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Joint Press Conference in the National Bank of Tajikistan
The Joint Press Conference of the Chairman of National Bank of Tajikistan S.Rahimzoda and the Resident Representative of International Monetary Fund (IMF) in Tajikistan Mr. Luc Moers for domestic and foreign mass media took place in the National Bank of Tajikistan (NBT).
The Chairman of NBT opening the press conference has noted that after the announcement of the decision of the Executive Board of IMF on inaccurate information provided by the Republic of Tajikistan there were various articles and comments published on pages of mass-media in which the given matter has been differently interpreted. In some cases incompetent comments were stated.
«In order to clarify the given issue we have arranged this press conference and have invited Mr. Moers to participate in it. We are ready to answer your questions concerning the activity of NBT, the audit of bank to be held by independent international company, to tell about further plans of activity of bank» - has noted S.Rahimzoda.
Mr. Moers has underlined in his address that he will state in brief his opinion on the matter as the concrete and exact answers have been given in the interview given by him and by the Chairman of the NBT to the newspaper "Asia-Plus".
«In March of current year I have been in Washington, where I participated in the meeting of the Executive Board of IMF devoted to misreporting of the RT. Because in some periodicals the above-named issues have not been truly commented, we have explained a situation in the mentioned interview. Comments in separate mass-media were adequate» Mr. Moers has underlined.
Mr. Moers has noted: «the IMF plans to continue the vigorous activity in Tajikistan. Besides, our cooperation with S. Rahimzoda is at high level. I should remind that he is recently appointed to this position and has unexpectedly met difficulties of a similar sort. Despite it, he has shown high professionalism. It is necessary to note, that my relation and the relation of IMF mission to the NBT and to the Government of RT continue to remain good».
He has underlined that in the near future the IMF mission will arrive to Tajikistan, which will discuss with the Government of Tajikistan the program of audit to be made by independent audit company.
Then participants of press conference have moved to questions.
L. Isamova, Correspondent of Agency "RIA Novosti":
-It was declared that the National Bank of Tajikistan will return USD 47,7 million, which are demanded by IMF. Tell please, will this amount be returned at the expense of special fund, or budgetary funds?
S. Rahimzoda:
-Firstly, the received funds have no relation to the budget. They have been received by the National Bank of Tajikistan at USD 47, 7 million for the formation of its reserves; this sum is in the structure of reserve of the Bank and will be repaid in set term. The statements of some journalists about that ostensibly returning of the credit sum negatively will affect on the budget, pensions and other payments show their incompetence. We repay the credit at the expense of our reserves. As you know, the NBT is an independent body and its reserves will increase through correct implementation of monetary policy. Today we do not face heavy difficulties with repayment of the credit and we will repay it in the term set by the IMF Board of Directors.
L. Moers:
- IMF credits straightly directed on maintenance of the NBT reserves and accordingly any payments under the IMF credits shall be made out from the bank reserves. We are sure that the National Bank of Tajikistan has possibility to repay the given sum.
R. Kozhevnikov, Correspondent of Agency "Reiter":
- Please name the amount of the credit which was received under the security of the NBT reserves for cotton-growing branch. Is it the truth that it is received from the Kazakhstan banks? In your interview to the newspaper "Asia-Plus" you say, that these credits were extended to unprofitable cotton-growing farms. Was it necessary, as it was clear that these farms were unprofitable and the credits would not be returned?
S. Rahimzoda:
- I can tell that it is those USD 240 million in the form of deposit, which we have deposited in banks as security. Foreign banks pay for it 5% to us. Concerning the extension of credits to unprofitable farms I should note that those years such cases occurred but today we have moved to the new crediting mechanism and banks independently are engaged in an extension of credits. Now only farms, which can give a guarantee of high crop gathering, shall be credited. For today the contracts for 360 million somoni were concluded, 90 million somoni of which is given to farms. The National Bank of Tajikistan will not be engaged in crediting of agriculture in the future in accordance with new program.
Maarufi Boborajab, Correspondent of newspaper «Minbari Khalq»:
-The Majlisi Oli has adopted the Law on mortgage crediting yesterday. When does the system of mortgage crediting start to work and what are the intentions of the NBT in this respect?
S. Rahimzoda:
- Such type of crediting existed in the republic in practice, but available difficulties between creditors and debtors impeded its further development. Now, when this law is adopted and these relationships are simplified, the volume of crediting will increase. Today, in comparison with the beginning of the year the volume of given credits has increased in 2 times.
