Consideration of efficiency of monetary policy realization in banking system

On April 26, 2019 the meeting on efficiency of monetary policy realization in the banking system was held with participation of NBT Management, chief executive officers and cashiers of credit institutions of the country in the National Bank of Tajikistan.

Management and analysis of effects of possible risks depending on world complex geopolitical situation to banking system of the Republic was a major issue that the participants have showed interest and discussed during the meeting. Also, the state of national currency and foreign exchange rate, methods of maintenance of its stability in the current year has been analyzed during the meeting.

Jamshed Nurmahmadzoda, Chairman of the National Bank of Tajikistan analyzing the Core Indicators of the Banking System for 2018 in his speech, has noted about improvement in quality of Debt Portfolio and reduction of NPL share in it, increase of deposits and improvement of the system’s situation in the 1st a quarter of 2019. It was mentioned that GDP increase in the 1st quarter of the current year against the same period of 2018 has improved, and inflation has been maintained within the frame of specified indicators.

Jamoliddin Nuraliev, First Deputy Chairman has addressed the meeting on exchange rate policy in the country, proper and efficient realization of monetary policy and relatively in compliance with specified requirements estimated important. In particular, he noted that prevention of possible risks following specified requirements, improvement of level and quality of services, non-admission of corruption factors and removal of artificial obstacles in the system, efficient realization of monetary and exchange rate policy with possibility of use of modern banking tools, and through it providing of social services for the favor of population is important.

Subsequently, detailed information in the form of presentation on “Discussion and consideration of efficient realization of monetary policy in the banking system” was made for participants by responsible officers of International Reserves Management and Exchange Rate Policy Department of the National Bank of Tajikistan, where the Core Macroeconomic Indicators for 2018, change trend of structural units of credit institutions, change of national currency rate against foreign currency in main trade partner countries and situation of remittances service market were analyzed and considered.

It is worth to note that in the direction of national currency’s stability against foreign currency, prevention of possible exchange risks with the view of influence of external factors and possibility of rise of seasonal positions and on this base providing favorable conditions for population in the direction of banking system servicing, and by this mean building of public trust to banking system, development of branches net and banking service centers in regions, compliance to current requirements detailed instructions were provided to chief executive officers and cashiers of credit institutions participating in the meeting by the Management of the National Bank of Tajikistan.

Press Division
NBT