DUSHANBE, September 16, 2009, Asia-Plus – Instruments of monetary policy of the National Bank of Tajikistan (NBT) require a certain improvement, Mr. Erich Schprendli (phonetically spelled), the head of the working group of the Swiss National Bank (SNB) that got acquainted with activities of the NBT last week, said in an interview with Asia-Plus.
“Earlier, we had given recommendations to improve these instruments; however, it will be in long-term perspective,” said the Swiss National Bank office, “While in a short-term perspective when the financial crisis is outside, I think the NBT is using well these instruments and doing all in its power to improve the situation.”
According to him, the SNB work group got a full notice about the NBT’s monetary policy in a short period. “Materials we have received from the NBT and international organizations give us an opportunity to supplement the picture and get notice about the NBT’s monetary policy,”
Asked about currency policy of Tajik central bank, Mr. Schprendli noted that it was a complex subject as a whole while during the crisis situation it became even more complex.
“Currently, I would recommend acting very carefully,” said he, “I hope the global financial crisis will come to an end soon and it will be possible to pay more attention to the currency policy and the price stabilization issue. It is to be noted that in the old law on bank and banking activity, the currency policy was mainly aimed at stabilizing the exchange rate of the national currency, and it would be not bad to use the instrument of the exchange rate as the instrument of the monetary policy in the new law.”
