In a report released at a news conference in Dushanbe, the head of the National Bank of Tajikistan (NBT), Jamshed Nourmahmadzoda, revealed on February 5hat the country’s gold-and-currency reserves are now equivalent to 5.3 months of import cover.
“Last year, an average monthly import amounted to 279 million U.S. dollars,” Nourmahmadzoda said.
According to NBT head, the country’s gold-and-currency reserves increased by 196 million U.S. dollars in a year to December 3, 2019, reaching 1.479 billion U.S. dollars.
Nourmahmadzoda says they will try to increase volumes of the international reserves in the future as well.
“In case of necessity, these resources will be used to support trade balance, service external debt and so forth,” he noted.
Tajik central bank head emphasized that the country’s gold-ad-currency reserve is replenished mainly by gold produced in Tajikistan. “In 2019, we acquired more than 5 tons of gold,” he added.
Recall that as of January 1, 2019, Tajikistan’s gold-and-currency reserves were reportedly equivalent to 4.9 months of import cover.
Countries hold foreign-exchange reserves partly to protect themselves against external crises. One common rule of thumb is that reserves that can cover three months' worth of imports are adequate.
