DUSHANBE, April 2, Asia-Plus — Speaking to reporters in Dushanbe on April 30, the head of the International Monetary Fund’ (IMF) mission to Tajikistan, Mr. Carlos Pinerua, said that the RT Law “On the National Bank of the Republic of Tajikistan” has a number shortcomings and requires improvement.
According to him, a team that visited Tajikistan twice during last year, even before the “inaccurate financial information incident”, revealed certain shortcomings in the legal foundation.
Thus, the law “On the National Bank of the Republic of Tajikistan” does not determine precisely what “conflict of interest” is, and no penalties are provided for members of the central bank board for raising a conflict of interest, Mr. Pinerua said. The law also does not define terms of powers of the board members.
“It is only two examples of shortcomings in the legal foundation that should be removed within the framework of the monitoring program,” the IMF mission head said, adding that the legal foundation should be brought into compliance with international requirements and standards.
He also said that the Fund and Tajik authorities had coordinated a bill requiring changes and addenda to the law on the Tajik central bank. The bill will allow removing conflict of interest, according to him.
“We hope that the amendments will allow avoiding misreporting in the future,” Mr. Pinerua said.
