The Fifth meeting of the National Council for Financial Stability in the Republic of Tajikistan

On July 26, 2021 at the National Bank of Tajikistan the Fifth Meeting of National Council for Financial Stability in the Republic of Tajikistan was held under the chairmanship of Zavqizoda Zavqi Amin, Chairman of Council - Minister of Economic Development and Trade of the Republic of Tajikistan with participation of heads of the Ministry of Finance of the Republic of Tajikistan, National Bank of Tajikistan, State Committee for Investments and State Property Management of the Republic of Tajikistan and Personal Savings Insurance Fund specialists.

In accordance with the Agenda, first of all, participant have discussed progress in implementing decisionsmade at the Fourth meeting of Council, afterwards, a report prepared by responsible specialists was presented on development of measures required to increase potential and competitiveness of main financial sectors, develop insurance market, revitalize securities market, and maintain inflation rate stability and stable changes in exchange rate.

At the same time, it was emphasized that despite the restoration of growth inglobal and regional economy, gradual stabilization of raw material prices, improvement in the movement of capital and trade cooperation, there are still uncertainties and risks in certain segments of economy, and close coordination of key ministries and departments is required to mitigate their negative impact on the economy and eliminate consequences.

During the meeting, members of the Council have made presentations and discussed issues related to consequences of COVID-19 for investment climate in the Republic of Tajikistan, as well as issues of regulation and supervision of activities of pawnshop organizations and experience of Central banks - mega-regulators of financial sector. It was noted that in this difficult economic situation, such issues as increasingattraction of foreign and domestic investment to revitalize various sectors of economy, increasing export capacity, creating new jobs, ensuring stable development of national economy areconsidered as relevant,thus, determining the range of restrictions, includingimplementation of reforms, taking into account experience of developed countries, can contribute to accelerated development of main sectors of economy.

At the final part of the meeting, relevant decisions were made to increase the inflow of foreign capital by improving country's position in “Running Business”rating, conducting credit financial institutions rating assessment, as well as regulating and supervising pawnshop organizations, improving their legal framework and properly fulfilling their requirements to current insurance legislation. Likewise, members of the Council were instructed to carry out timely and complete quality control of assigned tasks and earlier decisions in close coordination with key ministries and departments.

It is worth noting that National Council for Financial Stability in the Republic of Tajikistan is a permanent interdepartmental advisory body established (according to the Decree of the Government of the Republic of Tajikistan dated from June 21, 2018, No. 331) to consider issues of ensuring financial stability, identify risks in financial system and propose measures to minimize their impact on economy, public finance system and banking system and private sector.