Formation and development of monetary and capital market

The issue of “Formation and development of monetary and capital market” has been considered during the workshop on March 12-13, 2019 in the National Library of Tajikistan by the initiative of the Ministry of Finance of the Republic of Tajikistan in collaboration with the European Bank for Reconstruction and Development (EBRD), the National Bank of Tajikistan and representatives of ministries and departments and commercial banks.

During the workshop Majidi Yusuf Khairullo, Deputy Finance Minister of the Republic of Tajikistan and Ms. Ayten Rustamova, Head of Office European Bank of Reconstruction and Development in the Republic of Tajikistan have expressed their point of views on formation and development capital and securities markets in the Republic of Tajikistan, development of institutional, organizational and economic base for emission of state securities, also role, importance and problems of private enterprise in the development of capital market of Tajikistan.

In the course of the practical seminar, presentations on the topic of discussion were made by the representatives and experts of the EBRD, the Ministry of Finance of the Republic of Tajikistan and the National Bank of Tajikistan to the attention of participants.

During presentation on “Realization of reforms for transition of monetary policy to inflation targeting” Nigina Qurbonalieva, Acting Director of Monetary Policy, Research and Development Department of the National Bank of Tajikistan has introduced to the participants of workshop the Perspective of Monetary and Exchange Policy Strategy of the National Bank of Tajikistan for 2016-2020 and measures implemented within the frame of this strategy. It was noted that corresponding measures are taken by the National Bank of Tajikistan through standing realization of new institutional reform in the direction of extension of monetary policy possibilities modern mechanisms of regular operations and development of new mechanism of securities operations and on this regard improvement of liquidity management for development of interbank market, realization of communication strategy in the monetary policy and applied economic models for identification of monetary policy position. Realization of institutional reforms, development of mechanisms and extension of its effectiveness level primarily depends on short term interest rates of the money market and consequently on macroeconomic situation, level of aggregate demand and inflation rate, and stipulates for gradual creation of favourable conditions and stable ground for transition to realization of new monetary policy mode – inflation targeting. Mirhayot Yoqubov, Head of Open Market Operation Management of the National Bank of Tajikistan also has provided detailed explanation on interbank market infrastructure during presentation.

In the course of practical seminar, presentation on “Realization of monetary policy in the Republic of Tajikistan” was delivered by the responsible persons of the National Bank of Tajikistan for students of high schools that provided detailed information on goals and monetary policy mechanism achievement, and extensive and newsworthy discussion was held with students on theory and its practical application for realization of economic policy. It is worth to note that this seminar is one of planned events of the Communication Strategy of the National Bank of Tajikistan in the direction of monetary policy, and organization of seminars and trainings for students, scientists and researchers for monetary policy implementation process will continue in future.

At the end of seminar on “Formation and development of monetary and capital market in the Republic of Tajikistan: background, trends and realization of perspective on international practice” views were exchanged on extension of capital market in the country, using the practice of other countries, development of its sphere and realization of reform in legislation.

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NBT