Presentation of the Institutional Balanced Model of Transparency of Foreign Currency Flows of the National Processing Center for Remittances

On June 7, 2021, the new Institutional Balanced Model of Transparency of Foreign Currency Flows of the National Processing Center for Remittances was presented at the National Bank of Tajikistan under the leadership of the First Deputy Chairman of the National Bank of Tajikistan, Nuraliev Jamoliddin Kamolovich as well as with participation of NBT Deputy Chairmen Tolibzoda Firdavs and Nakhatzoda Mohbonu, heads of key structural divisions of the NBT and representatives of credit financial institutions.

At the beginning of presentation, First Deputy Chairman of National Bank of Tajikistan Jamoliddin Kamolovich briefly spoke about main tasks of the NBT, including ensuring institutional transparency and healthy competition in domestic foreign exchange market, maintaining balanced access to foreign currency. Jamoliddin Kamolovich emphasized that the purpose of developing and presenting this model is to enhance access, transparency and unified approach for all financial credit institutions, maintain the stability of the exchange rate of national currency in relation to foreign currencies, prevent potential currency risks, eliminate human factors, improve the performance of credit financial institutions in the international ratings, expanding non-cash payments and thereby reducing the share of cash in circulation, improving public access to banking services, increasing public confidence in banking services, increasing the financial literacy of population, promoting the development of banking system at a qualitatively new and modern level.

As noted by Mohbonu Nakhatzoda, Deputy Chairman of the NBT, this model will promote development of non-cash payments by increasing the number of transactions in the payment card market, increase the financial literacy of the population and, thus, expand the access, use and quality of financial services and ensure full financial inclusion of the population.

The staff of the International Reserves Management and Exchange Rate Policy Department of National Bank of Tajikistan gave a presentation on the new model, where they analyzed and discussed the issues of currency assets of financial institutions, eliminating the human factor while providing banking services, mitigating the consequences and reducing currency risks, and increasing the income of financial institutions, development of non-cash payments, decrease in demand for cash withdrawals, growth of card transfers, ensuring transparency, increasing savings and loan portfolios of financial institutions, strengthening anti-corruption measures, developing remote banking services, reducing AML/CFT/PFMDW risks, increasing public confidence in the banking system and improving the financial literacy of the population.

During the discussion, the First Deputy Chairman of the NBT brought attention of the financial institutions representatives to a number of important issues that would allow the model to create favorable conditions and push financial institutions towards a healthy model of banking services, change the vision and mission of the financial institutions in increasing the productivity of banking activities and increasing the development trend of non-cash payments, formation of protective buffers, reducing the vulnerability of financial institutions to external shocks, increasing their efficiency in the development of financial intermediation and, thus, to implement the strategy of their activities based on the analysis of consumers’ behavior.

The heads of financial credit institutions including Chairman of SSB "Amonatbank" of the Republic of Tajikistan Sirojiddin Ikromi, Chairman of Board of OJSC "Alif Bank" Abdullo Kurbonov, First Deputy Chairman of OJSC "Orienbank" Shuhrat Ismatulloev, Chairman of CJSC "Arvand" Shoira Sodiqova, CJSC MCDO "Humo" Firdavs Mayunusov participated in the meeting and received comprehensive answers to their questions about the application of the new model and have expressed their opinions and suggestions to make it more attractive.

Summing up the results of the meeting, First Deputy Chairman of National Bank of Tajikistan Jamoliddin Kamolovich Nuraliev had concluded: “It's time for financial institutions to use all available opportunities to implement transparent mechanism that excludes human factor influence in the system. We must strive to improve financial performance, conduct independent activities and thus gain public confidence, improve the quality of services and increase public access to financial services."


Press Division