DUSHANBE, December 21, 2015, Asia-Plus – Tajik lending agencies have reportedly been instructed to open more currency exchange points at large trade markets.
The National Bank of Tajikistan (NBT) management has expressed concern about work of a number of lending agencies in the country’s currency market.
Tajik central bank head Jamshed Nourmahmadzoda has recently met here with senior representatives of Tajikistan’s lending agencies, according to the NBT press center.
Speaking at the meeting, Nourmahmadzoda noted on December 18 that they have received numerous complaints from the population about unsatisfactory work of lending agencies and high interest rates.
The NBT has reportedly instructed lending agencies to ensure stable functioning of the foreign exchange market.
“Unfortunately, heads of some lending agencies have ignored the NBT’s instructions and stopped functioning of their exchange points that has led to intensification of illegal foreign exchange activities,” Nourmahmadzoda said.
Lending agencies were instructed to open more currency exchange points at large trade markets. Besides, Tajik central bank head recommended that heads of commercial banks should decline the unreasonably overstated USD exchange rate.
We will recall that the NBT Board in early December issued instructions on the procedure of carrying out foreign currency transactions. The document, in particular, provides for closure of all currency-exchange points in the country and all foreign currency transactions, including currency exchange transactions, will be carried out at bank service centers, branches of banks in the regions and head offices of lending agencies.
Tajik central bank has said that its analyses have shown that the currency exchange points are speculative hiking rates and profiting from market instability.
Buying and selling foreign denomination, which is typically dollars in Tajikistan, outside the authorized points will incur criminal prosecution for all parties involved.
