Meeting of Tolibzoda Firdavs Deputy Chairman of NBT with ADB delegation

On October 18, 2021, Deputy Chairman of the National Bank of Tajikistan Tolibzoda Firdavs Nazrimad held a meeting with Asian Development Bank (ADB) delegation.

First of all ,Tolibzoda Firdavs Deputy Chairman of NBT thanked the ADB delegation for its support in providing technical assistance under the Financial Sector and Tax Management Improvement Program. He noted that technical assistance will cover the areas of banking supervision, insurance market development, and consumerrights protection of financial services, regulation and Islamic banking supervisionand will contribute to successful implementation of indicative measures of the program.

Mr. Yuji Miyaki, ADB Public Management Specialist expressed his satisfaction with the level of mutually beneficial cooperation and while talking about reforms implemented in the banking system of Tajikistan said that ADB fully supports priority development areas of the Republic of Tajikistan.

In this regard, upon the request of the National Bank of Tajikistan, ADB hired four international consultants, who were introduced by ADB Representative Yuji Miyaki during the interim meeting. International consultants, including banking supervision specialist Otar Nadaraya, insurance supervision specialist Rodolfo Verhan, consumer rights protection specialist Artur Dimas and Islamic finance specialist Aida Osman, expressed their readiness to work with the National Bank of Tajikistan.

Tolibzoda Firdavs Deputy Chairman of NBT and ADB Representative Yuji Miyaki expressed hope that consultants with international experience in cooperation with the National Bank of Tajikistan will succeed in implementing joint projects and further reforms, thereby making a valuable contribution to the development of banking system of Tajikistan.

During the meeting, the parties, within the framework of technical assistance, also discussed issues of revising the current regulatory framework for regulation and supervision in the banking sector, developing and implementing new guidelines, conducting capacity building trainings and seminars, especially in the field of Islamic banking. Moreover, partiesalso discussed such matters as insurance systemallocation, development of new forms of financial reporting based on international standards and their digitization, drafting of legal acts on actuarial calculations, process of using indicators to determine insurance marketfinancial stability, conducting consultations for insurance companies in consumer rights protection area; establishment of financial ombudsman institution in the Republic of Tajikistan and development of a strategic document.

At the end of the meeting, Deputy Chairman of the National Bank of Tajikistan Firdavs Tolibzoda thanked the ADB delegation for constant cooperation with the National Bank of Tajikistan and expressed confidence in further expansion of cooperation in various sectors of economy, including banking system.

It is worth mentioning, that the interim meeting was also attended by Muhammadi Boboev, economist of ADB Resident Mission in the Republic of Tajikistan and heads of relevant departments of the NBT.

Press Division