New operation mechanisms of monetary policy of the National Bank of Tajikistan will be implemented

The National Bank of Tajikistan with the view of efficient realization of monetary policy, regulation of operational goals, liquidity level management in the banking system and short-term rates of interbank market consolidates operation mechanisms.

Including, with the purpose of increasing of monetary mechanisms effectiveness and increment of attractiveness of terms and methods of operation completion - the mechanism of attraction of short-term deposits of credit institutions through auctions is implemented.

This monetary mechanism is implemented on the base of Instruction №226 “On performance of short-term deposit operations with national currency by the National Bank of Tajikistan” by the minimal interest rate from the refinancing rate +2 percentage points and for one-year, and the first auction will be held on October 24, 2018 through ”Thomson Reuters” electronic system. In the frame of the given mechanism the credit institutions by participation in the short-term deposit auctions can save their disposable funds with the National Bank of Tajikistan.

At the same time for the development of monetary operations, enhancement of access to short-term liquidities, encouragement and promotion of credit institution in credit auctions, further engagement of credit institution’s deposits on case of participation in NBT’s credit auctions as a debt security will be implemented on full coefficient.

It is worth to note that the National Bank of Tajikistan with the view of liquidity support of credit institutions and maintenance of monetary policy efficiency according to modern international practices will held short-term refinancing operations, including over-night and intra-day credits, and credit auctions. Application of monetary policy operation tools within credit institutions enables to secure ones needs to short-term credits closer to refinancing rate and with interests lower than market-based rates. And alternatively, in case of temporary increase of liquidity credit institutions can participate in over-night credit operations and in securities auctions of the National Bank of Tajikistan with interest rates related to refinancing rates.

Monetary Policy, Research and Development Department