News archive
29.01.2014
Short macroeconomic review and activity of banking system of Tajikistan for 2013
The results of activity of the National Bank of Tajikistan and banking system of the country in 2013, implementation of monetary policy, development of banking system, inflation rate, payment system, increase of deposits, exchange rate of national currency and other important issues of the branch have been discussed in press-conference of the National Bank of Tajikistan which was held in the Republican Press-centre on January 29 for domestic and foreign journalists.
As Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan has noted that in 2013 in view of decrease of inflationary pressure and external influence on economy, macroeconomic indicators and banking system of the country has kept the stable tendency.
Gross Domestic Product (GDP) in 2013 has reached to TJS 40,5 billion, but its real growth in comparison with previous year has made 7,4 %(for information, per head must be TJS 5000,6 or USD 1014).
Inflation.
The chairman of the National Bank of Tajikistan has noted that according to the data of the Statistic Agency under the President of the Republic of Tajikistan in 2013 the inflation rate has made 3,7 % that in comparison with the previous year is less by 2,7 percentage points. The occurred inflation mainly has been caused by a rise in prices for foodstuffs on 3,2%, non-foodstuffs on 6,1% and services on 0,8%.
In reporting year reduction of prices for first grade flour (11,7%), which has most volume weight in market basket (14,7%), directly promoted the decrease of inflation rate for food products.
Also, Mr. A. Shirinov has noted that in comparison with beginning of the year was observed the reduction of price on non-food products such as benzene and liquefied gas on 14,3% and 6,9% accordingly. (For informational purposes: according to the statistical data of the World Bank, at the end of 2013 price for wheat in the world markets have decreased on 16,2% and oil prices has increased on 0,9%).
According to analyses of the National Bank of Tajikistan the rate of core inflation for 2013 (without influence of external, seasonal and administrative factors) has made 1,3 %, that in comparison with previous year is less on 1,2 percentage points.
Rate of national currency.
During the press-conference was noted, that the official rate of national currency in for this period had stable tendency, and was changed in relation to US dollar 4,7644 till 4,7741 or 0,2% (in 2012 by 0,1%).
Trade balance
The foreign trade turnover for the previous period has made USD 5,3 billion, having increased in comparison with previous year on 2,9%. The volume of export has decreased by 14,4%, having reached to USD 1,2 billion and import volume has increased by 9,1% and has made USD 4,1 billion. The deficit of balance of trade has made USD 2,9 billion, that in comparison with previous year is more on 22,3%.
In 2013 with a view of macroeconomic situation and for purposes of maintenance of stable level of money supply the National Bank of Tajikistan has continued balanced monetary policy, aimed to moderate growth of money supply, stability of national currency, maintenance of banking system activities of the country and maintenance of low inflation.
Mr. A. Shirinov particularly noted that for purposes of maintenance of stable level of money supply it was used monetary instrument effectively, such as refinancing rate, credit extension for maintenance liquidity, operation in open and interbank currency market.
Particularly, in 2013 with a view of decrease of inflationary pressure the refinancing rate was gradually decreased from 6,5 to 5,5%. Legal reserve requirement for liquidity of the banking system, support of real sector of economy and crediting growth sector was unchanged (for local-currency deposit has made 5,0% and for foreign-currency deposit-7,0%).
Interest rate on loans which are issued by the National Bank of Tajikistan for maintenance liquidity of the credit institutions was decreased due to reduction of the average weighted interest rate of interbank loans from 18,0% to 17,3%.
The volume of reserve money, which is considered program indicator at the end of reporting year has made TJS 5,3 billion, that with the same period of previous year is more on 18,2%.
The volume of cash in circulation has made TJS 4,5 billion, from which TJS 28,7 million makes metallic coins. In reporting period it was issued cash for TJS 2,0 billion and TJS 850,5 million are shabby and non payment bill are withdrawn from circulation.
