24.04.2008

Results of the National Bank of Tajikistan’s Activity for the 1st Quarter 2008 Were Summed Up

On April, 24th, 2008 at the National Bank of Tajikistan (NBT) took place the press -conference for domestic and foreign mass-medias, on which the National Bank of Tajikistan’s and republican banking system’s activity results for I quarter 2008 were summed up.

Addressing to journalists, Chairman of National Bank of Tajikistan Sharif Rahimzoda noticed that in January-March of a current year it was the real growth manufacture tendency, stable economy development and improvement of macroeconomic position of the country has proceeded.

In particular, gross domestic product (GDP) in the first quarter 2008 has increased by 3,2 %, including agricultural production growth by 6,6 %, and service sector by 10,8 %. Industrial output manufacture, for all-known reasons decreased by 10,1 %. For 2008 real growth of GDP forecast is planned not less than 8,0 %.

Inflation for the first quarter 2008 has made 2,6 %. Inflation structure: food prices increasing -2,1 of %, non-food production-1,4 of % and paid services - 7,4 %. The inflation level in the CIS countries in the first quarter 2008 has made: Armenia-4,8 of %, Kazakhstan-2,5 of %, Kyrgyzstan-6,0 of %, Russia - of 4,8 % and Ukraine-9,7 %.

In the first quarter 2008 Somoni exchange rate against US dollar became stronger by 0,86 % (or it changed from 3,4649 to 3,4351 Somoni per 1 US dollar).

Concerning Balance of Payments, Chairman of the NBT said that export of goods for the accounting period made 337,3 million US dollars and, in comparison with the similar period of the last year it decreased by 8,2 %.

Import of goods for this period made 695,4 million US dollars, which in comparison with the first quarter 2007 increased by 32,7 %. Remittances for the first quarter 2008 have made 397,1 million US dollars, they have growth tendency, in comparison with previous year, by 171 million US dollars.

Drawing his attention on monetary policy, Sh. Rahimzoda emphasized that the National Bank of Tajikistan’s refinancing rate for this period, in connection with changes of macroeconomic position both on internal and external markets has undergone changes. Simultaneously, for strengthening of national currency rate and for greatest deposit volume attraction in Somoni, the National Bank of Tajikistan has changed the rate of required reserves. This rate has made 9 % annually in national currency and 11 % in foreign one, which from the other hand it will promote reduction of “dollarization” level of the economy.

Banking system of the RT, as for April, 1st, 2008 consists from: 12 commercial banks, 1 non-banking financial organizations, 7 credit-societies, 10 microcredit deposit organizations, 26 micro-credit organizations and 39 micro-credit funds. Total amount of all credit organizations branches is – 224 for the mentioned-above date.

For the accounting period deposits tended to growth and, according to actual data as for April, 1st of this year, they made 2 567,5 mln. Somoni. Deposits Structure includes – legal bodies deposits -75,6 % and physical persons’ ones – 24,4%. For this period it was tangible deposits growth tendency in national currency, in comparison with foreign currency it was promoted by Somoni’s stability course. The deposits volume in national currency, in comparison with the similar period of 2007, has increased in 2,2 times. That result is one of the reached successes of the given period. The average interest rate of deposits for this period remained stable, and under term deposits it made 16,0 % in national currency and 15,0 % in foreign currency.

Speaking about crediting issues, Chairman of National Bank of Tajikistan said according to actual data, the total balance of credits made 4 318,6 mln. Somoni as for April 1st, 2008, that in comparison with the similar period of the last year increased by 67,2 %. It is necessary to notice, that structure of credit balance volume includes 46,6 % - credits in national currency, and 53,4 % -in foreign currency.

The volume of given credits for the accounting period has made 873,2 mln. Somoni and the returned credits volume - 516,7 mln. Somoni.

Microcrediting has great importance and according to actual data, microcredit organizations gave credits for 383,4 mln. Somoni in the 1st quarter 2008, that in comparison with the similar period of 2007 has increased by 203,1 mln. Somoni, or in 2,1 times, - has noted Sh. Rahimzoda.

During the press conference, representatives of mass-media were interested in such important questions and issues as cotton sector debt solution, granting mortgage, decreasing of the interest rate of allocated by commercial banks credits, the NBT’s refinancing rate, required reserves, etc. At the end of the press conference Chairman of National Bank of Tajikistan and his Deputies have answered to the questions of the journalists.