News archive
20.07.2012
Results of activity of banking system of Tajikistan for the first half of 2012
The results of activity of the National Bank of Tajikistan, banking system, implementation of monetary policy, inflation rate, deposits, development of banking system, exchange rate of national currency and other most important issues of the branch have been discussed at the next press-conference of the National Bank of Tajikistan, taken place on July 20 of current year in the Republican Press-centre for domestic and foreign journalists.
As Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan has noted to journalists, the analysis of macroeconomic situation and activity of banking system of the country for the first half of 2012 has shown that in connection with the increase of inflationary pressure, influence of external factors has been observed stable economy growth of the country and banking system, that main macroeconomic indicators characterized as following:
Gross Domestic Product (GDP). For the reporting period the volume of GDP has reached TJS 13,8 billion and its real growth has made 7,4 % in comparison with the same period of previous year. It should be noted that Executive Board of the International Monetary Fund (IMF) has finished sixth review of economic indicators of Tajikistan under the program of “Extended Financing Facility”, having highly appreciated republic achievements at the next session which has taken place in the beginning of May of current year.
Inflation. According to the data of the Agency on Statistics under the President of the RT, for the first half of current year the inflation rate has made 2,5 % that concerning the similar period of last year is less to 4,6%.
A.Shiriniv has noted that an increase has occurred basically due to rise in prices for the paid services -12,6%, non-food products – 3,9% and reduction of prices on foodstuffs – 0,5%.
The annual inflation (for last 12 months) for this period has made 4,6% that in comparison with the same period of last year is less on 9,9%. This reduction is caused basically for the account of decrease of prices on imported goods and stability of prices for transport services. (For information: according to the statistical data of the World Bank, an average price for vegetable oils in the world markets has decreased in comparison with the same period of previous year to 45,8 %, wheat to 18,1 % and but oil has increased to 39,3 %).
According to analyses made by the National Bank of Tajikistan the rate of core inflation for the first quarter (without influence of external, administrative and seasonal factors) has made 1,4 %.
Exchange rate of Somoni in relation to US dollar for this period has decreased by 0,1 %.
Trade balance. The foreign trade turnover for the first half has made USD 2429,2 million and it has increased against the last year to 9,7%. In particular, the export volume has decreased to 2,5%, having reached USD 669,6 million and volume of import has increased to 15,1% and has made USD 1759,6 million. The deficit of trade balance has made USD 1090,0 million that in comparison with the first half of last year is more for 29,6 %.
As it was underlined by the A. Shirinov, Chairman of the National Bank of Tajikistan that during six months the National Bank of Tajikistan for stabilizing money supply in circulation has been implemented monetary policy effective using cash instrument. Including, for this period due to growth of inflationary pressure the refinancing rate has been decreased from 9,8% to 8,0% per annum.
Also with a view of providing of liquidity of banking system, support of real sector of economy and assistance to growth of crediting for deposits in national currency has been lowered on 2,0 % and for deposits in a foreign currency on 1,0 % and has been established at level of 5,0 % and 8,0 % annual accordingly.
The volume of reserve money as a program indicator as of June 30 of this year has made TJS 3899,3 million and having increased in comparison with the same date of previous year to 1,8 % and against same period of last year on 24,8% (TJS 774,4 million).
The cash volume in circulation has made TJS 3,1 billion, TJS 23,7 million of which make metal coins. For the reporting period it was issued TJS 434,2 million and TJS 284,4 million of shabby and unsuitable banknotes have been withdrawn from circulation. 3. Development of banking system
The number of credit institutions for the reporting period has reached 142 units including 16 banks, 2 non-bank credit institutions, 33 micro credit deposit institutions, 45 micro-lending institutions, 46 micro-lending funds.
Deposits. It should be noted that an increase in deposits for the first half has made 22,2 % in compare to last year and has reached TJS 4,6 billion. Deposits of individuals have increased to 37,4 % and have made TJS 2,7 billion.
The average weighted interest rates of time deposits in national currency has made 15,9%, in foreign currency – 13,5 %. In comparison with the first half of last year the average weighted interest rates of time deposits in national currency has decreased by 0,4% and in foreign currency to 1,7%.
Loans. Total balances of loans of banking system for the reporting period has increased to 4,2 %, having made TJS 4,6 billion. From this 39,8% consists of loans in national currency and 60,2% in foreign currency. The volume of issued loans for this period has made TJS 2,9 billion that in comparison of first half of previous year is less on 10,2%.
During interesting conversation it has been noted that an average weighted interest rate of loans to individuals makes 399 days and to legal entities it makes 393 days. The average weighted interest rate of loans issued in national currency has made 20,1%, in foreign currency – 24,3% and in comparison with the first half of previous year average interest rate of loans issued in national currency has decreased to 3,0% and in foreign currency it is increased to 1,6%.
For this period the amount of issued small loans has increased in compare to the previous year to 28,7%, having made TJS 1,5 billion.
Payments system. The total quantity of payments in the republic during first half has increased to 64,8% and has reached 10,8 million units. The total amount of payments has made TJS 140,5 billion, having increased in comparison with first half of previous year to 110,4 %
For this period in the republic functioned 9 banks – emitters of plastic cards, they issued 463 326 units of payment cards, an increase makes 2,1 times. Besides, for the reporting period it was observed significant increase in quantity of ATMs for 390 units, cash issuing offices for 461 units and points of sale for 217 units in compare to the same period of previous year more then 100 units (34,5%), 203 units (78,7%) and 104 units (92,0%) accordingly.
During the final part of press-conference, which also lasted in the interesting atmosphere, foreign and local journalists have received precise answers to the questions concerning banking system, the volume of foreign reserves of the country, incoming remittance of labor migrants , attraction of foreign investments into the economy of the country, growth in prices in world markets, rate of inflation, issues and procedures of withdrawing of shabby banknotes from the circulation, money supply in circulation and safety ensuring of deposit of population.