Also, it has been noticed that the number of credit institutions at the end of the reporting year has reached to 137 units, including 16 banks, 1 non-bank credit institutions, 39 micro credit deposit institutions, 42 micro-lending institutions, 39 micro-lending funds and 398 branches.
In this period the number of banks has not changed, but number of micro financial institutions has decreased for 5 units. The branch of credit institutions in comparison with previous year has increased for 72 units.
During reporting year in the republic it was registered 1426 exchange offices of the credit institutions and individuals that in comparison with the beginning of the year are more on 202 units. Also, functions 1329 service point of money transfer that in comparison with beginning of year is more on 427unit.
According to the Chairman of the National Bank of Tajikistan one of the main achievements in a banking system is the beginning of activity of credit bureau in previous year; thanks to report of Enterprise activity (Doing business) the rating of Tajikistan estimated with due of access capability to lending resource was increased by 23 lines.
Also, during the reporting period through the banking system from foreign countries have been involved long-term loan amounting to USD 136,7 million, that in comparison with previous year is more on USD 57,5 million.
Also, the National Bank of Tajikistan and JSC “Bank Eskhata” in 2013 according to established by legislation of the Russian Federation were included with participant of currency market of the Moscow stock exchange.
Deposits
Mr. A. Shirinov during the press conference underlined that increase in volume of deposit in 2013 in comparison with beginning of the year has made 11,9%, reached to TJS 5,5 billion. The share of deposits in national and foreign currencies in structure of the total balance of deposits in 2013 have made 32,0 and 68,0% accordingly. At the same time volume of the rest deposits in comparison with previous year in national currency has increased to 9,5% in foreign currency 13,0%.
It is necessary to point out that in this period deposit of individuals have increased by 24,3% and have made TJS 3,7 billion.
The average weighted interest rate of time deposits in national currency has made 15,7%, in foreign currency-11,7% that in comparison with 2012 in national currency has increased on 0,03% percentage point, in foreign currency has decreased by 1,1 percentage point.
Loans.
It should be noted that total balances of loans of banking system has increased on 38,9 %,and at the end of reporting year reached to TJS 7,5 billion. Including, 40,5 % in national currency and 59,5% in foreign currency.
The volume of issued loans for this period has made TJS 8,9 billion that in comparison with the previous year is more on 26,4%. The volume of repaid loans reached to TJS 6,7 billion.
The average weighted interest rate in national currency has made 23,9%, in foreign currency-23,5%, that in comparison with 2012 in national currency is more on 3,4 percentage point, in foreign currency is less on 0,7 percentage point.
The volume of microcredit for this period has increased to 50,0% having made TJS 4,7 billion. Particularly, in the remote mountain regions of the country was issued micro credits at the rate of TJS 898, 9 million, that in comparison with previous year is more on 41,6%.
Payments system
Mr.A. Shirinov has noted that the total quantity of payments in the republic in this period has increased by 31,4% and has reached 31,8 million units. The total amount of payments has made TJS 459,4 billion, having increased in comparison with previous year on 48,7 %.
In reporting period in the republic functioned 13 banks – emitters of payment cards, that in comparison with previous year is more on 41,2%. The number of holder of the payment cards reached to 745559 person, that in comparison with previous year is more on 43,2%.
At the same time, in 2013 quantity of ATMs has made 548 units, providing of cash for 739 unit and ATMs in trade and service supply to 343 unit, that in comparison with 2012 is more than 119 units, 251 units and 78 units accordingly.
In this period banking account of the clients has made 1558 units, that in comparison with 2012 is more on 388,0 thousand units or 33,2%.
During the final part of press-conference which is continued more than hour and lasted in the interesting atmosphere, foreign and local journalists have received the recent news and received precise answers to the questions concerning banking system, price rises in the world and domestic market, volume of foreign reserves of the country, results of activities of the National Bank of Tajikistan in “Kont” bank, inflation rate, incoming remittance of labor migrants, issues of exchange offices, attraction of foreign investments into the economy of the country, procedures of withdrawing of warn banknotes, usage of payment cards, 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 that in 2013 in view of decrease of inflationary pressure and external influence on economy, macroeconomic indicators and banking system of the country has kept the stable tendency.
