DUSHANBE, October 23, 2008, Asia-Plus — The world financial crisis will not affect Tajikistan’s financial market directly, Finance Minister Safarali Najmuddinov remarked at a press conference in Dushanbe today.
“As it is known, one of reasons for the world financial crisis is increase in the number of securities and mortgage loans,” said the minister, “Since our financial market and mortgage system are undeveloped, Tajikistan has no reason for concern.”
According to him, the session of the coordination council of the CIS finance ministers that was held in Moscow at the end of last month discussed that subject. “It turned out that the world financial crisis had not affected Tajikistan’s neighbors – Kyrgyzstan, Uzbekistan and Turkmenistan, as well,” Najmuddinov said.
He further added that Tajikistan now had sustainable banking system due to restructuring for some 160 million somoni that was carried out five years ago. “The restructuring resulted in abolition of eight lending agencies in the country,” the minister said, adding that bank deposits rose 75 percent in the year to October 1, 2008.
