Eighth meeting of the National Council for Financial Stability in the Republic of Tajikistan

On May 29, 2023, the eighth meeting of the National Financial Stability Council in the Republic of Tajikistan was held at the National Bank of Tajikistan under the leadership of the Chairman of the Council - the Minister of Economic Development and Trade of the Republic of Tajikistan Zavqizoda Zavqi Amin with the participation of the heads of the Ministry of Finance of the Republic of Tajikistan, the National Bank of Tajikistan, the Individual Savings Insurance Fund and other members of the Council.

At the beginning of the event, in accordance with the agenda of the meeting, the progress in implementing the decisions of the seventh meeting of the Council was discussed, as well as the report of the responsible persons on taking the necessary measures to improve the credit rating of the country's sovereignty in order to increase the attraction of foreign investment, using modern methods and the use of new information technologies raising the professional level of migrants and adapting them to labor markets, as well as establishing monetary policy levers and other mechanisms to reduce inflationary risks.

Chairman of the Council Zavqizoda Z. A. noted that thanks to the wise policy of the Founder of Peace and National Unity - the Leader of the Nation, the President of the Republic of Tajikistan, respected Emomali Rahmon, within the framework of the Action Plan to prevent the impact of potential risks on the national economy, regardless of the impact of external factors, especially the state of the global economy , macroeconomic and financial stability was ensured in the republic. As a result of key economic indicators, real GDP growth for the four months of 2023 was 8 percent, the inflation rate was 2.3 percent, which is lower than in other countries in the region. In such a favorable atmosphere, the uninterrupted operation of the banking system was maintained, and the exchange rate of the national currency was recognized as stable.

During the meeting, members of the Council made presentations related to the development of cashless payments, bringing financial accounting at state enterprises in line with international standards and the development of the mortgage market.

During the presentation, it was noted that the expansion of non-cash payments and the creation of a single window for payment for all public services, as well as improving the financial reporting of state enterprises, studying the world experience of the mortgage market and the possibilities of its implementation will contribute to the development of the national economy and improve the social status of the population.

It was emphasized that in recent years the number of electronic wallets has almost doubled, and the share of non-cash transactions carried out by electronic means of payment has increased from 4.9 percent in 2018 to 12.0 percent in 2022.

In connection with another topic, information was provided on the problems, obstacles and further plans for the full implementation of international financial standards and bringing the financial statements of state enterprises in line with world practice.

At the same time, within the framework of the Council meeting, responsible persons were proposed on the problems and ways of developing the mortgage market in the republic, especially for the correct assessment of potential risks in the mortgage market, tightening regulation of the real estate market, establishing monitoring and official statistics on real estate prices in the regions.

In the final part of the Council, relevant decisions were made to create a single database of accounts of all state structures, bodies, organizations and institutions, expand the infrastructure of non-cash payments and create a single window for payment for all public services, reduce the financial risks of state enterprises, and develop the primary mortgage market. At the same time, the members of the Council, in coordination with the relevant ministries and departments, were obliged to follow the issues raised to the end and quickly and efficiently implement the previously adopted decisions.

It should be noted that the National Council for Financial Stability in the Republic of Tajikistan is a permanent interdepartmental advisory body and was established to consider issues of ensuring financial stability, identifying risks and then taking the necessary measures to reduce risks in the economy, the public finance system, banking and the private sector ( Decree of the Government of the Republic of Tajikistan dated June 21, 2018, No. 331).