1. Macroeconomic indicators
Gross Domestic Product (GDP) in 2013 has reached to TJS 40,5 billion, but its real growth in comparison with previous year has made 7,4 %(for information, per head must be TJS 5000,6 or USD 1014).
Inflation.
The chairman of the National Bank of Tajikistan has noted that according to the data of the Statistic Agency under the President of the Republic of Tajikistan in 2013 the inflation rate has made 3,7 % that in comparison with the previous year is less by 2,7 percentage points. The occurred inflation mainly has been caused by a rise in prices for foodstuffs on 3,2%, non-foodstuffs on 6,1% and services on 0,8%.
In reporting year reduction of prices for first grade flour (11,7%), which has most volume weight in market basket (14,7%), directly promoted the decrease of inflation rate for food products.
Also, Mr. A. Shirinov has noted that in comparison with beginning of the year was observed the reduction of price on non-food products such as benzene and liquefied gas on 14,3% and 6,9% accordingly. (For informational purposes: according to the statistical data of the World Bank, at the end of 2013 price for wheat in the world markets have decreased on 16,2% and oil prices has increased on 0,9%).
According to analyses of the National Bank of Tajikistan the rate of core inflation for 2013 (without influence of external, seasonal and administrative factors) has made 1,3 %, that in comparison with previous year is less on 1,2 percentage points.
Rate of national currency.
During the press-conference was noted, that the official rate of national currency in for this period had stable tendency, and was changed in relation to US dollar 4,7644 till 4,7741 or 0,2% (in 2012 by 0,1%).
Trade balance
The foreign trade turnover for the previous period has made USD 5,3 billion, having increased in comparison with previous year on 2,9%. The volume of export has decreased by 14,4%, having reached to USD 1,2 billion and import volume has increased by 9,1% and has made USD 4,1 billion. The deficit of balance of trade has made USD 2,9 billion, that in comparison with previous year is more on 22,3%.
Monetary policy of the National Bank of Tajikistan
In 2013 with a view of macroeconomic situation and for purposes of maintenance of stable level of money supply the National Bank of Tajikistan has continued balanced monetary policy, aimed to moderate growth of money supply, stability of national currency, maintenance of banking system activities of the country and maintenance of low inflation.
Mr. A. Shirinov particularly noted that for purposes of maintenance of stable level of money supply it was used monetary instrument effectively, such as refinancing rate, credit extension for maintenance liquidity, operation in open and interbank currency market.
Particularly, in 2013 with a view of decrease of inflationary pressure the refinancing rate was gradually decreased from 6,5 to 5,5%. Legal reserve requirement for liquidity of the banking system, support of real sector of economy and crediting growth sector was unchanged (for local-currency deposit has made 5,0% and for foreign-currency deposit-7,0%).
Interest rate on loans which are issued by the National Bank of Tajikistan for maintenance liquidity of the credit institutions was decreased due to reduction of the average weighted interest rate of interbank loans from 18,0% to 17,3%.
The volume of reserve money, which is considered program indicator at the end of reporting year has made TJS 5,3 billion, that with the same period of previous year is more on 18,2%.
The volume of cash in circulation has made TJS 4,5 billion, from which TJS 28,7 million makes metallic coins. In reporting period it was issued cash for TJS 2,0 billion and TJS 850,5 million are shabby and non payment bill are withdrawn from circulation.
Development of banking system
Also, it has been noticed that the number of credit institutions at the end of the reporting year has reached to 137 units, including 16 banks, 1 non-bank credit institutions, 39 micro credit deposit institutions, 42 micro-lending institutions, 39 micro-lending funds and 398 branches.
