20.01.2011

Brief Macroeconomic Review and Results of Activity of Banking System of Tajikistan for 2010

In 2010 as a result of undertaken additional anti-recessionary measures the tendency of stable growth of pre-crisis level of economy and banking system of the country was ensured, basic indicators of which are states as follows:  1. Macroeconomic indicators  GDP (Gross Domestic Product). In 2010 the GDP increased to 6,5 % and made TJS 24,7 billion. Inflation. According to the Statistics Agency the inflation rate for the reporting period made 9,8 %.  The exchange rate of national currency last year remained stable.  Trading balance. The foreign trade turnover for this period has made USD 3853,1 million and has increased by 7,6 % concerning last year, in particular: export has increased to 18,3 %, having reached USD 1195,3 million and import has increased to 3,4 %, having reached USD 2658,8 million. The deficit of trading balance concerning 2009 has decreased to 6,2 %, having made USD 1462,5 million.  Despite risks and changes in the world market, macroeconomic situation in the country for the reporting period has reflected the tendency of stability and considerable strengthening of indicators.  2. Monetary Policy  In 2010 the refinancing rate in connection with stability of financial and economic indicators of the country and inflation growth has been raised for 0,25%. The required reserves ratio remained without changes and makes for deposits in national and foreign currencies 7,0 % and 9,0 % accordingly.  The amount of reserve money as of December 31, 2010 has made TJS 2987,9 million, having increased to 16,8 % (TJS 430,0 million) concerning similar date of last year. The amount of cash in circulation has made TJS 2,4 billion, TJS 20,8 million of which make metal coins.  For the fiscal year it is released TJS 832,4 million and TJS 331,2 million shabby and unsuitable banknotes have been withdrawn from circulation.  3. Development of Banking System  The number of banking institutions for last year has reached 138 units, including 14 banks, 3 non bank credit institutions, 35 microcredit deposit institutions, 42 microlending institutions, 44 microlending funds.  Deposits (recent data). As of December 31, 2010 the increase in deposits concerning last year has made 31,0 %, and has reached TJS 3,46 billion. Deposits of individuals have increased to 34,4 % and have made TJS 1,5 billion. The average interest rate of time deposits in national currency has made - 16,22 %, in foreign currency - 14,98 %. In comparison with the similar period of last year the average interest rate of time deposits has decreased in national currency on 0,7%, in foreign currency - 1,5 %.  Credits (recent data). The total balance of credits for fiscal year has increased to 18,7 % and has reached TJS 6,5 billion, 70,1% of which were credits in national currency and remained 29,9% - credits in foreign currency. The amount of issued credits for this period has made TJS 5,3 billion and has increased to 25,6 % in comparison with last year.  According to operative data an average term of credits for fiscal year makes 367 days for individuals, for legal entities it makes 319 days. The average interest rate of the credits, which are issued in national currency, have decreased from 24,2 % to 22,4 %, in foreign currency it decreased from 24,3 % to 22,1 %.  In 2010 the amount of small credits has increased to 10,6 %, having made TJS 1799,5 million.  Payments System. The total amount of payments has made TJS 147,8 billion that is more for 87,6 % concerning previous year.  At present there are 8 banks - emitters of plastic cards functioning in the territory of the republic, they release 155 585 units of payment cards, the increase makes 154,2 %. Besides, for the reporting period it was observed an increase in quantity of ATM in comparison with last year to 220, cash issuing offices to 231 and points-of-sale to 94.  Press-Center NBT