Zulfiqori Ismoiliyon, the Correspondent of Radio “Freedom”:
- You have agreed with figures and facts stated by the mass-media and have noted that they were competent. I hope, that you have read a cycle of materials of the English journalist Mr. John. He writes that the IMF has disclosed frauds about the aluminum problem, do you agree with his opinion?
Luc Moers:
- Concerning this article, I wish to note that I did not agree to his opinion. But concerning other articles in mass-media I have stated my opinion in the interview given to the newspaper "Asia-Plus" on some misunderstanding arising during provision of inaccurate information. There were published materials of different nature in mass-media. In my opinion, the information for readers concerning misreporting is adequate and exact.
S. Rahimzoda:
- If to analyze, it will be found out that given article has custom-made and political character. Yes, this material is custom-made, but it is charged with the person who is not competent in performance of such orders and does not own the information on economy of Tajikistan and operations effected by «TALKO».
Zulfiqori Ismoiliyon, Correspondent of Radio “Freedom”:
- The IMF declares that Tajikistan provided inaccurate information five times and received credits. Why it happens?
Luc Moers:
- Concerning that Tajikistan 6 times gave the inaccurate information - it is the truth, but not all cases have the same extent. I should note that it was small and time data for the previous moments. For this reason the IMF did not begin to demand pre-term repayment earlier.
Shamsiyai Qosim, Correspondent of Radio"BBC":
- Whether inaccurate information has been provided purposely? If it is not so, will someone or group of persons be made answerable?
S. Rahimzoda:
- The NBT has obtained the given credits and has transferred them to commercial banks and it will repay them itself. But the given credits are not so large that could affect the image of our republic negatively. As it is known, these credits have been directed on agriculture support. You know well the situation in agriculture. This branch needs in support of the Government. Unfortunately, we had no opportunity to support it and now we have no any opportunities for it. The attraction of foreign credits and their extension to farms was one of ways of their supporting. I should note that the NBT will not be engaged in similar activities further.
Abduazimi Abduvahhob, Correspondent of weekly journal «Nigoh»:
- As it is known, about 70 % of credits to cotton-growing branch concern one structure, which is the Joint-Stock Company NFO "CreditInvest". In your interview to the newspaper "Asia-Plus" you say that the NBT concerned its foundation. Will the foundation of such institution that supervises about 70 % of cotton market not contradict the antimonopoly legislation of Tajikistan?
S. Rahimzoda
- This credit institution has been founded in 2004. Till this time all credits were given through commercial banks. According to suggestion of international financial institutions in 2004 the extension of all credits to this branch has been transferred to one organization. The NBT only issues licenses for activity to similar institutions but does not concern their internal work, incomes and charges. Certainly, it is a high risk to direct such large funds through one organization. ..The aim of audit of the NBT is to determine the target of these charges.
Ismoil Qurbonov, Correspondent of Agency "Avesto":
- Tell please, will reserves of the NBT decrease?
S. Rahimzoda:
- The reserves of the National Bank of Tajikistan can decrease and increase. We daily deal with the market, daily we buy and we sell dollars and if the purchase sum exceeds the sale sum more than for 47 million dollars, naturally our reserves increase. If we consider that the exchange rate of somoni should rise we sell dollars. It depends on general economic policy.
Luc Moers:
- I completely support the opinion of S. Rahimzoda. Our assessment: the National Bank has enough reserves for repayment and the level of reserves can increase.
L. Isamova, Correspondent of Agency "RIA Novosti":
- How you explain a situation that recently the exchange rate in exchange offices is less for a lot than officially set by the National Bank though it was a lot more earlier?
S. Rahimzoda
: - The official exchange rate of national currency shall be set on the base of exchange rates which have been used at purchase and sale between banks on inter-bank market. On the inter-bank market often dollars are bought and sold by cashless settlement under contracts concluded in advance. If there is a contract between, for example, Tajprombank and Joint Venture “Zarafshon” on the base of which Tajprombank buys dollars from Joint Venture Zarafshon at official exchange rate the bank is forced to satisfy this condition and we take average value of purchase and sale of commercial banks. It is difficult for us to reduce an official exchange rate. It is reasonable that banks start to lose, reconsider their contracts. We have no strong influence on outside exchange rate. We can put on the market 500 thousand dollars cash today, sell it in the street and a dollar exchange rate will decrease, but it is not favorable to us, we lose. Therefore we went gradually while average value of exchange rate on the inter-bank market has not started to fall. Today the exchange rate of 1 US dollar is equal 3,4269 somoni.