In this period the number of banks has not changed, but number of micro financial institutions has decreased for 5 units. The branch of credit institutions in comparison with previous year has increased for 72 units.
During reporting year in the republic it was registered 1426 exchange offices of the credit institutions and individuals that in comparison with the beginning of the year are more on 202 units. Also, functions 1329 service point of money transfer that in comparison with beginning of year is more on 427unit.
According to the Chairman of the National Bank of Tajikistan one of the main achievements in a banking system is the beginning of activity of credit bureau in previous year; thanks to report of Enterprise activity (Doing business) the rating of Tajikistan estimated with due of access capability to lending resource was increased by 23 lines.
Also, during the reporting period through the banking system from foreign countries have been involved long-term loan amounting to USD 136,7 million, that in comparison with previous year is more on USD 57,5 million.
Also, the National Bank of Tajikistan and JSC “Bank Eskhata” in 2013 according to established by legislation of the Russian Federation were included with participant of currency market of the Moscow stock exchange.
Deposits
Mr. A. Shirinov during the press conference underlined that increase in volume of deposit in 2013 in comparison with beginning of the year has made 11,9%, reached to TJS 5,5 billion. The share of deposits in national and foreign currencies in structure of the total balance of deposits in 2013 have made 32,0 and 68,0% accordingly. At the same time volume of the rest deposits in comparison with previous year in national currency has increased to 9,5% in foreign currency 13,0%.
It is necessary to point out that in this period deposit of individuals have increased by 24,3% and have made TJS 3,7 billion.
The average weighted interest rate of time deposits in national currency has made 15,7%, in foreign currency-11,7% that in comparison with 2012 in national currency has increased on 0,03% percentage point, in foreign currency has decreased by 1,1 percentage point.
Loans.
It should be noted that total balances of loans of banking system has increased on 38,9 %,and at the end of reporting year reached to TJS 7,5 billion. Including, 40,5 % in national currency and 59,5% in foreign currency.
The volume of issued loans for this period has made TJS 8,9 billion that in comparison with the previous year is more on 26,4%. The volume of repaid loans reached to TJS 6,7 billion.
The average weighted interest rate in national currency has made 23,9%, in foreign currency-23,5%, that in comparison with 2012 in national currency is more on 3,4 percentage point, in foreign currency is less on 0,7 percentage point.
The volume of microcredit for this period has increased to 50,0% having made TJS 4,7 billion. Particularly, in the remote mountain regions of the country was issued micro credits at the rate of TJS 898, 9 million, that in comparison with previous year is more on 41,6%.
Payments system
Mr.A. Shirinov has noted that the total quantity of payments in the republic in this period has increased by 31,4% and has reached 31,8 million units. The total amount of payments has made TJS 459,4 billion, having increased in comparison with previous year on 48,7 %.
In reporting period in the republic functioned 13 banks – emitters of payment cards, that in comparison with previous year is more on 41,2%. The number of holder of the payment cards reached to 745559 person, that in comparison with previous year is more on 43,2%.
At the same time, in 2013 quantity of ATMs has made 548 units, providing of cash for 739 unit and ATMs in trade and service supply to 343 unit, that in comparison with 2012 is more than 119 units, 251 units and 78 units accordingly.
In this period banking account of the clients has made 1558 units, that in comparison with 2012 is more on 388,0 thousand units or 33,2%.
During the final part of press-conference which is continued more than hour and lasted in the interesting atmosphere, foreign and local journalists have received the recent news and received precise answers to the questions concerning banking system, price rises in the world and domestic market, volume of foreign reserves of the country, results of activities of the National Bank of Tajikistan in “Kont” bank, inflation rate, incoming remittance of labor migrants, issues of exchange offices, attraction of foreign investments into the economy of the country, procedures of withdrawing of warn banknotes, usage of payment cards, money supply in circulation and safety ensuring of deposit of population.
Press-service
NBT