Based on recommendations received from International Monetary Fund and within the bounds of Matrix of the World bank (Development Policy Financing in the Republic of Tajikistan) with support of the technical assistance from the World bank, the Financial Stability Committee (the Committee) as advisory body has been established under the Board of National bank of Tajikistan (№27 as of 01. 03. 2016). Activity of the Committee according to the current legislation and its Regulation is directed on maintenance of stability of the financial system, implementation of effective macroprudential policy and improvement of credit financial organizations activity.

The composition of the Committee includes: the First Deputy Chairman of the National Bank of Tajikistan - Chairman of the Committee, and Deputy Chairman of the National Bank of Tajikistan, supervising Banking Supervision Department – Deputy Chairman of the Committee and 8 other members. Members of the Committee are heads of the structural divisions whose activity is related to stability of the financial system, regulation and supervision of activity of credit financial organizations and realization of a monetary policy.

The Committee meetings are hold once in a quarter. In needed cases (crisis situations) the Committee based on the instructions of Chairman of the Committee (or Deputy Chairman) taking into account assessment of a current situation of financial system or upon the request of one of members of the Committee can invite extraordinary meetings.

The Committee has following functions in accordance with its Regulation:

1.   Analysis of macroeconomic and financial system stance of the country and the world, with the view of consideration and prevention of emerging risks;

2.   Consideration of given recommendations concerning implementation of possible measures of macroprudential policy (on the base of analyses and periodic reports) and system risks assessment;

3.   Consideration of the results on implementation of macroprudential policy measures;

4.   Consideration of the results on regulation and supervision of activity of credit financial organizations;

5.   Coordination of the Committee`s actions with primary directions of the monetary policy projection and banking supervision;

6.   Facilitation of information sharing activity among financial system sectors and structural divisions of the National Bank of Tajikistan;

7.   Realisation of activity for overcoming financial stability problems in coordination with Individual Deposit Insurance Fund and other supervising bodies of sectors of the financial system.

Additionally, the Committee with the purpose of submitting recommendations to the Board of National bank of Tajikistan (for consideration) can conclude on issues related to reduction of financial system vulnerability, maintenance of financial stability in systemic financial credit organisations, setting of additional requirements to financial credit organizations with high level of risk and also on improvement of standard legal acts.