T
his was stated by Tojiddin Pirzada in interview to the correspondent of NIAT “Khovar”
“Khovar”
–
Dear
Tojiddin
Pirzoda
,
I would like
to know your opinion
about
the Message
o
f the
leader of the nation, the President of Tajikistan
Emomali
Rahmon to the Majlisi
Oli this year
.
What
was new
in the Message
this year
?
T.
Pirzoda
: – The message of this year to the the Supreme legislative authority in the country and the glorious people of Tajikistan offered in increasingly deteriorating situation in the modern world, in expansion of dangerous phenomena of the new century – terrorism and extremism, unprecedented expansion of the collision of interests of superpowers for the redistribution of the world and in connection with this – further complications and tension of the political situation on the planet, as well as the strengthening of the financial and economic crisis in many countries.
Therefore, the country”s President, taking into account all these factors in his Message this year during the in-depth analysis has identified the main directions of domestic and foreign policy of our state, and, as we all know, it was sincerely welcomed by civil society of Tajikistan, the activists of the sphere of culture, politics, economy .
In this regard, on January 23 in the auditorium of Tojiksodirotbank also held an enlarged meeting, where management and employees of the bank in the course of a comprehensive analysis of various aspects of the Message of the President of the country Emomali Rahmon expressed their wholehearted support for the policy of the Head of State.
I would like to emphasize those points of the Message of respected Emomali Rahmon, which are related to the financial situation and the country”s banking system.
The President positively assessed the position of the banking system in terms of loans to the manufacturing sector, increasing the number of customers, expansion of networks of small lending, capital raising and citizens” deposits, emphasized that the monetary policy of the state by improving funding conditions and other banking services should aim at promoting the real economy for the organization of production and new jobs.
It was also instructed to take effective and timely action to ensure the stability of the national currency, increase the solvency and reliability of the banking system, efficient and safe operation of payments systems.
In this regard, the National Bank, Ministry of Finance and Tax Committee have been instructed to take additional measures to ensure the effective and sustainable operation of the banking system, investment to support banks and crediting, improve the quality of credit basket of banks and banking services available to customers, strengthening the payments system infrastructure using modern equipment and technologies, revitalization of the securities market.
In my opinion, the recommendations proposed by the President in support of the development of the banking system during the global financial crisis, will play a crucial role in financial stability, the development and expansion of the banking system of the country.
”
Khovar”
:
on the eve of the new year around Tojiksodirotbank there was a rumor that the Bank is on the verge of bankruptcy and insolvent. However, as we see, the Bank steadily continues to function.
Why there are such rumours?
T. Pirzoda: This is why you need to ask those who are spreading false and inappropriate to the reality of the rumors. However, in any case — “a lie has short legs”, and she will not live long.
Just a few short facts to understand that Tojiksodirotbank holds the leading and strong position in the banking system, the Bank”s share in the main indicators of activity ranges from 21 to 27%
Now Tojiksodirotbank, as a whole, including branches of the subsidiary bank – “Bonki Rushdi Tojikiston” (Tajikistan Development Bank) – has 95 branches and those branches, regardless of their location areas, operate in new and modern buildings, have all favorable conditions for the workers and customers.
The creation and construction of new branches, implemented under the instructions and directives of the President regarding the convergence and availability of banking services to the population of the country, especially remote mountainous areas, along with the fact that has broadened the scope of coverage of population with banking services, has contributed to the creation of new jobs. If in 2006 the Bank worked a total of 315 employees, today their number reached 3327, i.e. increased more than ten times.
Tojiksodirotbank for the purpose of perfect rendering banking services to its customers actively cooperates with domestic and foreign financial institutions. Now we cooperate with more than 30 banks from 12 countries, which have correspondent accounts.
In addition, the Bank borrowed temporarily free funds of legal entities and individuals, mostly focused on loan financing real sectors of the national economy. However, unfortunately, the number of enterprises affected by the financial crisis, are not able to timely and fully perform its obligations to the Bank. Despite this, we are moving forward.