Press-service
NBT
As Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan has noted to journalists, the analysis of macroeconomic situation and activity of banking system of the country for the first half of 2012 has shown that in connection with the increase of inflationary pressure, influence of external factors has been observed stable economy growth of the country and banking system, that main macroeconomic indicators characterized as following:
1. Macroeconomic indicators
Gross Domestic Product (GDP). For the reporting period the volume of GDP has reached TJS 13,8 billion and its real growth has made 7,4 % in comparison with the same period of previous year. It should be noted that Executive Board of the International Monetary Fund (IMF) has finished sixth review of economic indicators of Tajikistan under the program of “Extended Financing Facility”, having highly appreciated republic achievements at the next session which has taken place in the beginning of May of current year.
Inflation. According to the data of the Agency on Statistics under the President of the RT, for the first half of current year the inflation rate has made 2,5 % that concerning the similar period of last year is less to 4,6%.
A.Shiriniv has noted that an increase has occurred basically due to rise in prices for the paid services -12,6%, non-food products – 3,9% and reduction of prices on foodstuffs – 0,5%.
The annual inflation (for last 12 months) for this period has made 4,6% that in comparison with the same period of last year is less on 9,9%. This reduction is caused basically for the account of decrease of prices on imported goods and stability of prices for transport services. (For information: according to the statistical data of the World Bank, an average price for vegetable oils in the world markets has decreased in comparison with the same period of previous year to 45,8 %, wheat to 18,1 % and but oil has increased to 39,3 %).
According to analyses made by the National Bank of Tajikistan the rate of core inflation for the first quarter (without influence of external, administrative and seasonal factors) has made 1,4 %.
Exchange rate of Somoni in relation to US dollar for this period has decreased by 0,1 %.
Trade balance. The foreign trade turnover for the first half has made USD 2429,2 million and it has increased against the last year to 9,7%. In particular, the export volume has decreased to 2,5%, having reached USD 669,6 million and volume of import has increased to 15,1% and has made USD 1759,6 million. The deficit of trade balance has made USD 1090,0 million that in comparison with the first half of last year is more for 29,6 %.
2. Monetary policy
As it was underlined by the A. Shirinov, Chairman of the National Bank of Tajikistan that during six months the National Bank of Tajikistan for stabilizing money supply in circulation has been implemented monetary policy effective using cash instrument. Including, for this period due to growth of inflationary pressure the refinancing rate has been decreased from 9,8% to 8,0% per annum.
Also with a view of providing of liquidity of banking system, support of real sector of economy and assistance to growth of crediting for deposits in national currency has been lowered on 2,0 % and for deposits in a foreign currency on 1,0 % and has been established at level of 5,0 % and 8,0 % annual accordingly.
The volume of reserve money as a program indicator as of June 30 of this year has made TJS 3899,3 million and having increased in comparison with the same date of previous year to 1,8 % and against same period of last year on 24,8% (TJS 774,4 million).
The cash volume in circulation has made TJS 3,1 billion, TJS 23,7 million of which make metal coins. For the reporting period it was issued TJS 434,2 million and TJS 284,4 million of shabby and unsuitable banknotes have been withdrawn from circulation. 3. Development of banking system
The number of credit institutions for the reporting period has reached 142 units including 16 banks, 2 non-bank credit institutions, 33 micro credit deposit institutions, 45 micro-lending institutions, 46 micro-lending funds.
Deposits. It should be noted that an increase in deposits for the first half has made 22,2 % in compare to last year and has reached TJS 4,6 billion. Deposits of individuals have increased to 37,4 % and have made TJS 2,7 billion.
The average weighted interest rates of time deposits in national currency has made 15,9%, in foreign currency – 13,5 %. In comparison with the first half of last year the average weighted interest rates of time deposits in national currency has decreased by 0,4% and in foreign currency to 1,7%.
Loans. Total balances of loans of banking system for the reporting period has increased to 4,2 %, having made TJS 4,6 billion. From this 39,8% consists of loans in national currency and 60,2% in foreign currency. The volume of issued loans for this period has made TJS 2,9 billion that in comparison of first half of previous year is less on 10,2%.
During interesting conversation it has been noted that an average weighted interest rate of loans to individuals makes 399 days and to legal entities it makes 393 days. The average weighted interest rate of loans issued in national currency has made 20,1%, in foreign currency – 24,3% and in comparison with the first half of previous year average interest rate of loans issued in national currency has decreased to 3,0% and in foreign currency it is increased to 1,6%.
For this period the amount of issued small loans has increased in compare to the previous year to 28,7%, having made TJS 1,5 billion.
Payments system. The total quantity of payments in the republic during first half has increased to 64,8% and has reached 10,8 million units. The total amount of payments has made TJS 140,5 billion, having increased in comparison with first half of previous year to 110,4 %
For this period in the republic functioned 9 banks – emitters of plastic cards, they issued 463 326 units of payment cards, an increase makes 2,1 times. Besides, for the reporting period it was observed significant increase in quantity of ATMs for 390 units, cash issuing offices for 461 units and points of sale for 217 units in compare to the same period of previous year more then 100 units (34,5%), 203 units (78,7%) and 104 units (92,0%) accordingly.
During the final part of press-conference, which also lasted in the interesting atmosphere, foreign and local journalists have received precise answers to the questions concerning banking system, the volume of foreign reserves of the country, incoming remittance of labor migrants , attraction of foreign investments into the economy of the country, growth in prices in world markets, rate of inflation, issues and procedures of withdrawing of shabby banknotes from the circulation, money supply in circulation and safety ensuring of deposit of population.
Press-service
NBT