Lowered legal reserve requirement for credit institutions

For the purpose of supporting of real sector of economy, by the Decision of the Board of the National Bank of Tajikistan the legal reserve requirement of credit institutions deposited in the National Bank of Tajikistan has been lowered in national currency on 0,5 percentage points and in foreign currency on 1,0 percentage point and established at the level of 1,5 % and 7,0 % per annum, accordingly.

In this document underlined that the legal reserve requirement will be lowered only for those credit institutions which observe prudential standards of the National Bank of Tajikistan.

According to this document the means received due to decrease of the legal reserve requirement should be used for credit settlement of the credit institutions which have received from the National Bank of Tajikistan short-term loans for liquidity maintenance.

At the same time, means which will be received due to decrease of legal reserve requirement, credit institutions should direct loans for real sectors of national economy.

According to the Decision all settlements in banking system, connected with legal reserve requirement will be carried out from October 1, 2015 in accordance with this document.

Other Decision of the Board of the National Bank of Tajikistan for the purpose of maintenance of effective monetary policy, stability of macroeconomic and financial indicators of the country, interest rates on loans which issued by the National Bank of Tajikistan to the credit institutions for liquidity in national and foreign currencies have been lowered on 1,17 percentage points and established at the level of 17,5 % per annum.

It should be noted that decrease in interest rate on loans for maintenance of credit institutions liquidity at present time is timely and promotes maintenance of banking system, especially real sector.

Press-service  
NBT