On my opinion, the spread of such rumors is primarily two factors. The first factor is the global financial crisis significantly influenced all spheres of the economy. As a result production figures rapidly declined. On the other hand, the unstable financial situation in the Russian Federation became the reason of decrease of income of labour migrants that has been felt by many families in the country. Decreased purchasing power of the population, weak turnover, resulting in decreased repayment of credit facilities to customers.
When the deposits from the public sharply reduced it led the increasing withdrawal of deposits by customers. Therefore, in some cases, it complicated the timely and complete provision of liabilities for the Bank.
Another factor – people and special circles, purposefully creating and spreading such rumors. So there are stakeholders that in order to destabilize the economic development of the country and create an atmosphere of mistrust among our compatriots spread all kinds of rumors. Indeed, this point was emphasized during the working meeting of the head of state with the heads of banks, ministries and offices of the financial-economic bloc of the country, which took place on 22 January this year.
“Khovar”
: You
participated in the
the working meeting
.
What measures have been
taken to ensure the
sustainable
development of the economy
,
stabilizing
the national currency
?
T. Pirzoda:
During this workshop with the participation of the President, first and foremost, it was stressed that the decline of the national currency against foreign currencies in the financial, credit and currency market of Tajikistan is mainly done by artificial means individual stakeholders. To prevent any kind of fraud and speculation on the part of stakeholders, exchange rates should be established only in the main offices, branches and banking service centers. One of the important issues mentioned by President Emomali Rahmon, – it is transparent and controlled adjustment of all works related to the monetary and foreign exchange policies and procedures for their implementation in all institutions, regardless of ownership.
The President also stressed that should be eliminated such things as the state rate and the market rate. The exchange rate has to be one, it should not be determined and regulated by the street, but only by the National Bank of Tajikistan. Therefore, on behalf of the Head of State, in order to eliminate artificial barriers to stakeholders, it will be increased the number of official bank currency exchange points and all the operations of purchase and sale in the country will be established only in the national currency.
“Khovar”: What is the President”s opinion about the activities of your bank?
T. Pirzoda:
Despite the presence of problems and shortcomings that have occurred in our business in the past year due to the global financial crisis, Mr. President Emomali Rahmon expressed satisfaction of Tojiksodirotbank activities.
The head of state in the presence of the workshop participants noted that a very notable achievements of the Bank in recent years towards expanding the network of Bank branches and creating this way new jobs for compatriots. Also, remaining the favorable conditions in the Bank”s branches Tojiksodirotbank, it was noted that during the official opening of a number of buildings of Bank branches across the country the Head of state is personally engaged and sees that all regional branches are created good conditions for effective activity of employees.
The President also expressed satisfaction with the initiatives of Tojiksodirotbank on financing the construction of small and big industrial enterprises and trade and service centers, as well as the construction of residential houses in the capital and in other regions of the country. This assessment of the head of state for us is above any awards. Moreover, Mr. President instructed the National Bank and the Ministry of Finance to fully support Tojiksodirotbank during the global financial crisis. Overall, Emomali Rahmon during the workshop categorical instructed to provide state support to all banks, regardless of their form of ownership, and comprehensively promote the normal functioning. This confidence of the President requires us more than ever to work more effectively, to direct all its efforts and capabilities on maximum reduction of negative impact of the global financial crisis on socio-economic life of our country.
“Khovar”:
Mr Tojiddin Pirzoda, as we know, under credit financing of Tojiksodirotbank is being completed on the construction of the largest shopping centre in the Republic “Dushanbe Moll ” under the reputable international company brand “Auchan”. Could you tell more about this and other projects, the construction of which is ongoing.
T. Pirzoda:
Yes, Tojiksodirotbank always contributes to the development and improvement of our country. At the urging and suggestion of Tojiksodirotbank to a major French company “Shivers”, which since 1992 became shareholder of the group “Auchan”, in June 2014 it was created CJSC “Shiver of Tajikistan”. The main purpose of “Shivers of Tajikistan” is to establish in the country wholesale and retail sale of affordable food products and other consumer goods through the organization of new methods of trade in the largest shopping center and the hypermarket.
