DUSHANBE, December 12, 2008, Asia-Plus — The first wave of the global financial crisis has not hit Tajikistan’s financial market because it has damaged mainly financial sectors of the developed economies, Tajikistan, however, may seriously suffer from the second wave that is more powerful and it may hit lending, Jamshed Yusupov, the deputy head of the National Bank of Tajikistan (NBT), announced at a round table meeting in Dushanbe today.
Initiated by Tajik Journalists’ Union and the News Agency Asia-Plus, the meeting was held to discuss possible effects of the global financial crisis on Tajikistan’s economy.
According to central bank official, the second wave of the crisis that has already reached the CIS area is hitting other economic sectors as well.
The construction and consumer-related sectors in Russia has been hit and as Tajik migrants have mainly worked in these two sectors Tajikistan’s economy will suffer from this. “Job destruction will affect, first of all, labor migrants that means that the volumes of labor migrants’ remittances will decrease,” Yusupov said.
He stressed that at the first stage of the crisis central bank had organized holding of regular meetings with top managers of lending organizations to find out problems facing them and had announced its readiness to help them.
He further added that the government had set up inter-sectoral anti-crisis working group that is to thoroughly study the situation of the economic sector and submit specific recommendations to relevant organizations on minimization of the crisis effects.
