DUSHANBE, May 27, 2009, Asia-Plus – Deputies of the Majlisi Namoyandagon (Tajikistan’s lower chamber of parliament) endorsed the bill requiring amendments to the law on Tajikistan’s central bank at a May 27 sitting of the fifth session of the Majlisi Namoyandagon of the third convocation, presided over by its head, Saydullo Khairulloyev.
Presenting the bill, the head of the National Bank of Tajikistan (NBT) Shairf Rahimzoda said the country’s central bank will not be responsible for curbing the national currency exchange rate any longer. However, the NBT will be responsible for controlling prices in domestic market through conducting monetary policy. Besides, the central bank will interfere with the exchange rate in case of unreasonable increase in prices in markets, Rahimzoda noted.
“Over the past five months, the somoni has fallen 20 percent against the dollar while prices have risen only 1.0 percent over the report period and we will work in the same way in the future as well,” said the NBT head.
He also noted that under amendments made to the law on the NBT, the central bank’s income would be transferred to the national budget in the future. He reminded that before that part of incomes had been left at disposal of the NBT itself. Besides, the fiscal year in Tajikistan now starts in January while earlier, it had started in April.
According to Rahimzoda, amendments also require to tighten government’s control over the bank. He noted that the amendments had been worked out on the basis of recommendations of a special carried out at the bank by international audit and consulting firm.
“Under the amendments, the Chairman of the National Bank of Tajikistan will be appointed by the President for the period of seven years and one person may be appointed to this post for several terms in succession,” said he. “The deputy head of the bank is appointed for five years and members of the bank board are appointed for four years.” Besides, three members of the NBAT board will be appointed from among specialists that do work with the bank, Rahimzoda added.