The first hypermarket in the city center located next to the main office Tojiksodirotbank will open its doors to customers in celebration of International holiday “Navruz”, where for 300 people will be created new jobs. It is expected that in the near future with the opening of the hypermarket Auchan in the cities of Khujand and Kurgantyube, this group will create thousands of new jobs.
”
Khovar
“:
Mr Tojiddin Pirzoda, as we know, Tojiksodirotbank is a full member of payment systems such as Visa international, MasterCard Worldwide, Union Pay International and National card. In today”s world, payment systems are mainly used for making non-cash payments, however, in our country — for cash. That is why there is a shortage of cash in ATMs.
What
efforts are being made Tojiksodirotbank for the intended use of payment cards?
T. Pirzoda
: Yes, before you answer this question, I would like to draw your attention to the statistical figures: the total number of active international cards, made in our Republic, 71,9% related to Tojiksodirotbank. In addition, of the total number of terminal device 63,7% relates to our Bank. That means that we are obliged more than others to worry about target use of payment cards and distribution of non-cash payments. In addition, according to the decree of the government of the Republic of Tajikistan from December 31, 2014 “On measures of expansion of cashless payments with use of banking payment cards”, all credit institutions are obliged to carry out practical steps in this direction.
Today we adapt the banking infrastructure to service a global level. The Bank is currently purchased 500 terminals and we are ready to request customers to install this equipment in a modern trade and service centers for cashless payments.
Another significant step of Tojiksodirotbank in this direction is the creation of an in-house processing in Tajikistan. The specified processing is created on the basis of in-depth analysis of leading global banks in the second half of February will be enabled, allowing to offer customers a diverse forms and types of service. Thus, the Bank will be available for their clients 24 hours a day, they will have the opportunity at any time, any day of the week through the Internet or mobile phone to make a distinguished banking services.Начало формы
Конец
формы
”
Khovar
“:
You said about the transformation of the subsidiary Bank – “Bonki Rushdi Tojikiston” (Bank of development of Tajikistan) from conventional Bank to Islamic Bank. When will govern this form of banking?
T. Pirzoda:
the Work in this direction is progressing steadily. As you know, on 14 May 2014 in our country Majlisi Namoyandagon of Majlisi Oli of the Republic of Tajikistan (Parliament) adopted the Law “On Islamic banking”, which was developed and proposed to the Parliament by the Government of the Republic of Tajikistan and the National Bank. This act created the legal basis for the implementation of this form of banking.
On the 21 May 2015 between CJSC ” Bonki Rushdi Tojikiston ” (Bank of development of Tajikistan) and the Islamic Corporation for private sector development (ICD) to facilitate the implementation of Islamic banking in the ” Bonki Rushdi Tojikiston ” (Bank of development of Tajikistan) signed an Agreement on cooperation. Under the agreement, ICD sent 7 teams of consultants to the ” Bonki Rushdi Tojikiston ” (Bank of development of Tajikistan). They work with us in the areas of management transition program, adaptation to Islamic Shariah, Treasury, accounting, human resources, information technology, finding markets, and also in the sphere of our legislation. The team is now in the ” Bonki Rushdi Tojikiston ” (Bank of development of Tajikistan) is engaged in the development and preparation of regulatory documents. After completion of the preparatory phase we intend in the second half of this year to carry out Islamic banking in Tajikistan in ” Bonki Rushdi Tojikiston ” (Bank of development of Tajikistan) and offer its first product in this form.
“Khovar”: In the present circumstances of the world, when more and more expanding financial crisis, what measures take Tojiksodirotbank for attracting investment from abroad?
T. Pirzada:
To resolve the crisis factors management of the Bank in recent months has held negotiations with major international financial companies in order to attract investment to the Republic, signed the MOUs and it is expected that these funds in the near future will go to the Bank. For the purpose of improvement, the further prosperity of our country we operate in all conditions, both in normal and in an unusual mode. Tojiksodirotbank motto is: “The future is created today!”
“Khovar”
: Thank you for the informative interview!
T.
Pirzoda
: Be healthy, wish success NIAT “Khovar” in information activity!
