DUSHANBE, January 15, 2009, Asia-Plus — Deputies of the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) have endorsed a draft prognosis of main directions of the country’s monetary policy for 2009.
A regular sitting of the fifth session of the Majlisi Namoyandagon of the third convocation, presided over by its chairman, Saydullo Kahirulloyev, was held on January 14.
Presenting the draft prognosis, chairman of the National Bank of Tajikistan (NBT) Sharif Rahimzoda noted that with regard to financial instability on world markets and the present situation of Tajikistan’s economy the main objective of the monetary policy was to promote sustainable development of the country’s economy through keeping the predicted inflation rate at not more than 13 percent.
“To reach this goal we have worked out a monetary program that is being implemented by means of existing instruments of the monetary policy,” central bank head said.
According to him, taking into account increase in financing of various energy projects and the agrarian sector, the monetary program supposes a stable level of macroeconomic indices and likely increase in the production growth rates. “In this connection, using its currency reserves and other monetary instruments the NBT will keep stability of the national currency exchange rate and curb inflation,” Rahimzoda noted.
He added that the production growth was expected to stand at no less than 7.1 percent in 2009. “Under these conditions, the expanded rate of money supply is supposed to increase from 13 to 15 percent,” he said, noting that interest rate and refinancing rate would be set this year depending on state of financial market, inflation rate and changes in the monetary aggregates indices.
According to him, to promote development of the payment system a special attention is paid to improvement of the system of inter-bank and intra-system payments of commercial banks and non-banking financial institutions.
He said that they would also work out amendments to the country’s laws on the NBT and banks and banking activity.
“To prevent external and domestic inflation risks and ensure stabilization of payment balance and stable level of monetary aggregates in circulation we will improve transparency of coordination of monetary and tax policy,” Rahimzoda said, adding that the NBT would continue financial relations with the government on the state long-term securities with regard to requirements of the current situation.
