Meeting of Jamoliddin Nuraliev with Matthew Lawson

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On February 16, 2021, at the meeting of First Deputy Chairman of NBT Jamoliddin Nuraliev with the Ambassador of United Kingdom of Great Britain and Northern Ireland Mr. Matthew Lawson as well as the head of Department for International Development of Great Britain Mrs. Honor Flanagan, issues of mutual cooperation in the framework of new programs were discussed.

Noting the established friendly relations between the Republic of Tajikistan and the Great Britain, the First Deputy Chairman of NBT Jamoliddin Nuraliev has briefly stated about macroeconomic situation, banking and insurance systems of the country.

The Ambassador of the United Kingdom of Great Britain and Northern Ireland Mr. Matthew Lawson has said that the purpose of his visit is to cooperate in the field Policy Innovation Facility and expressed interest to the NBT's monetary policy implementation based on the inflation targeting regime, keeping inflation within the target and ensuring macroeconomic sustainability.

Jamoliddin Nuraliev has briefly informed guests about the effective implementation of monetary policy through monetary instruments and emphasized that despite the negative impact of COVID-19 on the country's economy, the National Bank of Tajikistan took strict measures in accordance with the bank's anti-inflation plan to gradually reduce the refinancing rate, as well as the required reserves ratio for deposits in national currency from 3% to 1%, in foreign currency from 9 to 5%, which provided access to additional sources of liquidity for credit institutions during this difficult period. Timely measures taken allowed the banking system to contribute to the development of the republic's economy and increase the volume of deposits and loans as well as reduce interest rates on loans. The level of dollarization of the economy has decreased, and the assets of credit institutions have increased. This testifies to the ensued financial stability in the country, - said Jamoliddin Nuraliev.

Drawing the attention of the Ambassador of United Kingdom of Great Britain and Northern Ireland to the system of Islamic banking and the insurance sector, the First Deputy Chairman of NBT Jamoliddin Nuraliev has emphasized the need and effectiveness of strengthening cooperation in creating a regulatory legal framework and training future highly qualified experts.

The Ambassador of United Kingdom of Great Britain and Northern Ireland to the Republic of Tajikistan Mr. Matthew Lawson has supported the idea of further expanding cooperation in field of economics, especially the banking system and insurance for the implementation of new programs and expressed gratitude to the First Deputy Chairman of NBT for a warm welcome and friendly meeting.

Source: National Bank of Tajikistan