reforms under assistance of international advisors" has noted Jamoliddin Nuraliev.

Jamoliddin Nuraliev, First Deputy Chairman of National Bank of Tajikistan, also briefed the audience on implementation of work on each component of the project, in particular on strengthening financial sector, mechanism of banking regulation, instruments for managing NPL, control over the payment system, supervisory principles of consumer protection and corporate governance of banking system.

Salome Steib, Director of the Swiss Cooperation Office (SECO) in the Republic of Tajikistan, emphasizing the importance of partnerships, highly appreciated steps taken by National Bank of Tajikistan over the past five years to achieve and maintain stability of financial sector, despite the impact of external economic pressures. According to Salome Steib, double reduction of NPL volume in loan portfolio over this period indicates achievement of good results in this direction and ensures transparency of banking system. Salome Steib underscored the importance of implementing projects in banking system, in particular the Project "Tajikistan: Financial Sector Strengthening " to ensure access of population to finance, increase financial literacy, credit information exchange, increase competitiveness in various industries, create regulatory framework, simplify procedures for taxation, business development in Tajikistan. She expressed confidence in strengthening interaction in priority areas for Tajikistan within the framework of the current strategy.

During the meeting, Subhrendu Chaatarji International Independent Expert, who was hired by SECO to assess progress and results of this project, as a part of discussion and analysis of problems associated with project, asked several questions about its individual components. It should be noted that NBT provided an opportunity forInternational Expert Subhrend Chaatarji to hold meetings with NBT departments responsible for implementation of project’s components, to obtain additional information with the view to effectively evaluate technical assistance of SECO.

At the end of the meeting, Salome Steib, Director of the Swiss Cooperation Office (SECO) in the Republic of Tajikistan highly appreciated the level and quality of mutual cooperation and expressed her readiness to develop relations for development of banking system of the Republic of Tajikistan.