WB Representative Calls National Bank’s Reforms Effective and Efficient

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Strengthening cooperation between the National Bank of Tajikistan (NBT) and the World Bank (WB) was discussed on October 5 by the First Deputy Chairman of the National Bank Jamoliddin Nuraliev with the WB delegation consisting of the Manager for Macroeconomics, Trade and Investment Sandeep Mahajan and Lead Economist Ivailo Izvorski.

Nuraliev expressed satisfaction with the effective and profitable cooperation between the NBT and the WB in terms of implementing various projects aimed at economic development of Tajikistan. He also briefed on the indicators of the country’s banking system, several reforms for the effective implementation of monetary policy, and the transition to a targeted inflation regime.

He noted that the measures taken by the government and the NBT for reducing the negative impact of COVID-19 on the country’s economy, including on the banking system, and for this purpose, the provision of several benefits to the financial institutions, which made it possible to positively summarize the past financial year.

Indicating the state of macroeconomic indicators in the countries of the region, Nuraliev said that the NBT, through conducting a balanced monetary policy and effective use of monetary leverage, was able to maintain a stable inflation rate in difficult conditions.

“Promotion of an effective exchange rate policy and timely adjustment of the official US dollar exchange rate made it possible to maintain the stability of the national money exchange rate against foreign currencies,” he added.

Mahajan spoke about the contribution of the banking system to the economic development of the country and the measures taken to mitigate the consequences of the COVID-19 pandemic.

He noted that the reform of the banking system in Tajikistan is being carried out systematically and purposefully, which has yielded positive results recognized by international financial institutions.

The meeting also focused on issues of WB’s support for various sectors of the national economy, expanding mutually beneficial cooperation in other sectors of the banking system, and ways to further strengthen the partnership.

Source: National information agency of Tajikistan