DUSHANBE, March 27, Asia-Plus — In connection with reports about unstable USD rate on world stock markets, Asia-Plus has applied to local experts asking about the best possible way for Tajikistanis to keep their savings.
Ms. Zebo Fathiddinova, the chairperson of the currency regulation department within the National bank of Tajikistan (NBT), said that it is safer to make deposits in different currencies. “There ought not to make deposits in one currency only,” said she. “It is necessary diversify them, because no one currency is immune to depreciation.”
Davron Qurbonaliyev, a consultant with the audit consulting company Asia Business Group, considers that money should work, and “they should work there, where all necessary prerequisites are created for running business and there is a good legal foundation.” “But in case of necessity, it is better to make deposits in Euro,” the consultant said.
In the meantime, an official with one of local large commercial banks, who wished to remain unnamed, noted that the best move “is to keep savings in gold equivalent.” He justified his supposition as based on world market trends.
According to him, the gold price on world markets exceeded $1000 per ounce lately. “The behavior of stock market prices gives one grounds to expect gold to continue to rise,” the expert said.
However, Ms. Irina Buravitskaya, the chairperson of the deposit operations department at Orienbonk, asserts that it is better to make deposits in local currency – the Somoni. “The interest on the deposits in local currency is much higher than the interest on the deposits in foreign currencies,” said Ms. Buravitskaya. “In our bank, the annual interest on a three-year deposit in somonis is now 30 percent, while the annual interest on deposits in foreign currencies is 18 percent.” According to her, the high interest rate allows to cover losses resulting from inflation.
