The National Bank of Tajikistan (NBT) seeks measures to protect interests of bank depositors and restore people’s trust in the country’s banks.
Tajik central bank reportedly plans to take a number of measures in the medium term in order to strengthen the country’s banking system and develop financial mediation.
The NBT, in particular, intends to improve protection of rights and interests of bank depositors, restore people’s trust in the country’s banks and raise financial culture of the population.
Tajikistan’s monetary policy forecast for 2018 provides for conducting macro-prudential policy and the risk management policy in order to provide financial stability of the banking system and protect it against external and internal factors.
These initiatives reportedly provide for monitoring and control over implementation by lending agencies of prudential standards and taking measures to reduce risks in the banking system.
NBT experts point to the necessity of improving legal framework of control and supervision for providing sustainable activity of the banking system.
The banking structure in Tajikistan is two-tiered: the National Bank of Tajikistan performs central bank functions, while commercial banks represent the second level.
The banking system in Tajikistan remains relatively undeveloped. The national currency, the somoni, was introduced in 2000. There are several major concerns about the banking system, including government-directed lending, insufficient capital and limited banking services.
